Director Information
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Board of Directors Frequently Asked Questions (FAQ's)
What are the responsibilities of an Abri director?
Board members set the strategic direction of the Credit Union through policies, business plans, budgets and expenditures.
How is the Board organized?
Officers elected by the Board are: Chair, Vice-Chair, Secretary, and Treasurer. Committees appointed by the Board include: Membership, Board Education and Development, Asset/Liability Management Committee (ALCO), Supervisory, Nominating, and CEO Review/Compensation. Other short-lived and/or ad-hoc committees may exist.
What is the term for an Abri director?
Directors are expected to serve a three-year term, with the option to renew for additional three-year terms. Three directors are seated each year which may include incumbents.
Is this a paid position?
This is a non-paid position. Board members are reimbursed a fixed amount per meeting to cover the cost of meals and transportation.
What is required of Abri directors?
All Directors are required to be members in good standing with Abri Credit Union and must be bondable. The Department of Financial and Professional Regulation, Division of Financial Institutions, Credit Union Section for the State of Illinois does examinations of the Credit Union, which include audits of the Directors' accounts.
Directors are expected to prepare for and attend monthly Board meetings, the Annual Membership meeting, the annual Strategic Planning Session, monthly Committee meetings, any special Board or Committee meetings, and other social and business events. Also, each director must serve on at least one committee.
Because you may have to attend one or more evening meetings a month (in person or via phone), please consider carefully whether this would create a conflict with your personal or professional life.
When do the required meetings take place?
Our Board Meetings occur once per month, usually the fourth Wednesday at 5:15 p.m. Meetings may last up to 2 hours; however, more typically, the meetings will be about one hour. Board meeting briefing packets are made available to Directors in advance of meetings.
Our Annual Meeting of Membership is an evening meeting usually held in February. It usually lasts around two to three hours. At the annual meeting, reports are presented to the Membership by the Board Chair, President/CEO, Treasurer, and Committee Chairs. They highlight the successes and financial performance of the credit union for the previous year. The election of Directors and official photographs take place at this meeting, so professional attire is required.
Annual Strategic Planning Session
Abri's Strategic Planning Session is an annual event consisting of a one or two day session led by a facilitator, usually scheduled on a weekend during October or November. During the planning session, the overall strategic direction for the Credit Union is determined. Related goals and strategies are also outlined to create a business plan and set progress measures.
Most Committee Meetings take place once each month and generally last less than one hour. The meetings are scheduled to fit the schedules of the committee members. Each Director must serve on at least one, but no more than two of the committees.
What are the responsibilities of the various Committees?
Supervisory Committee: Hires and works with a CPA who periodically examines books; submits required financial statements to the Department of Financial Institutions, and generally oversees compliance with the credit union by-laws, and Board policies.
Asset/Liability Management Committee (ALCO): Makes policy recommendations to the Board on investments, dividends, loan interest rates, and the budget.
Strategic Planning Committee: Maintains a cooperative, interactive strategic planning process with management, including the identification and setting of strategic goals and expectations.
CEO Review/Compensation: Reviews prevailing trends in CEO compensation for the credit union and banking industries to determine the appropriate level of compensation for Abri’s CEO.
Nominating Committee: Solicits and reviews potential applicants for board positions.
What is the process of becoming a Board member?
If you are interested in joining the Abri Credit Union Board, the first step is to complete and submit the Application for Nomination. Click here to access a printable application. Once completed, return your application to Abri. You will be contacted with further information upon receipt of your application.
If you have additional questions about the ACU Board of Directors, or email Abri's Nominating Committee Chairman at [email protected]
