Skip to Main Content

FECU Board of Directors

What Is the purpose of a credit union's Board of Directors? 

The FECU is a member-owned, not-for-profit cooperative organized to provide financial services for members. The FECU Board of Directors serves a critical role of governance and management of the FECU and represents our membership. Directors care about the organization and its membership because they are members themselves. 

How are the Board of Directors elected? 

At FECU, volunteer Directors are elected by the membership at the Annual Meeting held in February each year. All FECU members are eligible to vote for the Board of Directors. The Nominating Committee will present a slate of nominees, although additional nominations may be made from the floor. Once voted into their position, Directors will serve their 3-year term. A staggered term system allows a certain number of new volunteers to be chosen each year. Vacancies in the FECU Board of Directors are filled by the Board of Directors. The Supervisory Committee and Credit Committee fill their own vacancies.

How often do they meet? 

All Board and Committee Members attend Board Meetings scheduled on the 4th Tuesday of each month. Meetings are held at 6:30am in the ATA building. The Credit Committee meeting is scheduled for the 3rd Thursday of each month. Additional special meetings are scheduled periodically. All Board and Committee Members attend the Annual Meeting held in February each year. In addition to attending meetings, each Board and Committee position has specific duties required of them.

What are the time commitments and responsibilities? 

Chair of the Board

Averages 5 hours a month.

  • Act as FECU spokesperson.
  • Lead the monthly Board of Directors meeting.
  • Send out notices of monthly Board of Directors meetings and special Board of Directors meetings.
  • Schedule and conduct annual strategic planning discussions once per year.
  • Select the Nominating Committee.
  • Conduct orientation for new Board of Directors and Committee Members.
  • Schedule the Annual Meeting and reserve a location.
  • Hold a reorganizational meeting with the Board and Committees Members.
  • Oversee the operation of the Credit Union. 
  • Attend FECU staff meetings each month.
  • Supervise the Credit Union Manager and conducting an Annual Performance Review.
  • Oversee review of FECU employee salaries and paid Board of Directors.
  • Conduct annual benefits discussion with Federated Insurance.
  • Prepare reports for the Annual Meeting.

Vice Chair

Averages 5 hours a month.

  • Exercise the duties of the elected Chair of the Board when that person is unable to perform them.
  • Report current legislation and new regulations at monthly meetings.

Secretary

Averages 3 hours per month.

  • Take minutes at every meeting and the Annual Meeting held in February each year.
  • Create and send the meeting minutes for the Board of Directors meeting each month to the Directors, Credit Committee, Supervisory Committee, and Credit Union Manager for approval before the next monthly meeting.
  • Send the approved/signed meeting minutes to specific Federated Insurance Executives.
  • Store signed meeting minutes, reports, and hand-outs in the Shared drive.
  • Create formal notices of the Annual Meeting.
  • Prepare reports for the Annual Meeting.

Treasurer

Averages 20 hours per month with more time spent at month end and quarter end.

  • Prepare monthly depreciation/amortization calculations.
  • Help determine share and certificate rates.
  • Prepare monthly general journal entries.
  • Complete quarterly Call Report.
  • Prepare monthly Financial Reports and Annual Budget.
  • Prepare annual salary compensation review and set pay ranges.
  • Determine annual Credit Union employee benefits offerings and costs.
  • Complete quarterly unemployment insurance reporting.
  • Review tax returns and W-2s.
  • Assist with ALM calculation.  
  • Assist with NCUA examinations and external audits.
  • Prepare reports for the Annual Meeting.

Assistant Treasurer

Averages of 4 hours per month. 

  • Exercise the duties of the elected Treasurer when that person is unable to perform them.
  • Reconcile cash general ledger accounts.

Director of Marketing

Averages 5 hours per month.

  • Attend Marketing Committee meetings.
  • Works with FECU staff to implement marketing strategies.
  • Provide direction for marketing events and materials.

Director of Collections

Averages 4 hours per month.  

  • Review the number and status of Delinquent Loans and give a report to the Board of Directors. 
  • Monitor reserves for accounts in collections.
  • Counsel the Credit Committee on matters related to delinquency trends or concerns. 
  • Oversee the Collection Policies and Procedures.

Credit Committee

Averages 4 hours per month.

  • Attend Credit Committee meetings once a month. 
  • Follow up on any action items resulting from the meeting.
  • Review and recommend loan interest rates to the Board of Directors. 
  • Review any loans that are outside the FECU lending policy. 
  • Report Federal Reserve prime rate changes at the Board of Directors meeting.  
  • Provide a report to the Board of Directors meeting on the FECU’s loan performance.
  • Prepare reports for the Annual Meeting.

Nominating Committee

Short-term volunteers.

  • Nominating Committee members are selected by Board of Directors Chair. 
  • The committee nominates at least one person for each FECU Board vacancy for which elections are being held. 
  • Report nominations at the FECU Annual Meeting usually held in February. 

Supervisory Committee Members

Averages 7 hours per month.

  • Inspect the FECU’s records for accuracy, assets security, and procedures for the proper handling and use of funds. 
  • Review reports for Dormant Accounts, perform file maintenance reviews, and review bank reconciliations. 
  • Perform the Negative Share Draft, New Account, and Expense review. 
  • Create Closed Account Letters. 
  • Perform Cash Counts Audits (Quarterly).
  • Review Loan File (Annually).
  • Facilitate audits as required by government agencies and supplementary audits that are requested by the Committee.
  • Prepare and submit the necessary written forms to regulators. 
  • Verify compliance with policies and regulations.
  • Ensure adequate internal controls are being followed.
  • Conduct or order a verification of the Loan and Share Accounts of the members in accordance with FECU policy and regulatory requirements.
  • Recalculate the expected interest income from loans and investments and the expected interest paid on member deposits to determine whether records are reasonable.
  • Review the minutes of Board of Directors meetings.
  • Prepare report for the Annual Meeting.