Wednesday, June 15, 2011 11:30:00 AM
NCUA has announced it is offering a training module on financial statements for Federal Credit Union (FCU) volunteer officials on the NCUA LearnCenter.
The training module takes approximately one hour to complete and is designed to introduce financial statement concepts to board members with non-financial backgrounds. The training module covers income statements, statements of cash flow, and balance sheets. The cost of the training is $15, collected via ACH, using information collected during the registration process. To register your directors go to http://ncua.learn.com/directortraining.
Those who wish to complete the online training should be prepared to provide the name of the person taking the training, name of the credit union, credit union charter number and check digit (found in the call report instructions), address, email address, and payment information (including the financial institution routing number, account number and the name on the account which will be used to pay the $15 fee).
NCUA's training module is intended to assist FCU board members in achieving regulatory financial literacy requirements. However, completing this training module alone may not be sufficient for larger or more complex FCUs. NCUA continues to encourage FCUs to develop policies to educate board members in a manner that is appropriate for the size and complexity of their institutions.
The NCUA release is available here.