Non-financial volunteers and staff have responded well to our unique “no-numbers” approach for more nearly 30 years. It began as a part of a training for supervisory/audit committee members. Directors wanted it too when they heard about it.

Now, use this unique approach to give each of your directors a “working knowledge” of the balance sheet, the income statement, and relevant accounting principles as required in NCUA Regulation 701.4 (b) (3) (and a good idea any way).

Until Dan created his unique approach, financial training for non-financial people included numbers from a sample credit union. But most students did not relate because too much of it differed from theirs: total assets were way off; loan programs didn’t match up; and the format was different. Further, too many people got caught up in the math and lost the concepts they needed more.

It is not about the numbers; it’s about what they mean.

In the early 1980s this training was available only in seminar. Then, the Tennessee Credit Union League recorded Dan on VHS video tape for Tennessee credit unions. All along Dan has kept it relevant to today’s financial issues. More recently, Dan made an audio recording of a seminar; a more detailed version is available on DVD and a trilogy of three courses are online–all the ways outlined below. With so many ways to gain this knowledge, there’s no excuse for a director to be less than comfortable and  fluent on their credit union’s financial matters.

Since the origin of fiduciary duties, a board of directors demonstrate its duty of care by having one or more directors able to interpret the financial statements. Beginning in 2011, NCUA Regulation 701.4 (b)(3) makes the financial part of the duty of care more specific:  “At the time of election or appointment, or within a reasonable time thereafter, not to exceed six months, have at least a working familiarity with basic finance and accounting practices, including the ability to read and understand the Federal credit union’s balance sheet and income statement and to ask, as appropriate, substantive questions of management and the internal and external auditors.” State credit union directors are stepping up to be just as proficient as their Federal counterparts. Click HERE and scroll to “Private Webinars” for more detail and costs.

No matter what industry your nonprofit operates in, effective board governance relies on an understanding of the financial issues, and a board’s engagement in the financial dialogue.

Here are the various ways for all CU directors to acquire this essential knowledge:

A private workshop on your terms. We can customize the material in the presentation by using your ratios to make a reality out of the theory. $2,800 plus  “red-eye” travel expenses. It’s a half-day, interactive program at the location you choose. BONUS: At no extra charge (while supplies last) receive the DVD to use as a refresher to train newcomers. Call to arrange dates and location: 850-559-7094.

Private Webinars. Perfect for an almost all-new board. Two Webinars up to 90 minutes using your credit union’s ratios. The time between the two sessions reinforces the learning for the whole program. $1,100 for two sessions up to 90-minutes each. Call to reserve dates and times.

On-Line Courses: a yearly investment makes three course available 24×7 for each volunteer and non-financial management member. $397. Click the link to see descriptions of each course. One suggestion for implementation includes assigning a course per month and holding a debriefing to review it. Click the link to read more and buy online.

Own a copy of Financial Statements Explained in Plain English on DVD. To reinforce the concepts on the DVD, the DVD comes with a set of audio CDs containing the DVD sound track. Use the unique study guide for personal training or make it a handout for a DVD led workshop. $247 for the set. Click the link to read more and buy online.

An 80-minute audio recording of a presentation covering the highlights. $39.97. Listen individually, share it around, or play it in a group and discuss it. As audio-only, it is best suited for a refresher or the mentoring/training of a newcomer. Click the link to read more and buy online.

A series of Financial Oversight Webinars is scheduled from time-to -time; mouse-over the Webinars link above to see the titles of Webinars scheduled.

Chose one today; click the highlighted words to learn more or to buy.