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1、EXPANSIONOFFIXEDASSETSFORACREDITUNIONInmostinstancestheDepartmentofBankingandFinance(Department)allowsthecredituniontoinvestinequipmenttotheextentnecessarytoconductthedailyaffairsofthecreditunion,maintainthebooksandrecordsthereof,andmeettheconvenienceandneedsofthemembersh
2、ip.Generally,acquisitionofmajorequipmentitems,suchascomputerfacilitiesormajorofficerenovations,shouldbecompletedafterconsultationwithDepartmentpersonnel.CurrentDepartmentpolicyencourageswarrantedexpansion,butonlyaftersuchplanshavebeenthoroughlyinvestigatedandjustifiedbycr
3、editunionmanagement.Relocationorexpansionoffacilitiesprovidedby,orsubsidizedby,asponsormayusuallybeeffectedwithoutpriorapprovaloftheDepartment;however,theDepartmentshouldbenotified,byletter,ofthecreditunion’splanstoexpandorrelocate.Iftheproposedfixedassetexpansionwouldinc
4、reasethepercentageoffixedassetstototalequitycapitalandreserves(excludingtheAllowanceforLoanLossesaccount)to40%orgreater,thisapplicationpackageshouldbecompletedandsubmittedtotheDepartment.Ifthecreditunion’sproposedinvestmentwouldbelessthanthe40%thresholdnotedaboveandthecre
5、ditunionqualifiesfortheexpeditedprocessingcriterianotedbelow,thecreditunionmaysubmitaletterformapplicationcontainingthefollowinginformation(NOTE:theletterformapplicationwouldbesubmittedinlieuoftheapplicationpackage):1.Descriptionofthefixedassetexpansionplansthatarecontemp
6、lated;2.Indicatethetotalproposedamountoffixedassetinvestmentandthepercentagethatthisinvestmentrepresentsoftotalequitycapitalandreserves(excludingtheAllowanceforLoanLossesaccount);and3.Indicatethedollaramountofdepreciationthatwouldberecognizedannualandtheeffectivelifebeing
7、usedtowriteofffixedassets.4.Indicatetheextentofinvolvementbyadirectororofficer,inotherthananofficialcapacity(i.e.,theindividualorcloserelativehasafinancialinterestintheproperty,itsrenovation,constructionoracquisition{i.e.,realestateagentorbroker}).5.Statethatthecreditunio
8、nmeetsthelistedcriteriaforexpeditedprocessing(below).CriteriaforExpeditedprocessingofCreditUnion
