Credit unions are cooperative, not-for-profit financial institutions organized to promote thrift and provide credit to members. They are member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: Members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution that exists to benefit them, not to make a profit. Credit unions exist to serve specific groups of people, such as a group of employees or the members of a professional or religious group. This is called a “field of membership.” The field of membership may include where they live, where they work, or their membership in a social or economic group.