While different things motivate different people, some of the following reasons are often cited as the benefits of being a volunteer:
- Meaningful opportunity to contribute—to help others.
- Community recognition.
- Affiliation with others.
- Opportunity to contribute to members’ financial welfare.
- Increase planning, policy, and management experience.
- Recognition by peers and employers.
- Staff-volunteer social events.
- Conferences and travel.
- Learning experience.
MISSION STATEMENT OF LOOKOUT FEDERAL CREDIT UNION
"To deliver an exceptional financial experience, enrich the lives of our members, and benefit our educational partners."
DIRECTORS DUTIES AND RESPONSIBILITIES
- At a minimum, directors must be able to read and understand the credit union’s balance sheet and income statement and answer the following questions:
- What does each particular line item on the balance sheet and income statement mean?
- Why is it important to the credit union?
- Is the value of any line item changing over time? If so, what does the negative or positive change mean?
- Is the change important to the credit union?
- Meet at least once per month to direct and control the affairs of the Credit Union.
- Appoint members of the supervisory committee and other committees, as needed.
- Provide for the proper bond and fidelity coverage for officers and employees.
- Fill vacancies on the board until the next annual meeting.
- Hire a President/CEO and determine responsibilities and compensation.
- Declare all dividends and establish lending policies.
- Establish and amend, as approved by NCUA, the field of membership of the credit union.
- Provide for an annual meeting and election of officers.
- Authorize the charge off of delinquent loans.
- Appoint, control, and direct the financial officer who shall have custody of all funds, securities, papers, and assets of the credit union.
- Ensure that minutes are kept of all official meetings.
TRAINING FOR VOLUNTEERS
New and current volunteers will receive numerous opportunities to upgrade their skills and knowledge. New directors will receive training and will have six months from their appointment or election to the Board of Directors to be able to answer question 1(a) through 1(d) shown above in Directors Duties and Responsibilities.
Additional educational opportunities range from monthly credit union publications provided to each member of the board, to more formal training sessions conducted by the Idaho Credit Union League and conferences conducted by nationally recognized experts in various fields. Training is also offered through a home study format called the Volunteer Achievement Program.
Currently, most board meetings are held the third Thursday of every month at the credit union’s administration office, beginning at 3:30 p.m. Board meetings usually last about two hours. Occasionally, board members will be asked to attend a special meeting, training, or overnight planning session. These additional meetings average about four per year.
CHARACTERISTICS OF SUCCESSFUL CREDIT UNIONS
- Harmony and mutual respect between the individual Directors and President/CEO.
- Development, implementation, and supervision of an overall business plan for the credit union that identifies goals and objectives, detailed written policies and procedures, annual operating budgets, and monthly reporting requirements.
- Contingency planning which results in diversification of assets and liabilities, expansion of fields of membership, investigation of proposed services and activities, and computer modeling to project results.
- Required training classes for all officials and employees.
- Meaningful and cost-effective products and services delivered in a convenient, professional manner.
- Members being treated with respect and courtesy by employee and volunteers
- A fast and fair response to member inquiries and complaints.
- Awareness of local, regional, national, and international events and trends, which may affect the credit union, its members, its regulator, or its insurer.
- Positive outlook and dedication to excellence on the part of officials and employees.
We hope this introduction helps you to understand a little bit about Lookout Federal Credit Union, requirements for nomination, time commitment, and training involved in becoming a productive Director on the Board. If you wish to be considered for nomination, please complete the application and return it to the following address by December 30, 2021:
Application for Nomination
Lookout Credit Union Nominating Committee
275 South 5th Ave., Suite 210
Pocatello, ID 83201
Lookout Federal Credit Union