Skip to main content

BOARD OF DIRECTORS

The Board of Directors provides oversight and is responsible for setting the overall direction, strategy and policies for the Credit Union. The Board of Directors is also responsible for ensuring we have adequate resources to fulfill our mission and number one priority of Member Service and helping each Member achieve lasting financial well-being.

Our Board of Directors consists of 13 Member volunteers elected from and by the Membership and two Associate Directors appointed by the Board. Generally, each Director serves a term of three years before being eligible for re-election. Associate Directors participate in all Board meetings as non-voting Members. 

Directors and Associate Directors are tirelessly dedicated to serving the Credit Union. They spend on average ten plus hours each month fulfilling their responsibilities, including preparing for and attending meetings, strategic planning sessions, committee meetings and mandatory training. 

Directors must act with integrity, make sound ethical judgments, speak frankly, and have the experience to serve and meet the regulatory requirements of a large financial institution.

Qualifications

Directors are responsible for the general direction and control of the Credit Union in accordance with the Federal Credit Union Act, the National Credit Union Administration's (NCUA) Rules and Regulations, other applicable law and sound business practices. Each Director must carry out his or her duties in good faith, in a manner reasonably believed to be in the best interests of the Membership, and with such care, including reasonable inquiry, as an ordinarily prudent person in a like position would use under similar circumstances.

Every Director must have strong leadership capabilities, be willing to work collaboratively with others, and be able to contribute to discussions on and make a wide range of decisions covering business, financial, human resources, technology and social issues, to name a few. They are expected to bring resilience, diversity of views, and contemporary perspectives to deliberations.

Directors must possess an understanding of finance and accounting principles, including the ability to read and understand the Credit Union’s balance sheet and income statement in order to meaningfully participate in discussions regarding finance issues. Directors must either possess this understanding at the time of election/appointment, or must obtain such financial literacy within six months of being elected/appointed through available resources.

Expectations

Directors must fully discharge the responsibilities of the position and be willing to contribute the time and personal commitment to prepare for and attend all meetings, participate in the discussion of issues, act in the best interests of the Members and the organization, promote the Credit Union and advance its objectives and make attendance at Board and Credit Union-related functions a priority.

  • Must be a primary Member and in good standing with the Credit Union.
  • Must be at least 18 years of age.
  • Active or prior employment within a school system.
  • Prior SchoolsFirst FCU experience in a volunteer capacity.
  • Understanding of and commitment to credit union philosophy.
  • Has not been employed by the Credit Union within the past three years.
  • Must be bondable by the Credit Union’s fidelity bond company.
  • Must authorize and pass the background verification process (may include criminal, employment, education and credit).
  • Ability to read and understand financial statements.
  • Ability to think and plan strategically.
  • Ability to work and communicate effectively as part of a team.


Fiduciary Responsibilities – Potential Liability Exposure

Directors have significant duties and responsibilities. They should have a fundamental understanding of their roles and responsibility to the Credit Union. Their fiduciary duty is both a legal obligation and a mandate under the terms of the Credit Unions Bylaws and federal regulations. 


LEARN MORE

For more information, contact Shelly Berryman, Vice President of Board and Volunteer Committee Relations at sberryman@schoolsfirstfcu.org.