Board Member

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Jointly with other board members
Work with the CEO and the senior management team to develop vision, mission, and short-and long-range planning objectives that meet the needs of members, reflect credit union philosophy and assure sound operation.
 Approve strategic plans and budgets.
 Monitor implementation of strategic plans and budgets.
 Hire, supervise, set appropriate expectations, demand accountability, and evaluate the chief executive
officer.
 Monitor financial condition and ensure continued safe and sound operation.
 Authorize and ensure adequate reserves.
 Set policy guidelines for rates and fees.
 Declare dividends.
 Develop/approve policies for all products, services and areas of operation.
 Ensure implementation of policies by staff.
 Ensure compliance with bylaws and applicable state and federal laws and regulations.
 Ensure effective risk recognition and control in all areas, including insurance, bonding and contingency
plans for emergencies.
 Ensure the implementation of and compliance with internal controls and security program to protect
member funds and credit union assets.
 Authorize borrowing and investing.
 Ensure adequate ongoing education for volunteers and staff.
 Create a director recruitment plan.
 Ensure each board member is engaged, committed, and informed, and epitomizes the values of trust and respect.
As an individual
 Attend monthly board and committee meetings, annual membership meeting, special membership
meetings, and annual strategic planning sessions.
 Understand and evaluate monthly financial reports and other board materials before meetings.
 Understand how external factors affect the credit union.
 Provide input, ask questions of the CEO and management, and participate in decisions.
 Be a team player.
 Represent the credit union to the community.
 Promote the credit union and its services as appropriate in day-to-day interactions.
KNOWLEDGE/ABILITIES REQUIRED FOR SUCCESS
 Understanding of and commitment to credit union philosophy.
 Knowledge of requisite financial skills within six (6) months of being appointed or elected. At a minimum, a director should be able to examine balance sheet and income statements and possess the ability to ask substantive questions of management and auditors.
 Basic understanding of laws and regulations governing credit union.
 Knowledge of funds management and asset/liability management concepts.
 Familiarity with lending and collections.
 Familiarity with marketing concepts.
 Knowledge of risk measurement and management.
 Ability to work as part of a team.
 Demonstration of strong oral communication skills.
 Knowledge of business skills helpful.
PREREQUISITES
 Must be a member of Fitzsimons Credit Union in good standing.
 Must be bondable.
 Must be at least 18 years of age.
TIME COMMITMENT
 4-6 hours/month to prepare for and attend scheduled board meeting;
 2-3 hours/year for annual membership meeting;
 average of 2-4 hours/month for ongoing education (more for new directors);
 1 weekend/year for strategic planning retreat;
 plus additional time as needed for committee assignments, special tasks, special membership meetings and chapter or league involvement.