Board of Directors Meeting
FedChoice Federal Credit Union Board meetings are normally held on the third Tuesday of each month at 5:00 p.m. Five of the seven Board members must be in attendance at the meeting to constitute a quorum. Board members should call the Board Chairman in advance of the Board meeting if they cannot attend. The Board Secretary takes minutes at all of the meetings and arranges for them to be transcribed.
After the minutes are completed, they are sent to the Board Chairman for approval. The Board Chairman will indicate necessary revisions, sign the last page and return to the Executive Assistant. The Executive Assistant will produce copies for insertion in Board packets. Careful attention must be paid to ensure the confidentiality of the material. Distribute the copies to the seven Board and Committee members and retain one copy. All originals of Board materials are placed in the Board file. Board packets should be completed and delivery three (3) days prior to the Board meeting.
The Executive Assistant maintains a list of special instructions for delivery of Board packets:
- Some maybe delivered to Credit Union branches for pickup by the individuals.
- Some are picked up by the members and, occasionally; packets are mailed via the U.S. Postal Service.
- Some are delivered electronically by email as an “e-board” package.
- Any packet considered undeliverable at the time may be hand delivered to the Board member on the day of the meeting.
Packets consist of the following information and are assembled in this order:
- Minutes from previous meeting,
- Financial Reports,
- Quarterly Dividends
- Loan & Share Rates
- President/CEO Reports,
- Committee Reports,
- Miscellaneous Reports,
- Board Recommendations
The following items are presented to the Board at certain times of the year:
- Monthly write-offs are presented. These are prepared by management and consist of non-collectible loans, overdrawn shares and share drafts, NSF checks and fraud losses.
- Recommended dividend rates for non-term share accounts are prepared and presented at the last meeting of each quarter.
- Monthly recommendations for interest rate changes for the various loan and share account types are prepared.
- The budget for the new coming year is typically submitted in January.
- All Board policies are presented when updated.
- Monthly CEO Report
- Quarterly Strategic Report that updates the progress in achieving the Credit Union Strategic Goals.
- Monthly Operations Report that updates the progress in achieving operational and departmental goals.