Not-for-profit Structure
One Nevada, like many U.S. credit unions, is locally controlled by a volunteer Board of Directors who represent the members interests. Unlike a traditional bank owned by public stockholders, a member election for the Board of Directors is held once a year. Any member in good standing can petition to run for the Board of Directors. Board volunteers are not paid for their time or service. The Board also appoints a volunteer Supervisory Committee. The Credit Union's income, aside from operating expenses and funding capitalization, are returned to the members in the form of lower loan rates, expanded services and normally, higher dividends on deposit accounts. Therefore, the credit union, like all others in the U.S., maintains a federal tax-exempt status because of the cooperative, not-for-profit organizational structure.
Read more about this topic: One Nevada Credit Union
Famous quotes containing the word structure:
“Just as a new scientific discovery manifests something that was already latent in the order of nature, and at the same time is logically related to the total structure of the existing science, so the new poem manifests something that was already latent in the order of words.”
—Northrop Frye (b. 1912)