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P.O. Box 51770 | Bowling Green, KY 42102-6770 | (800) 759-8500 | ABA Routing Number: 283978357

Board of Directors Election

Calling All Volunteers! Apply for the Service One Board of Directors.

Two positions on the Service One Board of Directors will be filled at the upcoming Annual Meeting. Are you interested in serving as a Board of Director or Supervisory Committee member?

 

Learn more:

Read about Board of Directors and Supervisory Committee job duties, how to qualify for these positions, along with some general FAQs about both.


Board of Directors Position Description

TITLE: Board of Directors Member
STATUS: Volunteer
REPORTS TO: Members
SUPERVISES: President/Chief Executive Officer

PRIMARY FUNCTION:
Elected by the credit union membership, the Board of Directors sets policy, approves the Credit Union’s strategic plan, ensures the Credit Union maintains a sound financial condition, and keeps communication open to educate Members on services, reviews the President/Chief Executive Officer’s progress in achieving goals and objectives, and reports to the members at the Annual Meeting.

ESSENTIAL JOB FUNCTIONS:

  1. Hire the President/Chief Executive Officer, define the scope of the position, and review progress in attaining goals and objectives.
  2. Work with the President/Chief Executive Officer and fellow Board Members in developing a strategic plan for the credit union.
  3. Ensure the Credit Union adheres to pertinent laws, regulations, and sound business practices and establish boundaries within which the President/Chief Executive Officer may operate.
  4. Ensure the Credit Union maintains a sound financial condition. Designate depositories, authorize borrowing and investing, and provide for bonding and other security factors. Declare dividends on member accounts, establish loan policies and rates, approve loans to be charged off, and accept applications for membership.
  5. Ensure policies are established to safeguard Credit Union assets.
  6. Approve the Credit Union budget.
  7. Attend Board Meetings, exercise judgment independently from the President/Chief Executive Officer, and report to the Members at the Annual Meeting.
  8. Participate on any committee as appointed by the Chair.
  9. Continually learn more about the Credit Union movement by fulfilling educational requirements established.
  10. Comply with the Conflict-of-Interest-and-Confidentiality-Statement.
  11. Give assistance to other Board Members, appointed officers and associates of the Credit Union in the discharge of their duties.
  12. Be prepared for each meeting by reading the prepared material and seeking feedback from President/Chief Executive Officer if needed.

 

QUALIFICATIONS:

  • Must be at least 18 years old.
  • Must be a member of the credit union for not less than one (1) year.
  • Must be in good standing; consistent with the acceptable use of credit union products and services.
  • Willingness to serve without compensation.
  • Ability to attend monthly Board meetings, committee meetings, Annual Shareholders meeting, strategic planning meetings and trainings.
  • No evidence of any convictions of a criminal offense including dishonesty or breach of fiduciary duty.
  • Must be bondable.
  • Must have no real or potential conflict of interest.
  • Capable of reading, understanding and interpreting financial data and statements, and is able to commit sufficient personal time to successfully complete the job duties and responsibilities. Previous experience in accounting, finance and /or auditing is preferred.

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Frequently Asked Questions: Board of Directors

Who can be a Board member?
Any member of Service One Credit Union may volunteer to run for election to the Board of Directors. Directors must be members in good standing of the credit union; be a member for at least one (1) year, be at least 18 years of age; agree to a criminal background check and a credit check; and be bondable.
Directors should possess personal qualities that enable them to serve the credit union honestly, fairly, unselfishly and be able to act for the good of all credit union members. Directors must be interested in the credit union and be able to give their own time and skills to the affairs of the Credit Union. They must have the ability to understand financial statements, be able to think strategically and work well as a member of a committee and team.

What does a Board Member do?
Board members are responsible for setting policies, approving budgets, and helping to direct strategic planning. They evaluate operations and maintain financial performance standards for the credit union. They are also responsible for appointing the credit union’s President/CEO, who reports directly to the Board. The Board of Director’s position is voluntary and unpaid; however, expenses related to Board business are paid for by the credit union.

How long does each Board Member serve?
Terms are for three years; two or three of the seven seats come up for election each year. There are no term limits.

What are the benefits of being a Board Member?
You will represent credit union members and have a direct say in the overall strategic direction of the credit union. You will gain knowledge and experience regarding financial institution operations, strategic planning, and about the credit union movement. It is a great way to become part of a unique organization that affects the financial lives of thousands of members and the community.

What are the time requirements of a Board Member?
Board members typically devote a minimum of approximately three to six hours per month to credit union business, including attending monthly board meetings, Annual Shareholders meeting, attending committee meetings, training, and/or working on initiatives or projects.

You will attend a monthly board meeting typically held between 12 noon and 2 PM. Board meetings last two to three hours, depending on the agenda. Board Members serve on committees which meet monthly usually during lunch. In addition, Board Members conduct a strategic planning session annually, typically held on a Saturday.

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Supervisory Committee Position Description

TITLE: Supervisory Committee Member
STATUS: Volunteer
REPORTS TO: Board of Directors

PRIMARY FUNCTION:
Appointed by the Board of Directors for a one (1) year term, the Supervisory Committee exercises oversight responsibilities to ensure the integrity of financial reporting, compliance with legal and regulatory requirements, evaluation of internal controls and operational risk management. Engages a qualified, outside, independent auditor to express an opinion on the financial statements. Presents a report of the Committee at the Annual Shareholders’ Meeting.

ESSENTIAL JOB FUNCTIONS:

  1. Conduct and document reviews to evaluate the integrity of financial reporting.
  2. Conduct and document tests and reviews to evaluate the effectiveness of internal controls.
  3. Ensure completion of an independent verification of member accounts.
  4. Oversee the engagement and work completed by the independent auditor. Receive their annual report and discuss their findings and recommendations. Present a report to the Board of Directors.
  5. Review policies and procedures to evaluate their administration and effectiveness on member service. Ensure adequate processes are in place to safeguard member assets as required by legal and regulatory standards.
  6. Provide representation at Board meetings and report on the committee’s activities, findings, and recommendations.
  7. Present a report to the members at the Annual Shareholders’ Meeting.
  8. Attend periodic training to ensure the performance of duties and responsibilities is carried out accordingly.
  9. Comply with the Conflict-of-Interest-and-Confidentiality-Statement.

 

QUALIFICATIONS:

  • Must be at least 18 years old.
  • Must be a member of the credit union for not less than one (1) year.
  • Must be in good standing; consistent with the acceptable use of credit union products and services.
  • Willingness to serve without compensation.
  • Ability to attend monthly Board meetings, committee meetings, Annual Shareholders meeting, strategic planning meetings and trainings.
  • No evidence of any convictions of a criminal offense including dishonesty or breach of fiduciary duty.
  • Must be bondable.
  • Must have no real or potential conflict of interest.
  • Capable of reading, understanding and interpreting financial data and statements, and is able to commit sufficient personal time to successfully complete the job duties and responsibilities. Previous experience in accounting, finance and /or auditing is preferred.

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Frequently Asked Questions: Supervisory Committee

Who can be a Supervisory Committee member?
Any member of Service One Credit Union may volunteer to be nominated to the Supervisory Committee. Committee members must be members in good standing of the credit union; be at least 18 years of age; agree to a criminal background check and a credit check, and be bondable.

Committee members should possess personal qualities that enable them to serve the credit union honestly, fairly, unselfishly and be able to act for the good of all credit union members. They must be interested in the credit union and be able to give their own time and skills to the affairs of the Credit Union. They must have the ability to understand financial statements, be able to think strategically and work well as a member of a committee and team.

What does a Supervisory Committee Member do?
Supervisory Committee members are responsible for exercising over sight to ensure the integrity of financial reporting, evaluate internal controls and engage an independent auditor to express an opinion on the financial statements. The committee will conduct surprise cash counts, review account reconciliations and various other reports to ensure good business practices are employed.

How long does each Supervisory Committee Member serve?
Committee members are appointed by the Board of Directors for a one (1) year term.

What are the benefits of being a Supervisory Committee Member?
You will represent credit union members and have input into the overall strategic direction of the credit union. You will gain knowledge and experience regarding financial institution operations, strategic planning, and about the credit union movement. It is a great way to become part of a unique organization that affects the financial lives of thousands of members and the community.

What are the time requirements of a Supervisory Committee Member?
Supervisory Committee members typically devote a minimum of approximately three hours per month to credit union business, including attending Supervisory Committee meetings, Annual Shareholders meeting, training, and/or working on initiatives or projects. You will attend a monthly Board meeting typically held between 12 noon and 2 PM. Board meetings last two to three hours, depending on the agenda. The Supervisory Committee meets quarterly on a Saturday to discuss actions. The Committee will review credit union records during normal business hours. In addition, Committee Members participate in a strategic planning session annually, typically held on a Saturday.

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Click here for the Board of Director and Supervisory Committee nomination application.

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