2022-10-11T09:01:44-05:00 2021-12-31 381357951 PLANTE & MORAN PLLC 750 TRADE CENTRE WAY STE 300 PORTAGE MI 49002 990 2021-01-01 390671465 UNIVERSITY OF WISCONSIN CREDIT UNION UNIV 6082325000 3500 UNIVERSITY AVE MADISON WI 53705 BRAD MCCLAIN EXEC VP/CFO 6082325000 2022-10-05 1 BRAD MCCLAIN 999009999 KENLEY PENNER P00740260 2695674500 2022-10-05 0 AAL1 IAL1 2021 2022-09-23 18:48:47Z UW CREDIT UNION PAUL KUNDERT 3500 UNIVERSITY AVE MADISON WI 53705 1886944379 0 X WWW.UWCU.ORG X 1931 WI THE UNIVERSITY OF WISCONSIN CREDIT UNION IS A FEDERALLY INSURED FINANCIAL INSTITUTION THAT PROVIDES CONSUMER FINANCIAL PRODUCTS AND SERVICES TO MEET THE MONEY MANAGEMENT GOALS OF ITS MEMBERS. 9 9 1026 18 3344350 0 0 0 159211200 167460386 58193643 48795723 277135 268520 217681978 216524629 2344712 792104 0 0 65098398 73597985 0 0 0 98673498 75986862 166116608 150376951 51565370 66147678 4205781575 4833919839 3808937047 4388189471 396844528 445730368 X THE MISSION OF UNIVERSITY OF WISCONSIN CREDIT UNION (UWCU) IS TO ENCOURAGE THRIFT AMONG ITS MEMBERS, TO CREATE A SOURCE OF CREDIT AT A FAIR AND REASONABLE RATE OF INTEREST, TO PROVIDE AN OPPORTUNITY FOR ITS MEMBERS TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS AND TO PERFORM THE FUNCTIONS AND EXERCISE THE POWERS DESIGNATED FOR CREDIT UNIONS UNDER APPLICABLE LAW. 0 0 UWCU IS ONE OF WISCONSIN'S LARGEST HOME PURCHASE FINANCING LENDERS AND IS AMONG THE TOP MORTGAGE LENDERS IN WISCONSIN. UWCU ASSISTED NEARLY 10,000 HOUSEHOLDS WHO PURCHASED OR REFINANCED HOMES. UWCU CONTINUED TO BE A TOP EDUCATIONAL LENDER IN 2021 AND OFFERED BOTH FIXED AND VARIABLE RATE PRIVATE STUDENT LOANS. UWCU REFINANCED $20 MILLION IN STUDENT LOANS, LOWERING MEMBERS' RATES. IN 2021, UWCU WELCOMED 37,290 NEW MEMBERS AND OPENED 32,474 NEW CHECKING ACCOUNTS. THE CREDIT UNION'S HONEST AND STRAIGHTFORWARD BUSINESS PRACTICES CONTINUE TO DRIVE MEMBERSHIP AND RELATIONSHIP GROWTH. AT THE END OF 2021, UWCU SERVED OVER 310,000 MEMBERS AND NEARLY 244,000 CHECKING ACCOUNTS. UWCU CONTINUES TO FOCUS ON DELIVERING FINANCIAL SERVICES IN A TRUSTWORTHY MANNER. UWCU CONTINUES TO PROVIDE CREDIT CONSULTATION SERVICES, WHICH IS A FREE SERVICE THAT BENEFITS ANY MEMBER. MEMBERS CAN MEET WITH A FINANCIAL SPECIALIST TO REVIEW THEIR CREDIT REPORT, BETTER UNDERSTAND THEIR CREDIT SCORE, OR RESEARCH OPTIONS TO LOWER RATES ON EXISTING LOANS. UWCU OFFERS A STUDENT LOAN REFINANCE PRODUCT WHICH ALLOWS MEMBERS TO REFINANCE MULTIPLE LOANS INTO ONE WITH A LOW RATE AND ONE EASY PAYMENT. UWCU OFFERS LOW-LIMIT, LOW-RATE CREDIT CARDS FOR YOUNG ADULTS TO HELP THEM BUILD THEIR CREDIT RESPONSIBILITY, AND AFFORDABLE NO ANNUAL FEE SECURED CREDIT CARDS FOR MEMBERS WHO NEED TO REPAIR THEIR CREDIT. UWCU OFFERS AN OVERDRAFT LINE-OF-CREDIT PROTECTION WITH NO ANNUAL FEE. MEMBERS HAVE FREE ACCESS TO THEIR CREDIT SCORES THROUGH WEB BRANCH. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 108163 0 1 1026 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X BRAD MCCLAIN 6082325000 3500 UNIVERSITY AVE MADISON WI 53705 X STEVEN RICK DIRECTOR - CHAIR 3.00 0.00 X X 900 0 0 MARION BROWN DIRECTOR - VICE CHAIR 3.00 0.00 X X 900 0 0 KELLY WILSON DIRECTOR - TREASURER 3.00 0.00 X X 900 0 0 JEFFREY RUSSELL DIRECTOR - SECRETARY 3.00 0.00 X X 900 0 0 TERRY WARFIELD DIRECTOR 3.00 0.00 X 900 0 0 PHYLLIS KING DIRECTOR 2.00 0.00 X 900 0 0 MICHAEL COLLINS DIRECTOR 2.00 0.00 X 900 0 0 SHENITA BROKENBURR DIRECTOR (THRU SEPT 2021 ) 2.00 0.00 X 1200 0 0 LEANA NAKIELSKI DIRECTOR (STARTING SEPT 2021 ) 2.00 0.00 X 0 0 0 MICHAEL CARR DIRECTOR 3.00 0.00 X 900 0 0 PAUL KUNDERT PRESIDENT & CEO 45.00 0.00 X 899835 0 372161 BRAD MCCLAIN EXECUTIVE VICE PRESIDENT & CFO 45.00 0.00 X 449285 0 50066 JONATHAN BUNDY CLO & ASST CORP SECRETARY 45.00 0.00 X 306856 0 49838 ANNE NORMAN SVP & CMO 45.00 0.00 X 283260 0 55383 PAM PETERSON SVP & CHRO 45.00 0.00 X 256962 0 47776 AMY KRIEBS VP OF MEMBER SALES AND SERVICE 45.00 0.00 X 205642 0 37715 DAVID MICKELSON VP OF OPERATIONS 45.00 0.00 X 244287 0 32040 JULIO RIOS VICE PRESIDENT OF MORTGAGE LENDING 45.00 0.00 X 393404 0 47315 ROB VAN NEVEL EXECUTIVE VICE PRESIDENT & COO 45.00 0.00 X 435225 0 37526 RENEE BOSNJAK MORTGAGE LOAN OFFICER 43.40 0.00 X 463170 0 28506 RICK MCKINLEY MORTGAGE LOAN OFFICER 47.00 0.00 X 411224 0 46545 RACHEL SOLT MORTGAGE LOAN OFFICER 44.90 0.00 X 381383 0 51602 NICHOLAS BITZKE MORTGAGE LOAN OFFICER 40.70 0.00 X 351012 0 26346 WILL HAMIELEC MORTGAGE LOAN OFFICER 42.10 0.00 X 338541 0 26707 5428486 0 909526 121 0 1 0 ADRENALINE LLC 195 NEW HAMPSHIRE AVE PORTSMOUTH NH 03801 CONSULTING 912755 ADAMS OUTDOOR ADVERTISING 102 EAST BADGER RD MADISON WI 53713 ADVERTISING 647788 BDO USA LLP 5300 PATTERSON AVE SE SUITE 100 GRAND RAPIDS MI 49512 CONSULTING 478724 QUALITY MORTGAGE SERVICES LLC 216 CENTERVIEW DR BLDG 7 SUITE 28 BRENTWOOD TX 37027 FILE REVIEW SERVICES 306108 ADAM ALBRECHT THE WEAPONRY LLC 1661 N WATER ST 206 MILWAUKEE WI 53202 CONSULTING 304076 8 INTEREST ON LOANS 522100 107464362 107464362 CARD AND ATM INTERCHAN 522100 36806639 36632862 173777 LOAN SERVICING FEES 522100 11965139 11965139 INVESTMENT AND INSURAN 522100 6319748 3149175 3170573 SERVICE CHARGES AND FE 522100 4904498 4904498 167460386 6231711 6231711 824270 555750 268520 268520 268520 1712428012 1669864000 42564012 42564012 42564012 216524629 206680048 3344350 6500231 792104 4212978 56721264 3789424 4433545 4440774 239765 493296 1256145 8343191 5844795 7045914 5803668 74602 385116 7485236 6606763 447848 LOAN SERVICING EXPENSE 27265449 CARD PROCESSING EXPENSE 7302905 FRAUD FORGERY LOSSES 854106 LOAN LOSS PROVISION -6096132 2634195 150376951 30865155 27165295 946093388 923889699 8598682 4205204 2829833567 2907598611 42708325 52546848 202073835 58472536 125000084 143601299 182046171 734057514 40636203 40855369 4205781575 4833919839 47219202 48611125 6963458 7002114 14860341 18652403 204000000 205000000 3535894046 4108923829 3808937047 4388189471 X 0 0 0 0 396844528 445730368 396844528 445730368 4205781575 4833919839 X 66147678 -7352957 -9908881 X X 0 1 X 1 0 0 1 X 28440492 28440492 98559713 25433930 73125783 2943070 2529498 413572 31707643 21557944 10149699 40422917 8951164 31471753 143601299 AVAILABLE FOR SALE 317493118 F HELD TO MATURITY 407384396 C FHLB STOCK 9180000 C 734057514 MEMBER DEPOSITS 4093989250 OUTSTANDING CASHIERS CHECKS 14934579 4108923829 X 205782394 -9353131 -9353131 215135525 1389104 1389104 216524629 149543597 555750 555750 148987847 1389104 1389104 150376951 PART IV, LINE 2B: THE CREDIT UNION MAINTAINS REAL ESTATE ESCROW ACCOUNTS USED TO PAY MEMBERS' REAL ESTATE TAXES AND INSURANCE. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION DOES, HOWEVER, PAY SALES TAX, PROPERTY TAX, PAYROLL TAXES, AND FEDERAL AND STATE INCOME TAX ON UNRELATED BUSINESS ACTIVITIES. THE INTERNAL REVENUE SERVICE (IRS) AND CERTAIN TAXING AUTHORITIES ARE EVALUATING WHAT, IF ANY, PRODUCTS AND SERVICES PROVIDED BY STATE CHARTERED CREDIT UNIONS OR THEIR CREDIT UNION SERVICE ORGANIZATIONS ARE SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). THERE IS CURRENTLY VERY LITTLE GUIDANCE IN THE IRS CODE ON WHAT ACTIVITIES SHOULD BE SUBJECT TO UBIT. THE IRS HAS ISSUED CERTAIN TECHNICAL ADVICE MEMORANDUMS IDENTIFYING CERTAIN ACTIVITIES AS BEING SUBJECT TO UBIT. AS A RESULT, AT THIS TIME THERE IS UNCERTAINTY REGARDING WHETHER STATE CHARTERED CREDIT UNIONS SHOULD PAY INCOME TAX ON CERTAIN TYPES OF NET TAXABLE INCOME FROM ACTIVITIES THAT MAY BE CONSIDERED BY TAXING AUTHORITIES AS UNRELATED TO THE PURPOSE FOR WHICH CREDIT UNIONS WERE GRANTED NON-TAXABLE STATUS. THE TAX LIABILITY RECORDED BY THE CREDIT UNION AS OF DECEMBER 31, 2021 AND 2020 ATTRIBUTED TO UNRELATED BUSINESS ACTIVITIES WAS NOT MATERIAL. PART XI, LINE 2D - OTHER ADJUSTMENTS: MORTGAGE HEDGING VALUATION -9,908,881. RENTAL EXPENSES 555,750. PART XI, LINE 4B - OTHER ADJUSTMENTS: PROVISION FOR LOAN LOSS -6,096,132. INTEREST EXPENSE 7,485,236. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 555,750. PART XII, LINE 4B - OTHER ADJUSTMENTS: PROVISION FOR LOAN LOSS -6,096,132. INTEREST EXPENSE 7,485,236. 1 MADISON COMMUNITY FOUNDATION 111 N FAIRCHILD ST MADISON WI 53703 396038248 501(C)(3) 500000 0 N/A N/A COMMUNITY OUTREACH UNITED WAY OF DANE COUNTY INC 2059 ATWOOD AVE MADISON WI 53704 390817532 501(C)(3) 157559 0 N/A N/A COMMUNITY OUTREACH UNIVERSITY OF WISCONSIN FOUNDATION 1848 UNIVERSITY AVE MADISON WI 53726 390743975 501(C)(3) 67500 0 N/A N/A COMMUNITY OUTREACH COMMUNITY SHARES OF WI 612 WEST MAIN ST MADISON WI 53703 391172378 501(C)(3) 33705 0 N/A N/A COMMUNITY OUTREACH UWM FOUNDATION INC 1440 EAST NORTH AVE MILWAUKEE WI 53202 237337744 501(C)(3) 12000 0 N/A N/A COMMUNITY OUTREACH UNITED WAY OF GREATER MILWAUKEE & WAUKESHA COUNTY INC 225 W VINE STREET MILWAUKEE WI 53212 390806190 501(C)(3) 8206 0 N/A N/A COMMUNITY OUTREACH 6 0 PART I, LINE 2: UWCU CONTRIBUTES TO ORGANIZATIONS THAT ARE TAX EXEMPT ORGANIZATIONS. UWCU CONTRIBUTES TO SUPPORT THE GENERAL OPERATIONS OF THESE ORGANIZATIONS. X 1 1 X 0 1 0 PAUL KUNDERT PRESIDENT & CEO 657379 0 223915 0 18541 0 339947 0 32214 0 1271996 0 0 0 BRAD MCCLAIN EXECUTIVE VICE PRESIDENT & CFO 315822 0 116475 0 16988 0 26100 0 23966 0 499351 0 0 0 RENEE BOSNJAK MORTGAGE LOAN OFFICER 64632 0 398150 0 388 0 21583 0 6923 0 491676 0 0 0 ROB VAN NEVEL EXECUTIVE VICE PRESIDENT & COO 320703 0 109267 0 5255 0 26100 0 11426 0 472751 0 0 0 RICK MCKINLEY MORTGAGE LOAN OFFICER 83812 0 326778 0 634 0 25160 0 21385 0 457769 0 0 0 JULIO RIOS VICE PRESIDENT OF MORTGAGE LENDING 180829 0 204324 0 8251 0 26100 0 21215 0 440719 0 0 0 RACHEL SOLT MORTGAGE LOAN OFFICER 61768 0 318461 0 1154 0 26100 0 25502 0 432985 0 0 0 NICHOLAS BITZKE MORTGAGE LOAN OFFICER 51506 0 299424 0 82 0 26100 0 246 0 377358 0 0 0 WILL HAMIELEC MORTGAGE LOAN OFFICER 60290 0 275181 0 3070 0 26499 0 208 0 365248 0 0 0 JONATHAN BUNDY CLO & ASST CORP SECRETARY 221411 0 83430 0 2015 0 24821 0 25017 0 356694 0 0 0 ANNE NORMAN SVP & CMO 212889 0 68706 0 1665 0 23907 0 31476 0 338643 0 0 0 PAM PETERSON SVP & CHRO 195067 0 58860 0 3035 0 21495 0 26281 0 304738 0 0 0 DAVID MICKELSON VP OF OPERATIONS 193921 0 45928 0 4438 0 20690 0 11350 0 276327 0 0 0 AMY KRIEBS VP OF MEMBER SALES AND SERVICE 175565 0 28150 0 1927 0 17845 0 19870 0 243357 0 0 0 PART I, LINE 1A AS PRESCRIBED IN THE BOARD GOVERNANCE POLICY, TO PROVIDE FOR THE DEVELOPMENT OF MEMBER ELECTED BOARD MEMBERS, AND BUILD THEIR KNOWLEDGE TO SERVE EFFECTIVELY, EACH DIRECTOR IS EXPECED TO SEEK OUT EDUCATIONAL AND DEVELOPMENT CONFERENCES AND OPPORTUNITIES FOR THIS PURPOSE. DIRECTORS ARE ENCOURAGED TO PARTICIPATE IN AT LEAST ONE EDUCATIONAL CONFERENCE EVERY TWO YEARS. CONSISTENT WITH THE GUIDANCE OF THE NATIONAL CREDIT UNION ADMINISTRATION AND TO ENCOURAGE DIRECTORS TO TAKE PERSONAL TIME TO ATTEND EDUCATIONAL AND DEVELOPMENTAL MEETINGS, DIRECTORS AS A COURTESY MAY BE REIMBURSED FOR THE REASONABLE COSTS OF THEIR TRAVEL AND ATTENDANCE INCLUDING A GUEST, WHO MAY ACCOMPANY THEM ON CREDIT UNION RELATED TRAVEL. WHILE THE NCUA HAS INDICATED IN LETTER 05-FCU02 THAT THEY DO NOT CONSIDER GUEST TRAVEL TO BE COMPENSATION TO DIRECTORS, FOR TAX REPORTING PURPOSES THE CREDIT UNION DOES ISSUE FORM 1099-NEC RELATED TO GUEST TRAVEL. FOR 2021, THE CREDIT UNION DID NOT PAY FOR ANY COMPANION TRAVEL. PART I, LINE 4B THE BOARD ESTABLISHED A DEFERRED COMPENSATION PLAN FOR THE PRESIDENT. THE PLAN IS DESIGNED TO COMPENSATE FOR BENEFITS NOT ELIGIBLE UNDER THE 401(K) PLAN AS A RESULT OF LIMITATIONS IMPOSED BY THE IRS ON THE ALLOWANCE CONTRIBUTIONS, AS WELL AS TO PROVIDE A LONG-TERM INCENTIVE FOR SUSTAINED PERFORMANCE. TOTAL CONTRIBUTIONS TO THE PLAN IN 2021 WERE $313,847. THE PRESIDENT DID NOT VEST IN ANY OF THE PLAN CONTRIBUTIONS IN 2021 RESULTING IN TAXABLE INCOME. CUMULATIVE DEFERRED COMPENSATION PAYABLE TO THE PRESIDENT IS A GENERAL CREDITOR OBLIGATION OF THE CREDIT UNION. FUTURE DISBURSEMENTS (IF ANY) OF THE CUMULATIVE DEFERRED COMPENSATION PAYABLE ARE CONTINGENT ON THE CONDITIONS ESTABLISHED BY THE PLAN. FORM 990, PART VI, SECTION A, LINE 1A THE UNIVERSITY OF WISCONSIN CREDIT UNION DELEGATES BROAD AUTHORITY TO ACT ON BEHALF OF THE FULL BOARD TO AN EXECUTIVE COMMITTEE CONSISTING OF FOUR BOARD MEMBERS INCLUDING THE BOARD CHAIR, VICE CHAIR, SECRETARY AND TREASURER. FORM 990, PART VI, SECTION A, LINE 6 ALL MEMBERS OF THE CREDIT UNION ARE GIVEN ONE VOTE IN ELECTION OF BOARD MEMBERS, OR THE APPROVAL OF SIGNIFICANT DECISIONS, WITHOUT PREFERENCE TO THE AMOUNT OF FUNDS THEY HAVE ON DEPOSIT WITH THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7A THE UNIVERSITY OF WISCONSIN CREDIT UNION IS A MEMBER OWNED COOPERATIVE BUSINESS ORGANIZATION, GOVERNED BY A NINE MEMBER BOARD OF DIRECTORS. THE BOARD IS COMPRISED OF ACTIVE MEMBERS OF THE CREDIT UNION WHO ARE SELECTED BY THE MEMBERSHIP THROUGH A DEMOCRATIC ELECTION PROCESS. FORM 990, PART VI, SECTION A, LINE 7B AT ANY MEMBERSHIP MEETING, MEMBERS MAY SUBMIT A PETITION IN ADVANCE TO ALLOW A MAJORITY OF THE MEMBERS PRESENT TO DIRECT THE BOARD TO CONSIDER POLICIES PROPOSED BY THE MEMBERS, OR RECONSIDER ANY DECISION OF THE DIRECTORS, OFFICERS, OR COMMMITTEES OR TO AMEND THE BYLAWS. FURTHERMORE, THE MEMBERS MUST APPROVE OF ANY CONSOLIDATIONS OR MERGERS WHEN IT RESULTS IN A CHANGE OF MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE CEO, CFO, AND CONTROLLER PERFORM A THOROUGH REVIEW OF THE DRAFT FORM 990 PRIOR TO THE FULL BOARD REVIEW. A DRAFT COPY OF THE FORM 990 IS PRESENTED TO THE AUDIT COMMITTEE. A FINAL COPY OF THE RETURN IS PROVIDED TO THE FULL BOARD PRIOR TO FILING THE RETURN WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS, OFFICERS, AND EMPLOYEES ARE REQUIRED TO ANNUALLY DISCLOSE ANY CONFLICTS OF INTERESTS THEY MAY HAVE WITH THE ORGANIZATION. THE CHIEF LEGAL OFFICER REVIEWS EACH POLICY STATEMENT SIGNED BY THESE INDIVIDUALS TO DETERMINE IF ANY CONFLICTS HAVE OCCURRED AND NEED TO BE BROUGHT TO THE ATTENTION OF THE BOARD. IF A CONFLICT ARISES, THE RESPECTIVE BOARD MEMBER WILL ABSTAIN HIM/HERSELF FROM ANY RELATED DISCUSSION, VOTE OR SIMILAR ACTION IN THE MATTER. FORM 990, PART VI, SECTION B, LINE 15 AS PROVIDED BY THE BYLAWS, THE PRESIDENT IS THE CHIEF EXECUTIVE OFFICER AND THE TOP MANAGEMENT OFFICIAL. THE PRESIDENT SERVES AT THE PLEASURE OF THE BOARD OF DIRECTORS. AS PRESCRIBED BY THE BYLAWS THE BOARD OF DIRECTORS SETS THE COMPENSATION OF THE PRESIDENT. THE BOARD HAS EXECUTED A FORMAL EMPLOYMENT AGREEMENT WITH THE PRESIDENT, WHICH PROVIDES THAT EITHER PARTY MAY TERMINATE THE AGREEMENT AT ANY TIME. PER THE TERMS OF THE CONTRACT, BIENNIALLY THE BOARD SETS THE COMPENSATION OF THE PRESIDENT USING INDEPENDENTLY OBTAINED DATA TO BENCHMARK THE MARKET VALUE OF THE POSITION, WHICH WAS LAST UNDERTAKEN IN 2020. ALL EMPLOYEES OF THE CREDIT UNION, INCLUDING THE PRESIDENT, ARE ELIGIBLE TO RECEIVE A BASE PAY AS WELL AS A VARIABLE PAY BONUS BASED ON THE ATTAINMENT OF THE ORGANIZATIONAL GOALS, WHICH INCLUDE MEMBER SATISFACTION AND FINANCIAL STEWARDSHIP. THE PRESIDENT RECEIVES THE SAME LIFE, MEDICAL, DISABILITY, AND DENTAL INSURANCE, AND 401(K) BENEFITS THAT ARE AVAILABLE TO ALL FULL-TIME EMPLOYEES OF THE CREDIT UNION. THE PRESIDENT IS PROVIDED WITH OTHER BENEFITS WHICH INCLUDE A SUPPLEMENTAL DISABILITY INSURANCE POLICY AND AN AUTOMOBILE ALLOWANCE. THE BOARD OF DIRECTORS' DELIBERATIONS AND DETERMINATIONS REGARDING COMPENSATION ARE RECORDED ON A TIMELY BASIS IN THE MINUTES OF THEIR MEETINGS. THE CHIEF EXECUTIVE OFFICER OF THE CREDIT UNION APPROVES THE COMPENSATION OF ALL SUBORDINATE OFFICERS OF THE CREDIT UNION. CONSISTENT WITH ALL OTHER CREDIT UNION EMPLOYEE POSITIONS, THE CREDIT UNION FOLLOWS A COMPENSATION SYSTEM THAT ASSIGNS A POSITION GRADE AND SALARY RANGE FOR EACH POSITION. AT LEAST BIENNIALLY, INDEPENDENT BENCHMARK DATA FROM AT LEAST TWO SOURCES IS OBTAINED. BASED ON THE MEDIAN OF THE BLENDED BENCHMARKS, POSITIONS ARE ASSIGNED TO A SALARY GRADE. FOR SUBORDINATE OFFICERS, COMPENSATION ADJUSTMENTS CAN BE MADE BY THE CHIEF EXECUTIVE OFFICER BASED ON INDIVIDUAL PERFORMANCE WITHIN THE CONFINES OF THE ESTABLISHED SALARY GRADE. ALL EMPLOYEES OF THE CREDIT UNION, INCLUDING THE OFFICERS SUBORDINATE TO THE CHIEF EXECUTIVE OFFICER, ARE ELIGIBLE TO RECEIVE BASE PAY AS WELL AS A VARIABLE PAY BONUS BASED ON THE ATTAINMENT OF ORGANIZATIONAL GOALS AND INDIVIDUAL PERFORMANCE, WHICH INCLUDE MEMBER SATISFACTION, AND FINANCIAL STEWARDSHIP, THE VARIABLE PAY POTENTIAL BONUS POOL FUNDS ARE APPROVED BY THE BOARD OF DIRECTORS, EMPLOYEES, INCLUDING OFFICERS SUBORDINATE TO THE CHIEF EXECUTIVE OFFICER, PARTICIPATE IN THE BONUS POOL BASED ON THEIR INDIVIDUAL PERFORMANCE AND SALARY GRADE. THE OFFICERS SUBORDINATE TO THE CHIEF EXECUTIVE OFFICER RECEIVES THE SAME LIFE, MEDICAL, AND DENTAL INSURANCE, AND 401(K) BENEFITS THAT ARE AVAILABLE TO ALL FULL-TIME EMPLOYEES OF THE CREDIT UNION. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE ON THE CREDIT UNIONS PUBLIC WEBSITE. THE CONFLICT-OF-INTEREST POLICY IS AVAILABLE TO EMPLOYEES OF THE CREDIT UNION ON THE INTERNAL INTRANET AND IS REQUIRED TO BE REVIEWED AND SIGNED BY THEM ANNUALLY; THE CONFLICT-OF-INTEREST POLICY IS NOT AVAILABLE TO THE PUBLIC. FORM 990, PART VII, SECTION A, LINE 1A, COLUMN (D) AS A CONVENIENCE TO UW CREDIT UNION, AND TO MINIMIZE THE CREDIT UNION'S ADMINISTRATIVE BURDEN RELATED TO PROCESSING AND PAYING INCIDENTAL OUT-OF-POCKET EXPENSES SUCH AS TELEPHONE, LOCAL, MILEAGE, PARKING, COPYING, POSTAGE, AND SUPPLIES ASSOCIATED WITH DUTIES OF THE BOARD DIRECTOR POSITIONS, THE BOARD HAS IMPLEMENTED A POLICY OF PER DIEM REIMBURSEMENT OF EXPENSES. DIRECTORS ARE REIMBURSED $75 PER MONTH FOR AN ANNUAL TOTAL OF $900 PER DIRECTOR. ALTERNATIVELY, THE DIRECTORS HAVE THE OPTION TO FOREGO THE PER DIEM METHOD AND BE REIMBURSED UNDER THE ACCOUNTABLE REIMBURSEMENT METHOD. FORM 990, PART XI, LINE 9: MORTGAGE MARKET HEDGING VALUATION -9,908,881. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED THE OVERSIGHT PROCESS SINCE THE PRIOR YEAR.