Arrowhead Paid Volunteers $27,000 in 2008
The seized Arrowhead Central Credit Union paid volunteers more than $27,000 during 2008, according to tax forms posted on nonprofit reporting website Guidestar.org.
According to the tax documents, all but one of Arrowhead's nine board members received reportable compensation from the credit union or related organizations in 2008. Former directors James Ferguson and Robert McNitt, both dismissed by the NCUA upon conservatorship, led the board with $9,006 and $7,035 in annual credit union income, respectively.
Year 2008 tax docs also reveal the then-$1 billion credit union spent $77,000 on political campaigns, more than $1.5 million on travel expenses, and nearly $2.9 million on compensation for nine directors and 12 officers and key employees.Compensation included travel expenses for companions, as well as dues and initiation fees for health and social clubs.