Primary Function of Board Directors & Associate Directors
- With the assistance of the CEO, formulate the strategic direction and high-level goals of the credit union. The board sets the direction and the CEO executes the plan.
- Approve the operating budget as an extension of the strategic plan.
- Maintain, review, and update Credit Union, policies, security programs, bylaws, and succession plans. A director may rely on information prepared or presented by employees or consultants the director reasonably believes to be reliable and competent and who merit confidence in the particular functions performed.
- Ensure Intandem maintains safe and sound financial and business practices and that assets are protected against unauthorized or illegal acts.
- Thoughtfully review board reports each month and attend monthly board meetings, committee meetings, and strategic planning sessions.
- Possess a working familiarity with basic finance and accounting practices, including the ability to read and understand the Credit Union’s balance sheet and income statement and the ability to ask, as appropriate substantive questions of management and auditors.
- Complete training as required by regulatory bodies and by the credit union’s design, including at a minimum, Bank Secrecy Act training and courses related to understanding credit union financial statements and ratios if not already known.
- Understand, support, and promote the credit union’s vision, mission, and strategic direction as well as its products and services
- Direct the operations of Intandem Credit Union in conformity with the Michigan Credit Union Act, (MCUA), NCUA’s Rules and Regulations, the bylaws of the credit union and other applicable laws and sound business practices.
- Hire the President/CEO and determine responsibilities and compensation.
- Review and approve bond and fidelity insurance coverages at least annually.
- Designate depositories, authorize borrowings and investing.
- Recruit new directors to make sure that the credit union has a well-qualified and effective Board in the future.
- Associate Director positions are non-voting positions.
Qualifications:
- Be at least 18 years of age and not employed by Intandem for at least five years, nor be the immediate family member of an employee.
- May not be an employee, officer or director of another financial institution.
- Have demonstrated leadership experience in business/community and an aptitude for understanding financial information. An undergraduate degree from an accredited college or university is preferred.
- Commit sufficient time to exercise director duties. Directors typically dedicate at least three to five hours a month to the role. Education requirements, conferences and planning sessions require additional time.
- Willingness to learn about our services, our financials, the laws and regulations that govern us, and the economic and social conditions that affect the credit union industry.
- Exhibit high moral and ethical character and exhibit independence and objectivity in representing the best interests of the membership.
- Demonstrate personal financial responsibility with Intandem and all creditors.
- Demonstrate excellent communication and interpersonal skills and facilitate positive working relationships with other board members and senior management.
- Carry out duties in good faith, in a manner reasonably believed to be in the best interest of the membership, and with such care, including reasonable inquiry, as an ordinarily prudent person in a like position would use under similar circumstances.
- Administer the affairs of the credit union fairly and impartially and without discrimination in favor of or against any particular member.
- Speak as one voice once a decision has been made by the Board.
- Respect the responsibility of the President/CEO to manage the staff and operations of the credit union; ensure that the communication with staff below the President/CEO level does not undermine the relationship between the President/CEO and the staff or Board.