The IH Credit Union, Inc. was organized in 1934 as a State Chartered Credit Union and is a non-profit corporation whose purpose is to serve the financial needs of its members, who are also owners. When a person opens a share account, he or she actually purchases a “share” in the cooperative. Everyone who is 18 years of age or older and who owns a share is eligible to vote in the annual election for the Board of Directors. The Board of Directors establishes policies and they are directly responsible for the operation of the Credit Union, including financial solvency, the selection of services to be offered, the price of services and other operating decisions. The directors of IHCU are chosen from the membership through the annual election. There are no outside directors. Directors and other volunteers serve without pay. In addition to being supervised and examined by the State government, the Credit Union has a three million dollar bond and is audited monthly by an independent accounting firm.