Board Committees
Alternatives Federal Credit Union is a financial cooperative. The Board of Directors are elected representatives of the members of Alternatives. Board Committees are the training and recruiting ground for Board members. Committees meet once a month. Their membership is comprised of Board members, non-Board Credit Union members, and a staff liaison. Committees make recommendations to the Board, which makes final decisions.
If you are interested in participating as a volunteer, please consider joining a Board committee. Contact the staff liaison or the committee chair to learn more, including the date of the next committee meeting.
Loan Policy Committee
Review and propose changes to loan policies and make recommendations for new programs. Review and discuss monthly lending activity, trends and changes.
The value of serving on the Loan Policy committee is being able to work towards creating products that help underserved people: being true to our mission. It is rewarding to see the impact our work has in the community. We see members become homeowners at Alternatives after other lenders refused to work with them. We see small businesses open their doors and enrich our community. We watch members on the Credit Path work to establish credit, borrow for a car, and eventually becoming homeowners. Budget Committee Why should you join the Budget Committee? Because that's where the money is! Seriously, there is nothing that is more important for a credit union than to ensure that its operations are financially sound. The Budget Committee works closely with Alternatives' top-notch staff to review financial trends, develop financial policies and oversee how the Credit Union's funds are invested and spent. Human Resources Committee Members of the Personnel Committee meet monthly with the Human Resources Director to discuss a wide variety of personnel related matters such as: proposed revisions to personnel policies, proposed changes to major employee benefits such as health insurance and review of annual salary charts used to set staff salaries and year end bonuses. The committee reviews the proposed annual personnel budget and makes recommendations to the full Board as part of the budget process. The Personnel Committee is also responsible for coordinating the annual review of the CEO, with at least one member participating in the review. Staff Liaison: Lenore Olmstead Member Service Committee Staff Liaison: Leni Hochman Community Relations Committee The challenge of our Community Relations Committee is to identify and build workable, successful strategies for gaining financial support that will fund the numerous educational and outreach programs that are a vital part of our work as a Community Development Credit Union. Examples of sources for funding are foundations, private corporations and government funds earmarked for economic development. Obtaining funding is enhanced through the creative thinking and brainstorming that is done by Development Committee members. When the job is done right, the Development Committee work can be passed along to assist other groups whose same mission is to build sound, economic survival and growth strategies for the underserved. Staff Liaison: Karl Graham Supervisory Committee Federal Credit Union bylaws mandate the establishment of a Supervisory Committee. The job of the committee is to work to ensure the financial safety and soundness of the credit union on behalf of the Credit Union's members. This is one of the most important jobs associated with the Credit Union. The Supervisory Committee has two general goals: ensure management's financial reporting presents a fair and accurate picture of the Credit Union's condition, and ensure management practices and procedures safeguard member's assets. The main tool used by the Supervisory Committee to accomplish its goals is hiring external auditors to perform an annual audit of the Credit Union's finances and accounting controls. Each year the committee solicits bids from, then hires an accounting firm or other qualified auditing organization. The committee also reviews internal controls, audit and Federal examination findings, and follows up on recommendations made in the audit and examination. Supervisory Committee members are volunteers, appointed by the Board of Directors. A Committee member must be a member of the Credit Union and be bondable by the Credit Union's bonding company. Accounting or bookkeeping experience is not required, through it would be helpful in carrying out the mission of the committee. Contact the Supervisory Committee
Staff Liaison: Carol Chernikoff
Review budgets, audit, capital expenditures, delinquency, collection, investments and financial statements.
A lot of this work directly affects the ability of Alternatives to meet its core mission of helping everyone take better control of their financial futures. The members of the Budget Committee help to prioritize how and where Alternatives' resources are spent. These decisions directly affect the programs and services offered by Alternatives, and ultimately, its members. You don't have to be a bean counter to join the Budget Committee. You just have to have an interest in the future of our members.
Staff Liaison: Joseph Welch
Prepare personnel policies, review employee concerns, prepare employment contracts, recommend annual personnel budget, coordinate CEO annual appraisal and review salary charts.
This committee monitors issues and discusses strategies to deliver efficient, high quality member service. They focus on two parts of Alternatives' Strategic Plan: "Making Members Lives Easier" and "More Members, More Products, More Services."
Review credit union's needs for external funding and strategies for obtaining funding. Review policy, support various education programs (IDA, Business CENTS, Money Wise, Student Credit Union.) Review, maintain and encourage adherence to our Mission Statement. Nominate to fill volunteer openings and plan Annual Meeting.
Oversees internal audit functions for Alternatives.
Staff Liaison: Melissa Pollack
Governance Committee
The responsibilities are documenting board policies and procedures, board assessment, conflict resolution, and training for new and veteran board members. Nominate to fill volunteer board openings.
Staff Liaison: Eric Levine
