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"Not for Profit, Not for Charity But for Service"
This is the credit union industry motto and differentiates us from banks. Another difference is the credit union industry is run by unpaid volunteers who serve on the board of directors and the supervisory committee.
We are always looking for enthusiastic and energetic people to serve the credit union in one of these volunteer positions.
We are required by law to have a board of directors and a supervisory committee. You do not have to be an expert in finance or accounting, although some background is helpful. You need to want to help your credit union. There is a time commitment involving attendance (and participation) in regularly scheduled meetings and taking part in training programs.
We currently are in need of volunteers to work on our Board of Directors.
In general terms, the board’s job is to set direction for and control the credit union. Your guidelines in this task are the wishes of the membership, credit union philosophy and the requirements of all pertinent laws and regulations. Directors are responsible for ensuring that the credit union is operated in a sound and prudent manner. They shoulder the legal responsibility for the decisions they make. Regulators determine if the responsibility and accountability have been satisfactorily managed.
To accomplish the goals of the members and credit union, your board makes plans, sets policies, evaluates progress, and appoints committees. It has final approval on the budget, the programs the credit union will offer, and the type of facilities it will use. The board also hires a chief executive officer (CEO) to oversee operations in accordance with approved policies.
The board meets at least monthly to review the credit union’s operation and plan for the future. It reviews progress in achieving goals and objectives. The board reports to the membership at the annual meeting.
If you would like to find out more about volunteering, please call Bill Bund at 842-1320 or e-mail me at bscu@buffnet.net.
Click here to download Buffalo Service Credit Union Newsletter
