GRANCO Federal Credit Union is currently seeking volunteers to serve on the GRANCO Board of Directors.
All board members work as a team to communicate with the members and set the direction and control the mission and vision of the credit union.
If you are interested in being part of the team, please contact GRANCO at 509.754.5233
Board of Directors
The board of directors is responsible for directing and controlling the Credit Union. The board is responsible for directing the credit union in accordance with the federal or state credit union acts, bylaws, good business practices and other rules and regulations.
Directors should have a willingness to serve the membership, continually learn and be a team player.
Board responsibilities are to formulate policies, communicate to its members about credit union conditions, projects, and changes. The board sets direction of and controls the mission and vision of the credit union. The guidelines for this task are the wishes of the membership, credit union philosophy, and the requirements of all pertinent laws and regulations.
The board makes plans, sets policies, evaluates progress, and appoints committees.
The board meets at least monthly to review the credit union’s operation and plan for the future. It regularly reviews progress in achieving goals and objectives.
The board of directors report to the members of the credit union. They hold the responsibility of the organization and supervision for the Chief Executive Officer.
The primary responsibilities are to
- Set policy
- Plan the credit union’s course
- Make sure the credit union maintains a sound financial condition
- Keep communication open and educate members on services
- Review the chief executive officer’s progress in achieving goals and objectives
- Report to the members at the annual meeting.
The best interests of the membership must guide all decisions.
Knowledge and Skills
- Understand the credit union philosophy and desire to better the financial lives of members
- Understand basic financial statements
- Understand strategic thinking and planning.
- Work with the CEO and the board to develop objectives and goals for the credit union, including strategic plans supporting the long-range vision of the membership.
- Make sure the credit union adheres to pertinent laws, regulations and sound business practices.
- Make sure the credit union maintains sound financial conditions and that the credit union’s assets are protected against unauthorized or illegal acts. Designate depositories, authorize borrowing and investing, and provide for bonding and other security factors, including internal control policies and procedures. Approve interest rates, dividends, charge-offs and refunds, or approve policies to guide management in doing so. Approve loan limits and deposit minimums.
- Develop personnel policies, or make sure they are developed, and then approve them for all credit union programs and activities. Review policies and bylaws at least once a year and update as necessary.
- Evaluate and establish space and location of credit union operations.
- Make sure new products and services are developed as needed.
- Approve the credit union budget
- Define the scope of the CEO’s job, hire someone to fill the position, and review his/her progress in attaining goals and objectives regularly through a coordinated annual review process.
- Attend board meetings, exercise judgment independently from the CEO, and report to the members at the annual meeting.
- Recruit new board members, recognize, nurture and provide opportunities for leadership growth to existing board members.
Interested in becoming a GRANCO Board Member?
Give us a call at 509.754.5233 or stop in any of our locations.