Here are ten excellent tools and practices for improving your audit committee performance, and to help take it to the next level.

The employer must hire designated community residents. A designated community resident is a new employee who is at least 18 and has not reached the age of 40, and who lives in a designated county. 30 counties in Iowa qualify and 35 counties in Nebraska qualify as a designated county - as well as many counties in surrounding states. Please note that it is the employee that must reside in a designated county. It is not relevant where the employer is located.

If your credit union generated more than $1,000 in unrelated business income, you will be required to file form 990-T and pay the appropriate tax.