Volunteer Education Program Policy
INDEX
BASIC/CORE LEARNING TOPICS – APPENDIX A ........................................................................................... 17
CERTIFICATION OF VOLUNTEER BASIC EDUCATION – APPENDIX B ............................................................ 18
CONFERENCES AND SCHOOLS (APPROVED) – APPENDIX C ........................................................................ 19
CONTINUING EDUCATION RESOURCES (APPROVED) – APPENDIX C .......................................................... 19
DEFINITIONS .................................................................................................................................................. 4
EDUCATION
BASIC/CORE .............................................................................................................................................. 7
CONTINUING ........................................................................................................................................... 11
LEARNING OBJECTIVES OF VOLUNTEER EDUCATION PROGRAM ................................................................. 6
OBJECTIVE AND SCOPE ................................................................................................................................. 2
ON-LINE LEARNING RESOURCES (APPROVED) – APPENDIX C..................................................................... 19
REGULATION REFERENCES ............................................................................................................................ 4
RESPONSIBILITIES .......................................................................................................................................... 2
REVIEW........................................................................................................................................................ 16
STRATEGIC PLANNING SESSION .................................................................................................................. 15
VOLUNTEER EDUCATION PROGRAM AUDIT ............................................................................................... 16
Volunteer Education Program Policy
Implementation Date: October 28, 2013
Previous Revision: January 20, 2014
Current Revision: October 19, 2015
Page 1 of 19
Volunteer Education Program Policy
1.0
OBJECTIVE AND SCOPE
Education is an important imperative of credit union life as the regulatory and operations
environments become increasingly more complex. The Board of Directors and the Supervisory
Committee, although separate entities, are essential to the overall management of this
challenging credit union environment. As volunteer leaders, strategic decision makers and
compliance officers, the Board and Supervisory Committee members must be informed and up
to date with regulations, statutes, governance expectations, legal precedents, fiduciary
obligations and institutional best practices to effectively address the risks and growth objectives
of the credit union.
The volunteer education program is a balanced approach designed to address this training
challenge with a basic/core education program component, supplemented with a more
advanced continuing education program component. The credit union provides volunteers with
the support, funding and ready access to a broad array of relevant learning opportunities for
professional development as well as institutional and financial industry knowledge. This policy
does not apply to degree programs.
2.0
RESPONSIBILITIES
2.1
Board of Directors. All new Board members must complete the entire basic education
and training component of the volunteer education program. In addition, all Board
members are expected, but are not required, during their tenure to avail themselves of
some of the numerous elective educational opportunities relevant to the credit union
industry and Board responsibilities. The Board is also responsible for directing the
content of the volunteer basic, core and continuing education program content, as well
as for oversight and volunteer compliance with this policy.
2.2
Board Chairperson. The Board Chair is directly responsible for overall volunteer
compliance with fulfilling the basic education requirements. Further, the Board Chair
shall act as an active proponent of continuing education and mentor, if requested, other
volunteers in their credit union educational pursuits.
2.3
Supervisory Committee. All new Supervisory Committee members must complete the
entire basic education and training component. In addition, all Supervisory Committee
members are expected, but are not required, during their tenure to avail themselves of
Volunteer Education Program Policy
Implementation Date: October 28, 2013
Previous Revision: January 20, 2014
Current Revision: October 19, 2015
Page 2 of 19
some of the numerous elective education and training opportunities relevant to the
credit union industry and committee responsibilities.
2.4
Supervisory Committee Chairperson. The Supervisory Committee Chair is responsible
for new committee member compliance with fulfilling the basic education
requirements. The Chair shall act as an active proponent of continuing education and
mentor, if requested, other committee volunteers in their credit union education
pursuits.
2.5
Chief Executive Officer (CEO). The credit union CEO is responsible for providing
volunteers with information about appropriate continuing education opportunities. The
CEO will report volunteer education progress to the Board on a quarterly basis. The CEO
develops an appropriate volunteer education budget for Board approval, monitors
performance to the budget and advises the Board on continuing education expense
requests. The CEO also provides the Board with periodic strategic plan updates.
2.6
Director, Risk Management. The Director of Risk Management is responsible for the
basic training and periodic core retraining related to BSA and Enterprise Risk
Management.
2.7
Executive Assistant. The Executive Assistant is responsible for monitoring, tracking and
reporting volunteer education progress and assists volunteers with arranging continuing
education registration and logistics.
2.8
Financial Analyst. The Financial Analyst provides the Board with periodic orientation
and familiarization with the financial dashboard, risk analysis and other special topics as
needed.
2.9
Executive Vice President (EVP)/Chief Financial Officer (CFO). The CFO is responsible for
the Interest Rate Risk (IRR) Assessment, ALLL, budgets, financial ratios and dashboard
basic training for all volunteers and for periodic core updates on these topics for the
Board of Directors or the Supervisory Committee.
2.10
Executive Vice President. The Executive VP is responsible for the loan portfolio and
credit analytics basic training and periodic core refresher lending updates.
2.11
Internal Auditor. The internal audit function audits for compliance with the Volunteer
Education Program basic and core education requirements and reports results to the
CEO for follow up with affected volunteer groups, if applicable.
Volunteer Education Program Policy
Implementation Date: October 28, 2013
Previous Revision: January 20, 2014
Current Revision: October 19, 2015
Page 3 of 19
3.0
2.12
Nominating Committee. The Nominating Committee, at its discretion, may access
volunteer education records to prioritize and differentiate Board election nominations.
2.13
Policy Committee. The Policy Committee is responsible for the periodic in-depth review
of this policy and recommending changes to the basic/core training content (Appendix
A) and/or continuing education content (Appendix C) for Board approval.
2.14
Senior Management. Senior management, including but not limited to the directors of
Retail Services, Marketing, Human Resources and Delivery Channels may be directed to
share their credit union knowledge and experience at the on-boarding session(s), or on
an as-needed basis for volunteers requesting extended training beyond the scope of onboarding.
REGULATION REFERENCES
3.1
4.0
NCUA Regulation 701.4. This regulation concerns the general authority and duties of
Directors. Among other duties, paragraph 701.4(b)(3) requires that within six months of
their election or appointment, “… Board Members will have a working familiarity with
basic finance and accounting practices, including the ability to read and understand the
credit union's balance sheet and income statement and to ask, as appropriate,
substantive questions of management and the internal and external auditors …”
DEFINITIONS
4.1
Basic Education Program Component. The basic education program component
consists of the necessary volunteer training to comply with NCUA regulation 701.4 and
introductory education requirements established by the Board of Directors. The basic
education program content is delivered at the onboarding session(s) and does not
include continuing education electives.
4.2
CAMEL Rating System. The CAMEL rating system is used by the NCUA, at the time of
examination, to evaluate the overall health of a credit union. The system is based on a
numeric value from 1 (lowest risk) to 5 (highest risk) for each of the critical operational
elements including Capital Adequacy, Asset Quality, Management, Earnings and
Liquidity/Asset-Liability Management, as well as a composite overall value. See the
Volunteer Manual for more CAMEL rating system information.
4.3
Continuing Education Program Component. The continuing education program
component refers to a broad spectrum of supplemental advanced volunteer learning
Volunteer Education Program Policy
Implementation Date: October 28, 2013
Previous Revision: January 20, 2014
Current Revision: October 19, 2015
Page 4 of 19
opportunities for individual professional development or financial industry processes
that are elective and not required by regulation or Board directive. Continuing
education does not include the basic/core education program component.
4.4
Core Education. The core education component is a specific subset of the basic
education and training topics that demand regular periodic refreshers because they
normally change as part of doing business or the area presents a higher risk, such as the
annual BSA retraining. See Appendix A for a complete list of core topics.
4.5
Financial Dashboard. The financial dashboard is an analytical report with multiple key
financial ratios and measurements with actuals plotted against their respective budgets.
The report provides the Board and management with an at-a-glance synopsis of the
financial health, trends and direction of the credit union.
4.6
Full-Time Volunteer. As used in this policy, the term “full-time volunteer” applies to all
members of the Board of Directors and the Supervisory Committee. All new full-time
volunteers are required to fulfill the basic education program component.
4.7
New Volunteer. A new volunteer is defined as any full-time volunteer joining the credit
union for the first time, or a volunteer whose service was interrupted for more than two
years and is rejoining the credit union as a full-time volunteer and needs to be
reacquainted with the current state of affairs of the credit union. A temporary or interim
volunteer who is elected or appointed to full-time status is also considered a new
volunteer.
4.8
Onboarding. Onboarding is a required basic training process scheduled and completed
within six months of election or appointment with the purpose of educating new
volunteers on a variety of topics essential to performing their duties. The onboarding
training is basic, introductory material suitable to acquaint new volunteers with an
overview of the credit union and its operating environment and does not address more
advanced continuing education electives.
4.9
Part-Time Volunteer. As used in this policy, the term “part-time volunteer” applies to
members of committees or other volunteer service providers, such as the Investment
Committee, and excludes members of the Board of Directors and the Supervisory
Committee. Part-time volunteers are allowed to participate in, but are not required to
fulfill, the basic education program component.
4.10
Temporary/Interim Volunteer. A volunteer appointed, in accordance with Bylaw Article
VI, Section 4, to fill a vacancy on the Board of Directors or the Supervisory Committee
Volunteer Education Program Policy
Implementation Date: October 28, 2013
Previous Revision: January 20, 2014
Current Revision: October 19, 2015
Page 5 of 19
and holds office only until the next annual meeting is a “temporary” or “interim”
volunteer.
5.0
4.11
Volunteer. As used in this policy and in the absence of any other qualifier, “volunteer”
refers to any full-time or part-time volunteer.
4.12
Volunteer Education Program. The volunteer education program is a collection of
internal and external training resources available to volunteers to satisfy basic/core
education requirements and continuing education electives to develop and hone
relevant personal and industry-related skills and knowledge.
4.13
Volunteer Manual. This manual, dealing with a variety of basic/core financial,
institutional, regulatory and compliance topics, is a reference resource distributed or
made available to all volunteers at the onboarding session. The “manual” may be
delivered as a paper or digital notebook. See the list of topics included in the Volunteer
Manual in Appendix A.
VOLUNTEER EDUCATION PROGRAM LEARNING OBJECTIVES
The Volunteer Education Program features a two-part training protocol designed to, first, satisfy
the basic/core financial, institutional, regulatory and compliance education requirements (see
Section 6.0), and second, to provide a robust voluntary continuing education program (see
Section 7.0) to enhance volunteer professionalism and knowledge in the key areas of strategy,
risk management, growth and professional development.
5.1
Part 1: Basic/Core Learning Objectives. The basic/core full-time volunteer education
protocol is driven by the Board of Directors and by NCUA regulation 701.4(b)(3). For
new volunteers, the standard for compliance with the NCUA regulation is the acquisition
of a “… working familiarity with basic finance and accounting practices, including the
ability to read and understand the credit union’s balance sheet, enough to ask
substantive questions of management and the auditors.”
While the NCUA regulation requires only basic financial literacy as the minimum
requirement, the Board of Directors requires full-time volunteers to be familiar with a
more comprehensive array of basic/core education content to better serve the interests
of the credit union and address the following learning objectives:
•
•
•
Financial literacy
Institutional knowledge
Regulatory familiarity
Volunteer Education Program Policy
Implementation Date: October 28, 2013
Previous Revision: January 20, 2014
Current Revision: October 19, 2015
Page 6 of 19
•
Part 2: Continuing Education Learning Objectives. The Board of Directors is fully
supportive of higher level learning for its volunteers. The continuing education protocol
goes beyond the basic/core program, and is directed exclusively at the discretion of the
Board of Directors to provide a deeper and broader educational experience to benefit
the long term health of the credit union. Although there are no regulatory requirements
governing volunteer education beyond basic financial literacy, the Board of Directors
encourages volunteers to pursue more advanced education that delves deeper into the
four basic/core learning objectives, and broadens the continuing education learning
objectives to include:
5.2
•
•
6.0
Compliance literacy
Industry issues and trends
Personal soft skills and professional development
BASIC/CORE VOLUNTEER EDUCATION PROGRAM COMPONENT – PART 1
The purpose of the basic component of the volunteer education program is to quickly and
efficiently lay the foundation for the financial, institutional, regulatory and compliance
knowledge base essential to managing and growing the credit union and to keep volunteers up
to date with the recent changes to important selected topics. To accomplish this goal, the basic
education program component is designed as a three-part training process that includes:
•
•
•
Required onboarding session(s) with the introductory training modules (Appendix A)
Required core refresher updates on selected topics (Appendix A)
Voluntary, as-needed, extended basic training
All segments of the basic education and training are useful for new volunteers to quickly
establish context and cultural perspective surrounding decisions to be made. And, the basic
material content is delivered at a level appropriate to an introductory program while
establishing a consistent learning baseline for more advanced study.
6.1
Basic Education Requirements. Basic education topics and requirements are established
and periodically reviewed by the Board of Directors, recorded in Appendix A of this
policy, and delivered at the on-boarding session(s). All basic training completions must
be reported to the Executive Assistant for tracking and reporting purposes.
6.1.1
Eligibility. All new full-time volunteers are required to complete the basic
education requirements. Part-time volunteers are eligible, but are not required,
to complete the basic education training.
Volunteer Education Program Policy
Implementation Date: October 28, 2013
Previous Revision: January 20, 2014
Current Revision: October 19, 2015
Page 7 of 19
6.1.2
Basic Education Scope. The credit union requires all new full-time volunteers to
attend the onboarding session(s) to receive basic education and training within
the first six months after election or appointment. During the onboarding
session(s), the credit union will deliver all basic training on the topics delineated
in Appendix A. The onboarding process may be designed for delivery in-person
or digitally, and may be organized and scheduled based on availability of
volunteers and instructors. However, all topics from Appendix A must be
covered within the six-month time limit. The Board Chair must approve any
schedule exceptions or individual basic content waivers.
6.1.2.1 Basic Education Certification. Upon completion of the basic education
requirements (see Appendix A) at the onboarding session(s), all new
full-time volunteers must certify to the acquisition of the necessary
knowledge base by signing the Volunteer Basic Education Certification
(see Appendix B) and submitting the form to the Executive Assistant
within the six-month deadline. Alternatively, the certification process
may be delivered in a digital version with an electronic signature.
6.1.2.2 Volunteer Manual. The credit union will provide all new volunteers with
a paper or digital Volunteer Manual. The manual will contain basic
education training materials, including supporting and reference
materials from the onboarding session(s). See Appendix A for the
approved list of basic education topics to be included in the Volunteer
Manual. The digital version of the manual may be accessed on the credit
union intranet at __________________.
6.1.2.3 NCUA Supervisory Committee Guide for Federal Credit Unions. The
credit union will provide all new Supervisory Committee volunteers with
the NCUA Supervisory Committee Guide for Federal Credit Unions. This
manual contains useful information on the purpose of the committee,
roles and responsibilities, audit standards and requirements, techniques
and reporting for a variety of audit areas.
6.1.2.4 NCUA Examiner’s Manual. The credit union will provide all new
Supervisory Committee volunteers with the NCUA Examiner’s Manual,
and in particular Chapter 5 which deals with NCUA examination of the
Supervisory Committee. This manual serves as a reference for what to
expect during the periodic examinations by the NCUA.
Volunteer Education Program Policy
Implementation Date: October 28, 2013
Previous Revision: January 20, 2014
Current Revision: October 19, 2015
Page 8 of 19
6.1.3
Core Education and Training. Core education and training sessions are refresher
updates of selected basic education topics and are delivered by internal
resources with minimal or no external costs. Core education and training share
the same learning objectives as the basic component but differ in providing all
volunteers, not just newcomers, with the ongoing updates.
Core topic details change often during the normal course of business and
warrant periodic updates to stay current and relevant, such as ALLL, or they are
sufficiently risk-laden to repeat periodically, such as annual BSA retraining. Fulltime volunteers are required to review the core education refresher materials,
and/or attend periodic special topic refresher sessions. Tracking of core
refresher training may be accomplished by recording the event in the Board of
Directors or Supervisory Committee meeting minutes. See Appendix A for
selected topics that must be periodically refreshed with the Board and/or the
Supervisory Committee
6.1.4
6.2
Extended Basic Education and Training. From time to time, volunteers,
especially newcomers, may voluntarily choose to receive more in-depth basic
training on a specific topic they were introduced to during the onboarding
session(s). Credit union subject matter experts will deliver the extended training
locally at little or no additional external cost to the credit union. If external
resources are needed to fulfill the extended basic education request, see
requirements for continuing education in section 7. Extended basic training
does not require certification for completion. Volunteers are advised to report
extended training, for the record, to the Executive Assistant.
Basic Education Program Management. The basic volunteer education protocol is
supported by a variety of credit union resources to plan, track and control new
volunteer training and education as they acquire fundamental financial and institutional
knowledge.
6.2.1
Basic Education Planning and Approval. The Board of Directors will periodically
review and approve, at least annually, the volunteer basic education subject
matter (see Appendix A) for content including the onboarding session, to meet
financial, institutional, regulatory and compliance learning objectives. New, or
emerging demands on the credit union will influence the selection and
prioritization of content.
Volunteer Education Program Policy
Implementation Date: October 28, 2013
Previous Revision: January 20, 2014
Current Revision: October 19, 2015
Page 9 of 19
6.2.2
Basic Education Budgeting. The basic education program is developed and
delivered by internal subject matter experts and does not require separate
funding or budget line item. Basic education expenses are typically restricted to
office supplies covered elsewhere in the general budget.
6.2.3
Basic Education Monitoring, Tracking and Reporting. The Executive Assistant
will collect and summarize basic education data from the onboarding session(s)
and prepare a monthly (for the five consecutive months following the election
or appointment of a full-time volunteer) report about the training status of all
new volunteers to ensure sufficient advance warning to complete the basic
training within the six-month time limit.
6.2.4
Basic Education Records. The Executive Assistant will maintain and make
available all basic education and training records for inspection by the Board of
Directors, the Supervisory Committee, the internal audit function, the NCUA
examiners or the Board Nominating Committee.
6.2.5
Basic Education Waivers. The Board of Directors or Supervisory Committee
Chair Persons may document and approve a specific basic education waiver in
specific cases such as, but not limited to, financial industry professionals,
temporary/interim volunteers and interrupted service.
6.2.5.1 Financial Industry (or Equivalent) Professional Waiver. New full-time
volunteers who already possess specific skills or knowledge, such as
financial accounting practices for a volunteer who is a CPA may be
granted a waiver to omit some, but not all, basic training requirements.
Excluding the waived topic, all other basic education requirements still
apply.
6.2.5.2 Temporary/interim Volunteer Waiver. Temporary/interim volunteers
may be exempted from the basic education requirements if the length
of term remaining until the next annual meeting is six months or less. If
the temporary/interim volunteer is later elected or appointed to a fulltime volunteer position, all basic education requirements for new
volunteers will apply.
6.2.5.3 Interrupted Service. Basic education and training and certification
requirements may be waived if a full-time volunteer breaks service
(regardless of membership status) with the credit union and within two
years is re-elected or re-appointed to a full-time volunteer position.
Volunteer Education Program Policy
Implementation Date: October 28, 2013
Previous Revision: January 20, 2014
Current Revision: October 19, 2015
Page 10 of 19
Such interrupted service waiver, however, is given at the discretion of
the respective Chair Persons and may be subject to further
consideration for prevailing business conditions. If the service
interruption is greater than two years, new volunteer basic education
and training requirements will apply.
7.0
6.2.6
Basic Education Program Compliance. The Board of Directors and Supervisory
Committee will self-manage and monitor individual director and committee
member compliance with the basic education requirements. The Board and
Supervisory Committee Chair Persons are responsible for basic education
oversight among members of their respective groups and are responsible for
taking any corrective actions.
6.2.7
Disciplinary Action. Failure by any full-time volunteer to complete the basic
education requirements within the six-month time limit may result in
disciplinary action, up to and including removal from the Board or the
Supervisory Committee. Removal of a volunteer requires strict compliance with
the credit union bylaws. See Article VI, Sections 8 and 9 for further information.
CONTINUING EDUCATION PROGRAM COMPONENT – PART 2
The continuing education component of the volunteer education program is a more diverse
educational opportunity for all volunteers. The purpose of this part of the education program is
to build on the basic/core knowledge base by deepening the financial, institutional, regulatory
and compliance learning, and/or broadening the learning experience to include financial
industry issues and trends as well as personal soft skills or professional development. New fulltime volunteers are especially encouraged to participate in the continuing education component
of the volunteer education program to more rapidly and effectively benefit the credit union.
7.1
Continuing Education Requirements. Full-time volunteers are expected, but are not
required, to participate in some form of continuing education each calendar year during
their tenure with the credit union. The training selection should be appropriate to the
size, complexity and financial position of the credit union, and the individual learning
needs as they relate to the volunteer’s role in the organization.
7.1.1
Eligibility. All full-time volunteers, such as Board or Supervisory Committee
members, are eligible to participate in the continuing education component of
the Volunteer Education Program. Part-time volunteers are restricted to
Volunteer Education Program Policy
Implementation Date: October 28, 2013
Previous Revision: January 20, 2014
Current Revision: October 19, 2015
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continuing education opportunities where there are no additional costs to the
credit union to provide access to the training session, such as a webinar.
7.1.2
Continuing Education Scope. The continuing education program component is
intended to satisfy occasional, short-term education opportunities related to
the specific interests of the credit union and the role of the volunteer. The
continuing education program component will not be used to support, justify or
fund a degree program.
7.1.3
Continuing Education Planning. Full-time volunteers are expected to plan and
accomplish a specific continuing education goal each calendar year. The target is
for each volunteer to participate in at least one continuing education training
session each calendar year, subject to scheduling availability of the provider and
the applicant, the overall costs, duration and appropriateness of the event to
the needs of the credit union.
7.1.4
Learning Methods. Volunteers may pursue their continuing education interests
utilizing a variety of methods suitable to their learning styles including, but not
limited to, self-paced on-line or computer-based training, books, articles,
classes, seminars or conferences.
7.1.5
Continuing Education Resources. The educational resources listed in Appendix
C are pre-approved and available to all full-time volunteers, subject to budget
restrictions and/or timing considerations. Appendix C is not an all-inclusive list.
Other resources may be used to reach the continuing education goals, but are
subject to additional scrutiny and approval by the Board.
7.1.6
Continuing Education Requests and Approval. Some, but not all, continuing
education pursuits will result in the credit union incurring significant costs for
tuition, fees, travel, living and lodging expenses. If there are external costs
associated with the continuing education request, volunteers must submit the
request with an estimate of total costs to the CEO for review. The CEO will
advise the Board on the request.
7.1.6.1 CEO Review and Advisory Notice. The CEO will review the education
request against available budgeted funds and against the pre-approved
list in Appendix C, and will advise the Board of Directors on both
approval criteria. If both approval criteria are satisfied, no further action
is required of the Board unless there are other objections.
Volunteer Education Program Policy
Implementation Date: October 28, 2013
Previous Revision: January 20, 2014
Current Revision: October 19, 2015
Page 12 of 19
The Board of Directors will have final authority to approve, modify,
delay or deny the expenditure of credit union funds for any continuing
education request. After notification of request status from the CEO,
the Board has two weeks to respond with other objections, or the
request is tacitly approved. Registration and logistical arrangements
may proceed without further oversight action unless other objections
are received from the Board.
7.1.6.2 Budget/Funding Criteria Resolution. If the request fails the funding
criteria, the CEO will advise the Board and the volunteer applicant with
the details of the funding opinion. Using the funding opinion from the
CEO, the Board will decide to approve, modify, delay or deny the
request. Although the applicant may appeal an unfavorable Board
decision, under no circumstances will the continuing education expense
be allowed to put the credit union in a negative financial position.
7.1.6.3 Content/Subject Matter Criteria Resolution. If the requested training
session is from one of the sources outlined in Appendix C, it will be
assumed to be appropriate and in compliance with Board directive. If
the request fails the pre-approved list test, the CEO will advise the
Board and the volunteer applicant with the details of the opinion.
Using the content opinion from the CEO, the Board will decide to
approve, modify, delay or deny the request. The applicant may appeal
the decision to the Board of Directors by making the business case for
an exception or for addition of the training session to the approved
continuing education content list in Appendix C.
7.1.7
No-Cost Continuing Education. If there are no costs associated with engaging in
a continuing education training event, all credit union volunteers are free to
pursue as many no-cost events as they see fit and report the training
accomplishments to the Executive Assistant.
7.1.8
Coordination and Cost Control. Volunteers should consult with the Executive
Assistant when arranging classes, seminars or conferences when expenses will
be incurred, to take full advantage of corporate discounts where applicable.
Whenever possible, volunteers are expected to plan external continuing
education sufficiently far in advance of the training to take advantage of early
registration discounts to help the credit union control costs.
Volunteer Education Program Policy
Implementation Date: October 28, 2013
Previous Revision: January 20, 2014
Current Revision: October 19, 2015
Page 13 of 19
7.1.9
Expense and Reimbursement. After completion of a continuing education class
where expenses are incurred for tuition, fees, travel, meals, lodging, course
materials, or miscellaneous costs and reimbursement is expected, volunteers
must submit an expense report in compliance with the Travel and Expense
Reimbursement Policy.
7.1.10 Information Sharing. At the conclusion of formal continuing education classes
or seminars, volunteers are expected to share lessons learned with their
colleagues to propagate important information or techniques and to stimulate
interest among other Board and committee members to pursue advanced
learning for the benefit of the credit union.
7.1.11 Cancelations. If a volunteer is unable to attend an approved continuing
education event and un-reimbursable costs, such as a deposit, have been
incurred, the volunteer must inform Executive management as soon as possible
so an alternate attendee may be found, if practicable.
7.1.12 Mentoring and Guidance. Board or Supervisory Committee chairs, executive
management or other volunteers may be called upon from time to time to help
guide or mentor a volunteer with their continuing education planning. Mentors
are expected to be supportive of volunteer efforts to pursue continuing
education goals relevant to credit union interests.
7.2
Continuing Education Program Management. The volunteer continuing education
program component is supported by a variety of credit union resources to plan, budget,
track and control training and education for volunteers. The program management of
continuing education varies from the basic education component because different
forces drive each component.
The major drivers forcing differences in program management between the basic and
continuing education program components are, first, continuing education requires a
formal budget to fund expenses for tuition, fees, travel, meals and lodging; whereas the
basic/core education component is serviced by internal resources and only minimal
expenses for office supplies are typically incurred. Second, the basic/core education
component is required and the continuing education component is completely
voluntary. And third, continuing education is not subject to any regulatory requirements
while basic education is partially governed by NCUA regulation and mostly by Board
directive.
Volunteer Education Program Policy
Implementation Date: October 28, 2013
Previous Revision: January 20, 2014
Current Revision: October 19, 2015
Page 14 of 19
7.2.1
Continuing Education Program Planning. At least annually, the Board of
Directors, the Supervisory Committee and executive management will review
the continuing education program content or approved courses list as
delineated in Appendix C and recommend changes for Board approval. Because
the training needs of individual volunteers will vary greatly, significant latitude
will be given when judging the appropriateness of a training session. Suggested
approval criteria may include, but are not limited to:
•
•
•
•
8.0
Course content is judged to be credit union business related
The credit union will benefit either directly or indirectly
The course is offered by a reputable or pre-approved source
Total costs are in line with the benefit to be derived
7.2.2
Budgeting Continuing Education. The CEO and EVP/CFO will prepare an annual
budget to service the continuing education program component, in the context
of emerging needs and the forecasted financial condition of the credit union, for
Board approval. Management will periodically report actual continuing
education costs against the budget to the Board of Directors.
7.2.3
Monitoring, Tracking and Reporting. The volunteer is responsible for providing
their individual continuing education status updates to the Executive Assistant.
The Executive Assistant will record the continuing education completions for all
volunteers. At least annually, the Executive Assistant will prepare a final report
of education accomplishments of all volunteers for presentation to the Board of
Directors and the Supervisory Committee.
7.2.4
Continuing Education Records. The Executive Assistant will maintain and make
available continuing education training records for inspection by the Board of
Directors, the Supervisory Committee, the internal audit function, the NCUA
examiners or the Board Nominating Committee.
STRATEGIC PLANNING SESSION
Although the annual strategic planning session is not formally included in the Volunteer
Education Program, it nevertheless deserves mention for its educational component when space
and time permit at the conference. All members of the Board of Directors are required to
attend the credit union’s annual strategic planning session. Part of the strategic planning session
may include an educational component concerning financial services industry overviews, trends
or issues as well as basic or core education priorities as needs arise. Informative presentations
Volunteer Education Program Policy
Implementation Date: October 28, 2013
Previous Revision: January 20, 2014
Current Revision: October 19, 2015
Page 15 of 19
by financial and credit union industry suppliers, planning session facilitators and/or regulators
are standard fare and a matter of record in strategic planning documents.
9.0
VOLUNTEER EDUCATION PROGRAM AUDIT
At least annually, the internal auditor will audit the Volunteer Education Program for
compliance with the basic and core education requirements of this policy and report results
directly to the CEO to avoid any conflicts of interest. The CEO will follow up with the Board
and/or the Supervisory Committee chairpersons for corrective action, if applicable.
10.0
REVIEW
This policy will be reviewed periodically by the Board of Directors and amended as needed.
Approved by the Board of Directors on ___October 19, 2015_.
____________________________________
Secretary
Volunteer Education Program Policy
Implementation Date: October 28, 2013
Previous Revision: January 20, 2014
Current Revision: October 19, 2015
Page 16 of 19
APPENDIX A – BASIC/CORE LEARNING TOPICS
BASIC EDUCATION REQUIREMENTS
LEARNING
OBJECTIVE
VOLUNTEER
MANUAL
Acronyms Glossary
Allowance for Loan and Lease Losses (ALLL)
Bank Secrecy Act (BSA) Briefing
Basic Finance & Accounting Practices
Basic Financial Statement Literacy
Volunteer Manual
Branch Manager Contact Information
Institutional
Financial
Regulatory
Financial
Financial
Reference
Institutional
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Budgeting & Flexing Process
Capital Account Information
Code of Ethics
Code of Federal Regulations (CFR)
Committee Assignments List
Community Service & Charitable Giving Program
Credit Union Act
Credit Union By-Laws
Credit Union Charter & Field of Membership
Credit Union Governance Roles & Responsibilities
Credit Union Highlights/History
Credit Union Values
Financial
Financial
Institutional
Regulatory
Institutional
Institutional
Regulatory
Institutional
Institutional
Institutional
Institutional
Institutional
Yes
Yes
Yes
Yes
Yes
Yes

Yes
Yes
Yes
Yes
Yes
Director/Officer Liability Insurance
Enterprise Risk Management
Expense Reporting & Reimbursement
Financial Services Organization
Interest Rate Risk (IRR) Management
Intranet Web Site Content & Access
Job Description and Responsibilities, Board Member
Job Description and Responsibilities, Supervisory Committee
Key Financial Ratios & Dashboard
Loan Portfolio & Credit Analytics
Merger Trends
NCUA CAMEL Rating System
Institutional
Financial
Institutional
Institutional
Financial
Institutional
Institutional
Institutional
Financial
Financial
Institutional
Compliance
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NCUA Examination & Document of Resolution (DOR) Process
NCUA Examiner's Manual
NCUA Supervisory Committee Manual
Organizational Structure
Policies & Status
Strategic Plan
Third Party Vendor List
Compliance
Compliance
Compliance
Institutional
Institutional
Institutional
Institutional
Yes
Separate
Separate
Yes
Yes
Yes
Yes
Volunteer Education Program Policy
Implementation Date: October 28, 2013
Previous Revision: January 20, 2014
Current Revision: October 19, 2015
CORE
REFRESH
Page 17 of 19
Yes
Yes
Yes
Yes

Yes
Yes
Yes
Yes
Yes
Yes
APPENDIX B – VOLUNTEER BASIC EDUCATION CERTIFICATION
I,
, certify I have completed all credit union basic education and training
requirements as required by the Board of Directors in Appendix A of this policy. I acknowledge I have
been given ample opportunity to have my questions answered and to have been afforded extended
basic training on subjects I deemed necessary to meet my fiduciary responsibilities to the credit union. I
further acknowledge the basic education and training I received is only the introduction to a variety of
topics important to the success of the credit union and I have been encouraged to pursue further
continuing education to deepen and broaden my contributions to serve the best interests of the credit
union.
Signature: ____________________________
Volunteer Education Program Policy
Implementation Date: October 28, 2013
Previous Revision: January 20, 2014
Current Revision: October 19, 2015
Date:_________________
Page 18 of 19
APPENDIX C – APPROVED CONTINUING EDUCATION RESOURCES
11.0
ON-LINE LEARNING RESOURCES
The following self-study programs are pre-approved by the Board of Directors and qualify for
continuing education. These resources are available online at minimal or no cost. For login
information, contact the Executive Assistant.
•
•
•
•
•
•
12.0
NCUA Webinars
CUNA Webinars and/or Volunteer Achievement Program (VAP)
NACUSAC Webinars
CU Digital University
CUES Credit Union Board Education (CCube)
Dollar and Associates Webinar Series
CONFERENCES AND SCHOOLS
The following conferences and schools are pre-approved by the Board of Directors and qualify
for continuing education. Due to the significant costs associated with attending these
conferences and schools, requests to attend these courses must be screened by the CEO and
approved by the Board of Directors. To arrange attendance at the following educational events,
contact the credit union’s Executive Assistant. See instructions under Section 7 for more
information.
•
•
•
•
•
•
•
•
•
CUES Director Conference
CUES Governance Leadership Institute
CUES CEO/Chair Symposium
CUES Board Chair Development Seminar
CUES Director Development Seminar
CUES Director Strategy Seminar
CUNA Government Affairs Conference
AVCU Annual Meeting and Convention
NACUSAC Annual Meeting
Volunteer Education Program Policy
Implementation Date: October 28, 2013
Previous Revision: January 20, 2014
Current Revision: October 19, 2015
Page 19 of 19