1) League Director Election Goal: Pursuant to the Bylaw Amendments adopted by the delegates in 2009 and 2010 and in consultation with the League Board Structure Transition Committee, the CEO shall ensure there is an orderly operational protocol established to implement the new Board district and class election structure, by November 1, 2011.
2) Michigan Strategic Relationship Goal: Pursuant to the strategic alliance established with the Michigan Credit Union League in 2010, the CEO shall implement the alliance and report to the Boards on tangible operational, efficiency and economic results by December 31, 2011, and also present a business plan by that date.
3) League Service Corporation Board Restructuring Goal: The CEO shall develop recommendations on how to structure the ICUL Service Corporation Board to (i) achieve consistency with the downsizing of the League Board in 2012; and (ii) provide flexibility for expansion to accommodate corporate growth goal business combinations and alliances, which recommendations shall be reported to the Boards by November 10, 2011.
4) Economic Goal: The CEO shall ensure the Consolidated Organization generates gross profit (net income) as a percentage of Consolidated Organization total income, (excluding extraordinary items of income and expense) of at least 0.40% consistent with the 2011 long-term earnings goal corporate benchmark (2011 budget is $282,655, rounded to 0.47%). Points of credit shall be earned in accordance with the following schedule: (a) 0.15% to 0.47% rounded ($89,717 - $282,655) = 20 points of credit1 (b) Greater than 0.47% to 0.67% ($282,656 - $400,737) = 30 points of credit1 (c) Greater than 0.67% ($400,738 and above) = 40 points of credit1
5) System Security and Internal Control Goal: (a) PCI DSS Goal: The CEO shall ensure a Payment Card Industry Data Security Standard assessment is completed for the Consolidated Organization by August 31, 2011, and compliance and testing achieved by September 30, 2011. (b) SAS 70 Goal: The CEO shall ensure work on a Statement on Auditing Standards No. 70 (SAS 70) examination to assess the controls in place is begun for ICUL Service Corporation by December 31, 2011. (c) Disaster Recovery Goal: The CEO shall ensure a disaster recovery test is conducted by September 30, 2011, which shall include shutting off power to the data center and running the Consolidated Organization’s critical data processing systems from a remote backup site. (d) Significant Regulatory Findings Goal: The CEO shall ensure that all other significant NCUA findings are addressed by December 31, 2011.
6) Business Model Review Goal: The ICUL Service Corporation shall complete a comprehensive review of its business model, to include an analysis of existing product life cycles, a business competitor analysis, product development and pricing strategies, market identification and distribution strategies, corporate identity and branding strategies and an analysis of its long-term capital needs based on the foregoing, by 12/31/11.
1Per 2011 Consolidated Organization budget.
Definitional Note:
"Consolidated Organization" means the Illinois Credit Union League and ICUL Service Corporation.
"Gross Profit" (net income) means Consolidated Organization total income less total expense (after payment of annual employee incentives, §401(k) retirement security contributions above budgeted amounts, and §457(f) plan contributions, but before income taxes).