Office and facility renovations expenditures, in individual and annual amounts reasonable and customary, are exempt from this policy. This category includes costs and allowances for office renovation, including expenditures related to furniture, art, office personalization, interior finishing, design and decoration, and similar expenditures. Entertainment or events expenditures, in individual and annual amounts reasonable and customary, are exempt from this policy. Expenditures for charitable contributions and charitable events are not prohibited under this policy. This category includes fees, dues, tickets costs related to social, athletic, artistic and dining clubs, activities, celebrations or other events, and similar expenditures. “Excessive or luxury expenditures” means excessive expenditures on any of the following to the extent not reasonable or appropriate expenditures for business development, staff development, reasonable performance incentives, or other similar reasonable measures conducted in the normal course of the Credit Union’s business operations: In making any expenditure on behalf of the Credit Union, employees, officers, and directors should consider whether the expenditure is an excessive or luxury expenditure that is prohibited under this policy. This policy applies to all employees, officers, and directors of the Credit Union with regard to any expenditure of the Credit Union. This policy is the responsibility of the Credit Union’s board of directors (“Board”). This policy establishes a prohibition on expenditures that are excessive or luxury expenditures as required by the Department of the Treasury’s Emergency Capital Investment Program regulations (31 CFR Part 35), and as may be required by other statutes and regulations.
The Credit Union has authority to provide compensation and benefits that are reasonable. Routine operating expenses, capital expenditures, and other reasonable expenses are not prohibited by this policy. This policy identifies expenditures that are excessive or luxury expenditures, creates processes that are reasonably designed to eliminate such expenditures, and establishes accountability for compliance. Expenditures of the Credit Union should be customary, prudent, consistent with applicable laws and regulations, and reasonably related to the Credit Union’s business objectives and needs. Summit members, we’re here to help at 80.The purpose of this policy is to establish parameters and internal controls governing the expenditures of Freedom First Federal Credit Union (together with its subsidiaries and controlled affiliates, referred to hereafter as the Credit Union). If you’ve given out your username, password, PIN or account info, please reach out to your financial institution right away. Remember, anyone can become a victim of fraud, and criminals are getting more and more tricky these days. And just as importantly, you help protect others by getting the word out. Sharing your experiences helps with law enforcement efforts by the Federal Trade Commission and other agencies. Myth: You only need to report fraud if you lose money.įact: Whether you lose money or not, reporting fraud is really important (and filing a report is easy). Myth: You only need to worry about romance scams if you’re on a dating app.įact: Many victims of online romance scams say it started on Facebook or Instagram, so you don’t have to be looking for love to be a target.īe wary of a stranger admiring your photos or chatting you up on social media – especially if as your connection deepens, they need money to visit you or for other needs. Myth: Fraud victims are most often older adults.įact: People ages 18 to 59 were 34% more likely than those ages 60 and over to report losing money to fraud.īut when older adults do lose money to fraud, the median individual loss is higher – $1,500 for ages 80 and over compared to $500 for ages 18 to 59. So we’re clearing up some common myths about fraud as part of our ongoing efforts to help you keep your money safe. The more you know, the more you say “No” to scammers.
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