Board Volunteer Frequently Asked Questions
The following are frequently asked questions about serving as an Eagle Board of Directory or Supervisory Committee Member
Q: What does a Board Member do?
A: Board members are responsible for setting policies, approving budgets, and helping to direct strategic planning. They evaluate operations and maintain financial performance standards for the Credit Union. They are also responsible for appointing the Credit Union’s President/CEO, who reports directly to the Board.
Q: Why is the Board interested in you?
A: As a member-run not-for-profit organization, the Credit Union is led by member volunteers. Based on your professional experience, education, background, and relationship with the Credit Union, we believe you are a good candidate to discuss this opportunity with.
Q: Is there compensation for my work?
A: Board positions are voluntary and unpaid: however, expenses related to Board business are paid for by the Credit Union.
Q: What are the benefits of being a Board Member?
A: You’ll be a representative voice for your fellow members and have a direct say in the overall direction of the Credit Union. You gain knowledge and experience about the running of a financial institution, strategic planning, and the credit union movement. Board members are also eligible to attend training and conferences to enhance their knowledge of the credit union movement. It is a great way to become part of a unique organization that affects the financial lives of thousands of members.
Q: What is expected of a Board Member or Supervisory Committee Member?
A: You will attend monthly meetings of the Board of Directors, an annual strategic planning session, and special committee meetings as assigned. You will develop and maintain an educational background around the Credit Union’s business practices and the laws and regulations that govern it. Actively engage in an ongoing dialogue with your fellow Board Members and the CEO to ensure the safety and soundness of the institution through strategic guidance, voting for policy and procedures, and ensuring management acts properly in the daily operations of the institution.
Q: Who can be a Board Member?
A: Candidates must be members in good standing with the Credit Union; be at least 18 years of age; be willing to agree to and pass both a criminal background and a credit check; have experience either by having served as an Associate Board Member or on the Supervisory Committee or in similar positions at other Credit Unions.
Q: What does it take to be a Board Member?
A: Candidates should possess the personal qualities that are needed to enable them to serve the Credit Union well. They should be honest, unselfish, and act for the good of the Credit Union’s members. They should be interested in the Credit Union and sufficiently generous to give their own time and skills to the affairs of the Credit Union. They must have the ability to understand and must be able to think for themselves.
Q: Is training available?
A: Volunteers are assigned a mentor from either the Board of Directors or the Supervisory Committee. In addition, there are many Credit Union Associations that provide online training for volunteers to further educate themselves on Credit Union best practices and extended education. The Credit Union provides these classes free of charge.
Q: How long does each Board Member serve?
A: Terms are for three years. Board Members typically devote a minimum of 2 hours per month to Credit Union business, including attending monthly Board of Director and ongoing committee meetings. Additional time may be spent gathering information and training. Courses of study are available to Board Members to help them learn more about the operation of the Credit Union.
Q: What is the Annual Strategic Planning Session?
Eagle’s Strategic Planning Session is an annual event consisting of a one or two-day session led by a facilitator, usually scheduled on a weekend during October or November. During the planning session, the overall strategic direction for the Credit Union is determined. Related goals and strategies are also outlined to create a business plan and set progress measures.
Q: Does the Credit Union carry adequate insurance to protect the directors and officers?
A: Yes.
Q: What is the financial health of the Credit Union?
A: As a federally insured Credit Union, Eagle Community Credit Union reports its financials on a quarterly basis via the 5300 Call Report to The NCUA. The Credit Union's most recent 5300 quarterly call report and instructions to view can be found here on the NCUA website.
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