2022-11-14T13:17:22-06:00 2021-12-31 630813240 PEARCE BEVILL LEESBURG MOORE PC 110 OFFICE PARK DR BIRMINGHAM AL 35223 990 2021-01-01 630148940 MUTUAL SAVINGS CREDIT UNION ALAB 2056821170 2040 VALLEYDALE ROAD BIRMINGHAM AL 35244 KENDALL SPEED CEO 2056821170 2022-11-09 1 KENDALL SPEED 999009999 W GLENN BRIDGES P00519867 2053235440 2022-11-09 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z KENDALL SPEED 2040 VALLEYDALE ROAD BIRMINGHAM AL 35244 10770188 0 X WWW.MUTUALSAVINGS.ORG X STATE CHARTERED COOPERATIVE CREDIT U 1936 AL COOPERATIVE CREDIT UNION 7 6 94 9 69910 0 0 0 10057708 10770188 0 0 0 0 10057708 10770188 0 0 0 0 5444322 5229566 0 0 0 4959551 4891612 10403873 10121178 -346165 649010 202810474 217478712 186772713 201852241 16037761 15626471 COOPERATIVE SOCIETY INCORPORATED FOR THE TWOFOLD PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS AND CREATING A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST. 0 0 10121178 CODE OF ALABAMA, SEC 5-17-1, STATES THAT A CREDIT UNION IS A COOPERATIVE SOCIETY INCORPORATED FOR THE TWOFOLD PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS AND CREATING A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST. MUTUAL SAVINGS CREDIT UNION, AN ALABAMA STATE CHARTERED CREDIT UNION, PROVIDES A VARIETY OF FINANCIAL SERVICES TO ITS MEMBERS, WHO PRIMARILY RESIDE, WORK, ATTEND SCHOOL OR WORSHIP IN FOURTEEN ALABAMA COUNTIES, INCLUDING JEFFERSON, SHELBY, DALLAS, CHILTON, AND TALLAPOOSA COUNTIES, OR WHO ARE EMPLOYED BY A MUTUAL SAVINGS SPONSOR GROUP. THE CREDIT UNION'S FIELD OF MEMBERSHIP ALSO INCLUDES SELECTED EMPLOYEE GROUPS AND INDIVIDUALS THAT RESIDE IN THESE COUNTIES. AS OF DECEMBER 31, 2021, THE CREDIT UNION PROVIDED SERVICES TO 23,199 MEMBERS. 10121178 0 0 1 0 0 0 0 0 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 1 0 0 0 0 0 0 0 0 0 1 4256 0 1 94 1 1 1 0 0 0 0 0 0 0 X 7 6 0 0 0 0 1 1 1 1 1 0 0 0 0 0 1 1 1 0 X KENDALL SPEED CEO 2056821170 2040 VALLEYDALE ROAD BIRMINGHAM AL 35244 DOUGLAS KEY DIRECTOR - SECRETARY 1.00 X 0 0 0 KENDALL L SPEED CEO/DIRECTOR - TREASURER 40.00 X X 258694 0 15876 ALLEN RITTER DIRECTOR - BOARD CHAIRPERSO 1.00 X 0 0 0 RALPH A FERGUSON JR DIRECTOR - BOARD VICE CHAIRPERSON 1.00 X 0 0 0 DERRELL CRIMM SUPERVISORY COMMITTEE CHAI 1.00 X 0 0 0 KARL HENDRICKSON SUPERVISORY COMMITTEE - ME 1.00 X 0 0 0 RICHARD MCBEE DIRECTOR - BOARD MEMBER 1.00 X 0 0 0 RICHARD BROOKS DIRECTOR - BOARD MEMBER 1.00 X 0 0 0 KEITH NEWTON DIRECTOR - BOARD MEMBER 1.00 X 0 0 0 LINDA ALLISON SUPERVISORY COMMITTEE - ME 1.00 X 0 0 0 LYNNE LOFTIN COO 40.00 X 187310 0 20162 MIKE SHAW CHIEF TECHNOLOGY OFFICER 40.00 X 170122 0 20162 SONJA PURVIS CHIEF MARKETING OFFICER 40.00 X 147347 0 20162 SUSAN LANDRUM CFO 40.00 X 153262 0 8290 JIMMIE ROCHESTER II VICE-PRESIDENT BUSINESS BA 40.00 X 151729 0 0 KIMBERLY HUNT VICE-PRESIDENT OF HUMAN RE 40.00 X 112045 0 20162 MIKE DYER VP COLLECTIONS 40.00 X 114755 0 20162 JEFFREY GRAHAM VP OF LENDING 40.00 X 113503 0 20162 1408767 0 145138 9 0 1 0 FLEX MARKETING INSPIRED 5330 TECHNOLOGY LANE BIRMINGHAM AL 35217 MARKETING MAILINGS SERVICES 144132 ALLIED UNIVERSAL SECURITY PO BOX 828854 PHILADELPHIA PA 191828854 SECURITY SERVICES 131969 KEY GREER HARRISON & CASEY PO BOX 360345 BIRMINGHAM AL 35236 LEGAL COUNSEL AND COLLECTIONS 119449 3 LOAN INTEREST INCOME 522100 5168032 5168032 FINANCIAL SERVICE FEES AND OTHER 522100 4867534 4797624 69910 INVESTMENT INCOME 522100 734622 734622 10770188 10770188 10700278 69910 0 1001387 3470851 95843 344529 316956 72133 64800 374562 72828 513525 741600 126453 133818 436015 86034 COST OF FINANCIAL SERVI 1266425 MEMBER SHARE DIVIDENDS 373014 PROVISION FOR LOAN LOSS 195000 SECURITY EXPENSE 159186 276219 10121178 11540661 10690297 11933204 19266625 1696142 1540097 95430 93611 121518837 124101083 487860 458344 13988055 9090738 6108679 4897317 45766955 53382253 3662706 3049085 202810474 217478712 1431927 929593 5000000 5000000 180340786 195922648 186772713 201852241 X 0 0 0 0 16037761 15626471 16037761 15626471 202810474 217478712 X 649010 -1326240 265940 X X 0 1 X 1 0 2500 PART I-A, LINE 1: MUTUAL SAVINGS CREDIT UNION MADE A $2,500 DONATION TO THE ALABAMA CREDIT UNION LEGISLATIVE ACTION COUNCIL IN 2021. THE ALABAMA CREDIT UNION LEGISLATIVE ACTION COUNCIL IS A STATE-REGISTERED POLITICAL ACTION COMMITTEE OF THE LEAGUE OF SOUTHEASTERN CREDIT UNIONS & AFFILIATES. THE ALABAMA CREDIT UNION LEGISLATIVE ACTION COUNCIL MAKES CONTRIBUTIONS TO CANDIDATES FOR THE ALABAMA LEGISLATURE AND OTHER STATEWIDE OFFICES AND LOBBIES FOR CREDIT UNION FRIENDLY CANDIDATES. MUTUAL SAVINGS CREDIT UNION MAKES SUCH DONATIONS EXCLUSIVELY FROM ITS OWN FUNDS, AND DOES NOT SOLICIT OR COLLECT POLITICAL DONATIONS ON BEHALF OF ANY POLITICAL CANDIDATES OR PACS. 1360213 1360213 6573536 3449217 3124319 830589 826711 3878 4953235 4625163 328072 270482 189647 80835 4897317 AFS AGENCY SECURITIES 51846352 F CORPORATE CREDIT UNION CAPITAL 945150 C FEDERAL HOME LOAN BANK STOCK 314100 C OTHER INVESTMENTS 276651 C 53382253 MEMBER SHARES AND CERTIFICATE SHARES 195922648 195922648 X 10770188 0 10770188 0 10770188 10121178 0 10121178 0 10121178 PART X, LINE 2: THE FIN 48 FOOTNOTE INCLUDED IN THE CREDIT UNION'S DECEMBER 31, 2021, AUDITED FINANCIAL STATEMENTS IS AS FOLLOWS: THE CREDIT UNION IS EXEMPT BY STATUTES FROM MOST FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION FILES A FEDERAL FORM 990 AND HAS A DECEMBER 31ST TAX YEAR END. THE STATE OF ALABAMA IMPOSES A 6.5% EXCISE TAX ON THE TAXABLE INCOME OF STATE-CHARTERED CREDIT UNIONS AS OF DECEMBER 31, EACH TAX YEAR. THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND ANY POTENTIAL FEDERAL INCOME TAX LIABILITY BASED ON THE GUIDANCE FROM THE PROVISIONS OF FASB ASC 740, INCOME TAXES, ASSOCIATED WITH UNCERTAINTY IN INCOME TAX POSITIONS. MANAGEMENT BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR THE INCOME TAX POSITIONS TAKEN AND TO BE TAKEN ON ITS TAX RETURNS BASED ON AN ASSESSMENT OF VARIOUS FACTORS, INCLUDING EXPERIENCE AND INTERPRETATIONS OF TAX LAWS APPLIED TO THE FACTS OF EACH MATTER. THE CREDIT UNION HAS CONCLUDED THAT THERE ARE NO SIGNIFICANT UNCERTAIN TAX POSITIONS REQUIRING DISCLOSURE AND THERE ARE NO MATERIAL UNRECOGNIZED TAX BENEFITS REQUIRING RECOGNITION IN THE FINANCIAL STATEMENTS. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEAR FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY ARISING FROM FEDERAL TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSES AND ANY POTENTIAL ADDITIONAL LIABILITY RESULTING FROM THE TAXING AUTHORITIES IMPOSING TAXES, PENALTIES, AND INTEREST ON THE TAXES DUE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. CURRENTLY, THE CREDIT UNION'S 2020, 2019, AND 2018 FEDERAL TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. PART XI AND XII: ON A ROUTINE BASIS, THE ALABAMA CREDIT UNION ADMINISTRATION AND THE NATIONAL CREDIT UNION ADMINISTRATION PERFORM A REGULATORY EXAMINATION OF THE FINANCIAL STATEMENTS AND SAFETY AND SOUNDNESS OF THE CREDIT UNION. ADDITIONALLY, THE CREDIT UNION'S FINANCIAL STATEMENTS ARE AUDITED BY AN INDEPENDENT ACCOUNTANT AS OF DECEMBER 31 EACH YEAR IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES FOR DEPOSITORY AND LENDING FINANCIAL INSTITUTIONS. AS A LENDING AND DEPOSIT-TAKING FINANCIAL INSTITUTION, THE CREDIT UNION IS NOT REQUIRED TO PREPARE ITS FINANCIAL STATEMENTS IN ACCORDANCE WITH SFAS 117. X 1 1 X X 0 0 0 KENDALL L SPEED CEO/DIRECTOR - TREASURER 211667 0 43499 0 3528 0 0 0 15876 0 274570 0 0 0 LYNNE LOFTIN COO 153756 0 32000 0 1554 0 0 0 20162 0 207472 0 0 0 MIKE SHAW CHIEF TECHNOLOGY OFFICER 140203 0 29469 0 450 0 0 0 20162 0 190284 0 0 0 SONJA PURVIS CHIEF MARKETING OFFICER 120989 0 25668 0 690 0 0 0 20162 0 167509 0 0 0 SUSAN LANDRUM CFO 123228 0 25078 0 4956 0 0 0 8290 0 161552 0 0 0 JIMMIE ROCHESTER II VICE-PRESIDENT BUSINESS BA 125815 0 25224 0 690 0 0 0 0 0 151729 0 0 0 PART I, LINE 1A THE TRAVEL FOR COMPANIONS BENEFIT WAS ALLOWED FOR OFFICERS' SPOUSES, BOARD MEMBERS' SPOUSES, AND COMMITTEE MEMBERS' SPOUSES. THIS BENEFIT WAS IN THE FORM OF COMBINED DINNERS WHILE ATTENDING THE ANNUAL PLANNING MEETING. PART I, LINE 3 MANAGEMENT'S COMPENSATION IS DETERMINED ANNUALLY BY THE CREDIT UNION'S BOARD OF DIRECTORS AND IS BASED ON PERFORMANCE AND INDEPENDENT COMPARABLE INDUSTRY COMPENSATION DATA. KENDALL SPEED CHIEF EXECUTIVE OFFICER 1ST MORTGAGE X 270000 259652 0 1 1 KENDALL SPEED CHIEF EXECUTIVE OFFICER USED AUTO LOAN X 16017 8910 0 1 1 MIKE SHAW CHIEF TECHNOLOGY OFFICER USED AUTO LOAN X 28662 5289 0 1 1 MIKE SHAW CHIEF TECHNOLOGY OFFICER 1ST MORTGAGE X 205000 200159 0 1 1 JIMMIE ROCHESTER II VP OF BUSINESS BANKING HOME EQUITY LINE OF CREDIT X 70000 45507 0 1 1 JIMMIE ROCHESTER II VP OF BUSINESS BANKING 1ST MORTGAGE X 189000 165530 0 1 1 JIMMIE ROCHESTER II VP OF BUSINESS BANKING 1ST MORTGAGE X 176000 162800 0 1 1 KENDALL SPEED CHIEF EXECUTIVE OFFICER USED AUTO LOAN X 14196 5762 0 1 1 SONJA H PURVIS CHIEF MARKETING OFFICER 1ST MORTGAGE X 216000 199988 0 1 1 SUSAN LANDRUM CHIEF FINANCIAL OFFICER 1ST MORTGAGE X 127000 124143 0 1 1 KRISTI M KEY REGULAR EMPLOYEE & DAUGHTER OF BOARD MEMBER & FORMER CEO DOUG KEY 1ST MORTGAGE X 106000 93611 0 1 1 JIMMIE ROCHESTER II VP OF BUSINESS BANKING NEW AUTO LOAN X 39408 26269 0 1 1 JEFFREY A GRAHAM VICE PRESIDENT LENDING SERVICES NEW AUTO LOAN X 53418 29753 0 1 1 JEFFREY A GRAHAM VICE PRESIDENT LENDING SERVICES 1ST MORTGAGE X 312750 266261 0 1 1 JEFFREY A GRAHAM VICE PRESIDENT LENDING SERVICES HOME EQUITY LINE OF CREDIT X 14742 14551 0 1 1 TONI LOFTIN CHIEF OPERATING OFFICER HOME EQUITY LINE OF CREDIT X 108000 7763 0 1 1 SONJA H PURVIS CHIEF MARKETING OFFICER HOME EQUITY LINE OF CREDIT X 27076 7214 0 1 1 JIMMIE ROCHESTER II VP OF BUSINESS BANKING CREDIT CARD X 430 205 0 1 1 KENDALL SPEED CHIEF EXECUTIVE OFFICER HOME EQUITY LINE OF CREDIT X 108000 10341 0 1 1 1633708 FOSTER KEY SON OF DOUG KEY - FORMER MSCU CEO & CURRENT BOD SECRETARY DOUG KEY, THE CREDIT UNION'S FORMER PRESIDENT/CEO AND CURRENT BOD SECRETARY, WAS THE PRIMARY OWNER OF KEY, GREER, HARRISON, & CASEY, A LAW FIRM THAT REPRESENTS THE CREDIT UNION. THE LAW FIRM STILL PROVIDES LEGAL SERVICES TO THE CREDIT UNION UNDER THE OWNERSHIP OF DOUG KEY'S SON, FOSTER KEY, BUT DOUG KEY NO LONGER HAS ANY FINANCIAL INTEREST IN THE FIRM. 0 KRISTI KEY DAUGHTER OF DOUG KEY - FORMER MSCU CEO & CURRENT BOD SECRETARY 79359 KRISTI KEY IS EMPLOYED BY THE CREDIT UNION IN THE NORMAL COURSE OF BUSINESS AS VP OF ADMINISTRATION. SHE DOES NOT QUALIFY AS A KEY EMPLOYEE OR HIGHEST COMPENSATED EMPLOYEE FOR THE PURPOSES OF 990, PART VII, SECTION A, AS HER 2021 COMPENSATION WAS LESS THAN $100,000. 0 KENDALL SPEED CURRENT CEO & CURRENT BOD TREASURER KENDALL SPEED SITS ON THE BOARD OF DIRECTORS OF CORPORATE AMERICA CREDIT UNION, IN WHICH MSCU ROUTINELY MAKES DEPOSITS AND RECEIVES DEPOSITS. MANAGEMENT BELIEVES ALL TRANSACTIONS WERE MADE IN THE ORDINARY COURSE OF BUSINESS AND ON THE SAME TERMS AS COMPARABLE TRANSACTIONS WITH OTHER ENTITIES. 0 990 PART IV, LINE 26 DIRECTORS, OFFICERS, AND ALL EMPLOYEES OF THE CREDIT UNION ARE OFFERED LOANS ON SPECIALIZED TERMS,INCLUDING PREFERENTIAL INTEREST RATES, OTHER THAN THOSE OFFERED TO REGULAR MEMBERS IN THE ORDINARY COURSE OF BUSINESS. ALL SUCH LOANS ARE APPROVED BY EITHER THE CEO, CREDIT COMMITEE, OR BOARD OF DIRECTORS, AND REPORTED TO THE BOARD OF DIRECTORS AT THE NEXT REGULAR BOARD MEETING, AS DICTATED IN THE BOARD-APPROVED LOAN POLICY. SUCH LOANS TO DIRECTORS, OFFICERS, AND OTHER INTERESTED PERSONS ARE REPORTED EACH YEAR BY THE CREDIT UNION ON 990 SCHEDULE L. FORM 990, PART VI, SECTION A, LINE 6 ALABAMA BANKING CODE, SECTION 5-17-5 STATES THAT, "CREDIT UNION MEMBERSHIP SHALL CONSIST OF THE INCORPORATORS AND SUCH OTHER PERSONS AS MAY BE ELECTED TO MEMBERSHIP AND WHO SUBSCRIBE TO AT LEAST ONE SHARE AND PAY THE INITIAL INSTALLMENT THEREON AND THE ENTRANCE FEE. ORGANIZATIONS, INCORPORATED OR OTHERWISE, COMPOSED FOR THE MOST PART OF THE SAME GENERAL GROUP AS THE CREDIT UNION MEMBERSHIP MAY BE MEMBERS. CREDIT UNION ORGANIZATION SHALL BE LIMITED TO GROUPS, OF BOTH LARGE AND SMALL MEMBERSHIP, HAVING A COMMON BOND OF OCCUPATION OR ASSOCIATION OR TO GROUPS WITHIN A WELL-DEFINED NEIGHBORHOOD, COMMUNITY OR RURAL DISTRICT." THE MEMBERSHIP OF MUTUAL SAVINGS CREDIT UNION AS OF DECEMBER 31, 2021, WAS OPEN TO INDIVIDUALS WHO RESIDE, WORK, ATTEND SCHOOL OR WORSHIP IN FOURTEEN ALABAMA COUNTIES, INCLUDING JEFFERSON, SHELBY, DALLAS, CHILTON, AND TALLAPOOSA COUNTIES, TO THOSE WHO ARE EMPLOYED BY ONE OF THE CREDIT UNION'S SPONSORING GROUPS, AND TO FAMILY MEMBERS OF EXISTING MEMBERS OF MUTUAL SAVINGS CREDIT UNION. THE CREDIT UNION'S FIELD OF MEMBERSHIP ALSO INCLUDES SELECTED EMPLOYEE GROUPS AND INDIVIDUALS THAT RESIDE IN THESE COUNTIES. AS OF DECEMBER 31, 2021, THE CREDIT UNION HAD MEMBERSHIP AND PROVIDED SERVICES TO 23,199 MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS ARE ELECTED BY THE CREDIT UNION'S MEMBERSHIP AT THE ANNUAL MEETING. THE CREDIT UNION'S BYLAWS GOVERN THE ELECTION PROCEDURES. THE TERMS OF THE BOARD OF DIRECTORS, AS SET BY THE BYLAWS, ARE 3 YEARS AND ARE STAGGERED SO THAT AN EQUAL NUMBER EXPIRE AT EACH ANNUAL MEETING. AT LEAST 60 DAYS PRIOR TO THE ANNUAL MEETING, THE BOARD CHAIRMAN APPOINTS A NOMINATING COMMITTEE OF NOT LESS THAN THREE (3) MEMBERS TO NOMINATE ONE (1) CANDIDATE FOR EACH VACANCY. ALL OTHER NOMINATIONS MUST BE DONE BY WRITTEN PETITION OF THE LESSER OF 1% OF MEMBERS OR 500 MEMBERS, AND MUST BE SUBMITTED TO THE NOMINATING COMMITTEE AT LEAST TEN (10) DAYS PRIOR TO THE ANNUAL MEETING. ELECTION BY THE MEMBERSHIP IS PERFORMED THROUGH WRITTEN BALLOTS, UNLESS THERE IS ONLY ONE NOMINEE. IRRESPECTIVE OF THE NUMBER OF SHARES HELD, NO MEMBER HAS MORE THAN ONE VOTE. MEMBERS MUST ALSO BE NATURAL PERSONS OF AT LEAST 19 YEARS OF AGE TO VOTE. ALL ELECTIONS ARE DETERMINED BY A PLURALITY VOTE. NO PROXY VOTES MAY BE CAST. FORM 990, PART VI, SECTION A, LINE 7B THE FOLLOWING TYPES OF DECISIONS ARE SUBJECT TO APPROVAL BY THE CREDIT UNION'S MEMBERS: DISSOLUTION OF THE CREDIT UNION, ELECTION & TERMINATION OF BOARD OR COMMITTEE MEMBERS, EXPULSION OF CREDIT UNION MEMBERS AND CONVERSION FROM STATE TO FEDERAL CHARTER. FORM 990, PART VI, SECTION B, LINE 11B MANAGEMENT PERFORMS A REVIEW OF THE FORM 990 PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 15 MANAGEMENT'S COMPENSATION IS DETERMINED ANNUALLY BY THE CREDIT UNION'S BOARD OF DIRECTORS AND IS BASED ON PERFORMANCE AND INDEPENDENT COMPARABLE INDUSTRY COMPENSATION DATA. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION MAKES ITS GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. THE CREDIT UNION'S FINANCIAL STATEMENTS CAN BE FOUND ON THE WEBSITE OF THE NCUA AT NCUA.GOV. FORM 990, PART XI, LINE 9: CHANGE IN PENSION LIABILITY ACCOUNT 265,940. FORM 990, PART XII, LINE 2B: ON A ROUTINE BASIS, THE ALABAMA CREDIT UNION ADMINISTRATION AND THE NATIONAL CREDIT UNION ADMINISTRATION PERFORM A REGULATORY EXAMINATION OF THE FINANCIAL STATEMENTS AND SAFETY AND SOUNDNESS OF THE CREDIT UNION. ADDITIONALLY, THE CREDIT UNION'S FINANCIAL STATEMENTS ARE AUDITED BY AN INDEPENDENT ACCOUNTANT AS OF DECEMBER 31 EACH YEAR. FORM 990, PART XII, LINE 2C: A CREDIT UNION'S SUPERVISORY COMMITTEE IS RESPONSIBLE FOR ENSURING THAT THE BOARD OF DIRECTORS AND MANAGEMENT OF THE CREDIT UNION - (1) MEET REQUIRED FINANCIAL REPORTING OBJECTIVES AND (2) ESTABLISH PRACTICES AND PROCEDURES SUFFICIENT TO SAFEGUARD MEMBERS' ASSETS. THIS INCLUDES OVERSEEING THE ANNUAL FINANCIAL STATEMENT AUDIT AND THE SELECTION OF THE INDEPENDENT ACCOUNTANT.