Volunteer Leadership Roles
Board of Directors
The Credit Union is stewarded by a volunteer, Board of Directors that serves in the best interest of all members. Directorship can be a rewarding experience in setting the strategic course for the organization. A general understanding of financial statements is required and a background in technology, law, finance and accounting and/or marketing is a plus.
Structure and term: The Board of Directors is a nine-person body elected by the members of the Credit Union to three-year terms. The Board provides general strategic direction and management oversight of the Credit Union. Officer positions include Chair, Vice Chair, Treasurer, and Secretary.
How vacancies are filled: Vacancies at term expiration are filled by election by our members at the annual meeting. Inter-term vacancies are filled by Board appointment until the next annual meeting.
Estimated time commitment: The Board meets monthly – generally on the last Tuesday of the month, 3:00 p.m. to approximately 5:00 p.m. – with the option to attend in-person at our main office in Freeport or join via Microsoft Teams. Volunteers are also asked to participate in the annual meeting of the membership (March) and a strategic planning session (Sept/Oct).
Supervisory Committee
The Supervisory Committee is primarily responsible for oversight of the Credit Union’s internal controls and audit function. If you are detail-oriented and enjoy process improvement and control implementation, this committee may be a perfect fit.
Structure and term: The Supervisory Committee is a five-person body appointed by the Board of Directors to three-year terms.
Primary responsibilities include:
- Ensuring an external audit is completed annually through engagement of an audit firm
- Ensuring a member account verification is completed every two years
- Ensuring internal cash control policies and internal audit procedures are followed
- Providing oversight of internal control activities
Estimated time commitment: The Supervisory Committee meets monthly generally on the last Thursday of the month, 3:30 p.m. to approximately 5:00 p.m. – with the option to attend in person or join via Microsoft Teams. Volunteers are also asked to participate in the annual meeting of the membership (March) and a strategic planning session (Sept/Oct).
Training and Support
Credit Union employees provide orientation training and ongoing financial reporting education to help volunteers feel confident in their role.
Volunteers also have access to the Credit Union’s online training program to support ongoing learning and are provided electronic tablets for role-specific duties.
Industry Learning and Networking Opportunities
Maine has a vibrant and supportive credit union community with educational and networking opportunities throughout the year. Volunteers are highly encouraged to participate in industry events, including:
| Event | Estimated Time Commitment | When |
|---|---|---|
| Maine Credit Union League Annual Convention | ½–1½ days | May/June (each year) |
| Maine Credit Union League Volunteers Conference | 1½ days | Oct/Nov (each year) |
Travel and Expense Reimbursement
Volunteer expenses related to Credit Union events, business, and travel are fully reimbursed by the Credit Union, including meals, lodging, and related fuel/mileage expenses.
General Volunteer Requirements
- Ability to fulfill the time commitments of the position consistently
- Maintain membership in the Credit Union in good standing
- Act in the best interest of the membership as a whole
- Maintain confidentiality and protect member privacy
- Maintain an appropriate level of knowledge of the credit union industry
- Engage respectfully with members, employees, and fellow volunteers
Our volunteer officials represent the unique leadership structure of credit unions and help ensure that Midcoast FCU continues to serve members effectively. Volunteering is a purposeful and rewarding opportunity to guide, direct, and support the Credit Union’s mission of cultivating a thriving community, together.