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Volunteer Committee Positions Available
The Supervisory Committee is in search of one new member. The committee is responsible for working with management to procure and oversee audit services for the credit union. The committee reports to and presents audit findings to the Board of Directors.
It is the overall duty and responsibility of the committee to protect, look after and attend to the examination of affairs of the credit union. To report at least annually to the membership of any audits or examinations conducted during the preceding year. The committee must perform those specific responsibilities as prescribed by law.
The committee has multiple meetings per year, usually quarterly. In addition, the committee members are expected to attend the monthly board meetings and the annual planning meeting, which is held in October.
Experience in accounting, finance, auditing and/or technology is beneficial in performing the position's responsibilities. Excellent communication skills and the ability to read and comment on examination reports are necessary.
Committee members are appointed to three year terms. Continuing education is expected and an annual budget can be used for this purpose. Several credit union affiliated organizations provide training.
If you wish to volunteer to serve your fellow members on the Supervisory Committee please submit your resume at the button below.
BrightStar Credit Union Supervisory Committee Description
Primary Function:
The Supervisory Committee is responsible for overseeing reviews and audits to ensure the accurate maintenance of BrightStar Credit Union's records, adherence to policies, and the safety of members' assets, ensuring they are used according to the credit union's mission. The Supervisory Committee consists of dedicated volunteer members who commit their time to this role. Supervisory Committee Members collaborate with the Board, management, internal and external auditors, and auditing firms to fulfill their responsibilities.
Duties and Responsibilities:
- Ensure a thorough and comprehensive audit of the credit union's records and operations is conducted annually, with all required audits and documentation submitted to regulatory and insuring agencies in a timely manner.
- Verify the establishment and maintenance of adequate internal controls to safeguard the credit union's assets. Oversee inspections of cash, assets, and accounts, while continuously monitoring the credit union's financial condition.
- Review the actions of the board of directors, officers, and committees to confirm they effectively manage the credit union's affairs, understand their roles, and promote the credit union's mission.
- Ensure full compliance with all relevant laws and regulations.
- Review all new or modified policies and changes in credit union procedures.
- Present a comprehensive report of annual audit findings to the board of directors.
- Prepare and distribute an annual report to members during the annual meeting.
- Fulfill any additional duties as required by law, regulation, or the credit union's bylaws.
- Engage auditors as needed to perform audits and oversee their work.
- Participate in ongoing training and professional development to enhance committee member knowledge.
- Committee members should expect to meet at least quarterly for committee meetings. At the invitation of the board, members may also attend monthly board meetings, typically held in the evenings at the credit union's operations building in Cooper City. Additional meetings with management, auditors, examiners, and other stakeholders may occur throughout the year. While the committee chair will attend, other members may be invited to participate. Meetings usually last between 1 to 3 hours.
- Attend and participate in the 12 regular monthly Board Meetings annually. Supervisory Committee Members must attend at least 8 of the 12 regularly scheduled meetings of the Board of Directors within any 12-month period between annual meetings in order to remain on the committee unless such absences are excused by the Board of Directors.
- Supervisory Committee Members are expected to attend the Annual Meeting, typically held at our corporate headquarters and the strategic planning session scheduled by the Board once annually, typically held off-site for 3-5 days.
- Respect and adhere to duties, activities, and obligations outlined in BSCU's Bylaws, Supervisory Committee job description, and other applicable laws or regulations.
- Serve on committees appointed by the Chair and/or Board in a non-voting capacity.
- Positively represent BSCU in both local and credit union communities.
- Keep abreast of events and issues in the financial industry and the credit union environment. Analyze and interpret the external environment and, where possible, provide input on recommended improvements. Perform other duties as required.
- Disclose possible conflicts of interest.
- Maintain the highest ethical standards.
Qualifications Requirements:
- Must be a member in good standing. (A member in good standing shall be defined to mean that all loans with the Credit Union are current and that the Credit Union has suffered no losses as a result of the charge-off or discharge in bankruptcy of any loans or other obligations of the member to the Credit Union. If there is a joint owner on the account, he/she and the primary owner must maintain the account in good standing as defined above).
- Must be at least eighteen (18) years old as of the date he/she begins to actively serve as a Supervisory Committee Member.
- Must be bondable and free of convictions.
- Must not have been adjudicated bankrupt within the previous 7 years of being a Supervisory Committee member.
- Must meet all requirements of Florida statute 657.028 related to Supervisory Committee members.
- Ability to think strategically.
- Some knowledge, experiences, and/or training or a willingness to obtain familiarity with basic financial, accounting, and managerial practices. Understanding of the credit union philosophy and the financial needs of our members.
- Exercise his/her independence from management and in the interest of BSCU. Must be free from any financial interest, family, or other material personal relationship that would, in the opinion of the Board or Audit Committee members, interfere with good faith performance of his/her fiduciary duties. Ability to exercise good business judgment and act in what he/she reasonably believes to be in the best interest of BSCU and its membership.
- Ability to maintain appropriate confidentiality of all credit union business.
- Ability to effectively participate in the decision-making process.
Training/Educational Requirements:
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Note: NCUA Supervisory Committee training modules are typically short, each lasting 10 minutes or less.
Key Points about the NCUA Supervisory Committee Training:
- Short duration: The modules are designed to be concise, providing quick overviews of key supervisory committee responsibilities.
- Online access: The training is available online, allowing for flexible access.
- Focus on key topics: Modules cover aspects like monitoring management activities, annual audits, verifying member accounts, and handling member complaints.
Allowances:
Supervisory Committee Member appointment is voluntary and not subject to compensation. However, Supervisory Committee Members may be reimbursed for conference, mileage, travel, hotel, and food expenses incurred.
Timely communication and transmission of information and documents among Officials is crucial for maintaining effective business operations. Therefore, it is the policy of BrightStar Credit Union to provide a desktop or laptop computer, and monthly reimbursement for maintaining internet access at home to each Supervisory Committee member.
Time Commitment:
Committee members should expect to meet at least quarterly for committee meetings. At the invitation of the board, members may also attend monthly board meetings, typically held in the evenings at the credit union's operations building in Cooper City. Additional meetings with management, auditors, examiners, and other stakeholders may occur throughout the year. While the committee chair will attend, other members may be invited to participate. Meetings usually last between 1 to 3 hours.
Board of Directors meetings are scheduled for the third Thursday of each month, except when the date falls on a holiday. Meetings usually last between 1 to 3 hours.
The Annual Meeting, once per year, is typically scheduled for 1 hour.