Annual Meeting Reminder & Board Compensation Notice

90th ANNUAL MEETING REMINDER &

BOARD COMPENSATION NOTICE

Annual Meeting Information

Thursday, March 20, 2025

5:00pm – 6:30pm

Holiday Inn Express Towson–Baltimore North

1100 Cromwell Bridge Road

Towson, MD 21286

Please join us as we look back at our year in review as well as discuss future plans for the Credit Union. The business meeting will begin promptly at 5:30pm. Light refreshments will be provided for the evening. Visit the News & Events Section of our website for future updates.

Director/Committee Compensation

At each Annual Meeting, members are asked to approve honorariums and other compensation to the volunteers serving on the Destinations Credit Union Board of Directors and Supervisory Committee.

In 2023, the Board of Directors voted to forego payment of the Director/Committee honorariums for the remainder of the year beginning in April and continuing through all of 2024 and January through March of 2025.

Upon approval by the membership during the March 20, 2025 Annual Meeting, payment of honorariums would be reinstated beginning April 2025.

Honorariums are intended in exchange for services performed as an official. The table below shows the compensation for the coming year. Members will be asked to approve this compensation at the Annual Meeting on March 20, 2025. Membership approval is required.

DCU currently has seven active Board of Directors but may seat up to nine and as few as five per governing bylaws. Compensation and expense totals may be estimated amounts based on maximum attendance to all required meetings and due to the preparation timing of this notice.

	Per Official	Total
Board of Directors (12 monthly meetings)
3 Directors ($100 per meeting)	$1,200	$3,600
4 Officers ($133.33 per meeting)	$1,600	$6,400
Supervisory Committee (6 meetings per year)
1 Committee Chair ($100 per meeting)	$600	$600
2 Committee Members ($100 per meeting)	$600	$1,200

Total Honorariums Anticipated to be Paid		$11,800
Total Lost Wages Compensation to be Paid*		$4,937

*Estimate based on prior years’ experience paid to all eligible Directors and Committee Members for time off work due to meetings. The above number is an approximate amount as it depends on how much time off a Director or Committee member is required to take.

**Mileage: Directors and Committee members are reimbursed mileage at the prevailing IRS approved rate for actual miles traveled on Credit Union business which is included in the expenses paid total.

8767 Satyr Hill Rd., Baltimore, MD 21234

410-663-2500

www.destinationscu.org

Federally Insured by NCUA