About the Board
The Board of Directors meets the fourth Wednesday of each month at 5:00 PM. To contact the board member please send communication to:
Attention: Board of Directors
Bar-Cons Federal Credit Union
1142 N Marr Rd
Columbus IN 47201
MEMBERS OF THE BOARD
- Have you ever thought you would like to serve on the Board of Directors?
- Are you a member of Bar-Cons in good standing for at least three years?
- Are you an active member of the credit union? (An active member is one who has at least two active services (such as savings, checking, or loans).
Members of the board serve a term of three (3) years. Responsibilities include:
- Attending regular scheduled monthly meetings.
- Attending special meetings called by chairperson.
- Serving on committee(s).
- Reviewing policies for the credit union.
Duties and Responsibilities of the Credit Union’s Directors(This is an overview of the Federal Credit Union Act and the NCUA Rules & Regulations which lists 22 responsibilities of Directors.)
- Determine the long-and short-range objectives for the credit union.
- Establish all policies for the credit union.
- Have a working knowledge of the credit union bylaws.
- Designate all banking depositories.
- Authorize borrowing and investing of credit union funds.
- Authorize all insurance and bonds necessary to protect the assets of the members.
- Fill vacancies in board positions.
- Set interest rates for loans and dividend rates on savings.
- Set all loan and savings limits for members.
- Establish office hours.
- Authorize all services to be provided to the members.
- Annually, adopt the budget and monitor it on a monthly basis.
- Monthly, review the financial condition of the credit union.
- Keep current on local and national credit union activity by reading League publications and other credit union publications.
- Directors must be willing to serve on one or two standing committees as well as occasional ad-hoc committees for special projects.
- Prepare for each meeting by reading the agenda, minutes and attached material.
- Attend occasional supplemental meetings at the chapter level or League level.
- Select and evaluate the performance of the credit union’s manager. Set the manager’s salary.
- Establish all personnel policies and benefits for employees of the credit union.
- Hold sensitive information confidential. A director must not use the position for personal gain or profit.
A director must:
- Know the credit union.
- Represent the membership.
- Behave ethically.
- Be objective and possess good judgment.
- Relate to social values and understand people.
- Use individual talents to benefit the credit union.
- Not be associated or have a position with another financial institution.
- Act as a “sales representative” for the credit union.
- Be financially solvent.
- Be imaginative and innovative.
- Be prepared to spend approximately ten hours a month on credit union business.
- Be in good mental/physical health.