ALEXANDRIA, Va. (Nov. 30, 2016) – Reading financial statements is an essential job for any credit union board member, and a new video series from the National Credit Union Administration can help make that job easier.
Understanding Financial Statements, now available on NCUA’s YouTube channel (opens new window), is a five-part series that discusses the balance sheet and income statement, key line items in each and the relationship between the documents. The videos also will help you know what questions, you, as a board member, need to ask your staff about your credit union’s performance.
NCUA regulations (opens new window) require that federal credit union directors have a working familiarity with basic finance and accounting practices, including the ability to read and understand the federal credit union’s balance sheet an income statement and to ask, as appropriate, substantive questions of management and the internal and external auditors.
There is a quiz at the end of the series, and viewers who pass that will receive a Certificate of Completion.
Understanding Financial Statements is part of a comprehensive series of educational videos developed for credit union board members by NCUA’s Office of Small Credit Union Initiatives. The videos are available on the Small Credit Union Learning Center webpage.
The Office of Small Credit Union Initiatives fosters credit union development and the effective delivery of financial services for small credit unions, minority depository institutions, new credit unions, and credit unions with a low-income designation. The office also publishes FOCUS, a monthly electronic newsletter with helpful information for all credit unions.