Maps Credit Union (Maps) has established a Compensation Policy to provide reasonable compensation for its Board of Directors and Supervisory Committee (Officials) as allowed by Oregon law and the Credit Union's Bylaws. The Maps Board believes the payment of compensation to Officials will enhance the Credit Union’s ability to attract and retain qualified Officials to represent the members.
Responsibilities of Officials. The Board of Directors is responsible for the general direction and control of the Credit Union. The Directors serve on multiple committees and meet monthly. The Board establishes the strategic plan, annual budget and policies, and reviews the Credit Union’s financial performance. The Supervisory Committee is responsible for overseeing internal controls, conducting an annual audit of the financial statements, verifying the accuracy of members’ accounts. The size and complexity of Maps requires Officials with financial knowledge, diverse skills and dedication to meet the management demands of a competitive and highly regulated financial services industry. The time demands of Officials’ meetings, meeting preparation, regulatory training and continuing education warrants fair and reasonable compensation.
Maps Financial Performance. Maps has consistently achieved strong financial performance that supports reasonable compensation. Maps delivers competitive financial services to our members while ensuring safety and soundness of Maps. To ensure a sound future, Maps has built net worth that exceeds the levels required by its regulators to be classified as well capitalized and achieved strong net income to maintain or grow net worth, and to manage the risks within its operations. For more information about Maps’ financial performance, please review the Maps Annual Report HERE.
Due Diligence. The Maps Board has conducted due diligence research on compensation structures and compensation levels of credit unions, other financial institutions and non-profit organizations of proportional size, complexity, mission and financial performance as Maps. The Board reviewed the peer group compensation data and market information of peer credit unions, banks and non-profit organizations for a comparative analysis of reasonable compensation in Maps’ regional and national market. Based on Maps’ strong financial condition and community vision, the Board established a compensation structure for the Maps Officials that is reasonable in relation to peer credit unions and other organizations.
Amount of Compensation. Compensation for directors consists of participation in the same variable incentive compensation system available to employees. Under this system, a percentage ranging from 0% to 9% of the Credit Union’s net income is paid into the variable compensation pool for employees and directors. The percentage is based on the Credit Union’s Return on Average Assets (ROAA) for the year. If ROAA is 0.50% or less, the percentage is 0% (i.e., no variable incentive compensation is paid). The percentage increases to a maximum of 9% if the Credit Union’s ROAA equals or exceeds 1.50%. The variable incentive compensation pool is divided among employee groups. The Board of Directors receives 10% of the variable incentive compensation pool, and this amount is divided equally among directors, but will never exceed $25,000 per director.
Supervisory Committee members receive a stipend of $6,000 per year.