The Board of Directors provides governance for the credit union in the following manner: set policy; plan the credit union's strategic direction; ensure the safety and soundness of the credit union; ensure the mission of the credit union, as defined in the mission statement, is carried out; maintain open communications with the members and staff; educate members on credit union services; select the CEO and thereafter direct and review the CEO's progress in achieving goals and objectives; and report to the members as required by law.
According to the credit union's bylaws, the Board shall have the general direction and control of the affairs of the credit union and shall be responsible for performing all the duties customarily performed by boards of directors. This includes, but is not limited to:
- The Board should engage in ongoing planning activities as necessary to determine the mission of the organization and its strategic direction, to define specific goals and objectives related to the mission, and to evaluate the success of the organization’s services toward achieving the mission.
- The Board should approve policies that further the credit union’s mission and goals, while also ensuring the effective, efficient, and cost‐effective operation of the organization.
- The Board should periodically review the aforementioned policies to assess their relevance to the credit union’s changing needs.
- The Board should annually approve the organization’s budget and assess the organization’s financial performance in relation to the budget monthly.
- The Board should maintain the financial stability of the credit union while ensuring opportunities for long term growth.
- The Board should hire, set compensation for, and annually evaluate (using mutually established goals) the performance of the CEO.
- The Board should support the CEO as needed to accomplish the credit union’s mission and goals.
- The Board should ensure that an annual monitoring of internal controls is conducted, and that a summary of the results of the review is provided to the entire Board.
- The Board should periodically assess the need for insurance coverage in light of the nature and extent of the organization’s activities and its financial capacity.
- The Board should consistently communicate information with Stakeholders and seek their input on credit union strategic issues.
- Board members are responsible for the ongoing work of the Board, participating in committee work, being prepared for meetings, and attending related events.
- The Board appoints a nominating committee that recruits Board and Supervisory Committee candidates.
- Attend Annual Planning Sessions
- Serve on additional committee(s) as assigned by the Board Chair
- Complete annual educational and compliance requirements
- Commit approximately 10-20 hours/month for credit union business, completing all tasks and responsibilities within established deadlines
- Select Supervisory Committee Members
- Evaluate the CEO
- Review financial statements and be familiar with asset liability management
- Work as part of a team
- Possess strong oral communication skills
- Provide input and participate in board decisions
- Maintain confidentiality
- Represent the credit union in the community
- Promote the credit union and its services as appropriate in day to day interactions