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Board Member Duties and Responsibilities.

Each member of the St Mary’s & Affiliates Credit Union (SMACU) Board of Directors is elected by the membership to serve a three-year term or, a remaining term of a previous director. The Board sets the general direction of the credit union and oversees management in the operations of SMACU. The Board shall be responsible for the general oversight and final decision-making authority over the affairs, funds, and records of SMACU in accordance with applicable law, the Articles and the Bylaws.

Basic Responsibilities

  1. Make strategic decisions regarding the course of action for SMACU by establishing goals, objectives, formulating policies, and approving services.
  2. Review of policies
  3. Hire, monitor, and evaluate SMACU President.
  4. Participate in committees as appointed by the Board Chair.
  5. Ensure SMACU meets all federal and state regulations and guidelines.
  6. Maintain, review and update SMACU Bylaws.
  7. Maintain the confidentiality of all SMACU business and information received.
  8. Attend and actively participate in monthly board meetings and the annual strategic planning session.
  9. They must administer the affairs of the credit union fairly and impartially and without discrimination in favor of or against any particular member.


  1. A Board member must carry out the duties in good faith, in a manner reasonably believed to be in the best interests of the membership, and with such care, including reasonable inquiry, as an ordinarily prudent person in a like position would use under similar circumstances.
  2. Thoroughly review board information prior to each Board meeting
  3. Be aware of state and federal political issues regarding the credit union movement.
  4. Disclose possible conflicts of interest and refrain from voting on issues related to the conflict.

Board Members Qualifications

  1. Must be a member in good standing with SMACU.
  2. Must be at least 18 years of age.
  3. Must be a member of SMACU for twelve (12) months.
  4. Must be bondable by SMACU’s Fidelity Bond Company.
  5. Must authorize a criminal background check and credit check.

Educational Requirements

A Board member must have a certain base level of financial skills, consistent with the size and complexity of the credit union operation they serve. At a minimum, they must have the ability to read and understand the credit union’s balance sheet and income statement. If they do not have these skills when elected or appointed, they must obtain these skills in a timely manner (within 6 months). SMACU will make available the appropriate training to enhance the financial knowledge of the Board member.

Required Meetings

  1. Monthly Board Meeting
  2. Annual Meeting of the membership: generally held in April.
  3. Annual Planning Session: normally a half-day planning session on a Saturday morning in November.
  4. Other assigned committee meetings: meetings vary depending on the specific committee.
  5. Exit reviews by examiners are not required, but attendance is highly recommended.

Personal Liability

SMACU carries Directors’ and Officers’ Liability Insurance. This policy protects SMACU’s directors, volunteers and employees from liability arising out of their duties performed for the credit union.

I understand that all loans I receive from credit union must be approved by the Board.

I have read and understood the Board Member duties and responsibilities. I agree to be bound to all requirements applicable to my duties as a board member.

2022 Board of Directors Election

Call for Nominations
Serving on the SMACU Board of Directors is a rewarding experience that allows you to provide strategic direction for the continued success of the credit union and its members. There will be two (2) seats up for election in 2021. Current board members are permitted to stand for re-election.

If you are interested in serving on the SMACU Board of Directors, please complete the Board Member Application HERE, and return the application and your candidate statement by December 1st to:

c/o Nominating Committee
700 S. Park Street
Madison, WI 53715


email to

*APR = Annual Percentage Rate. Subject to credit approval. Some restrictions apply. APY = Annual Percentage Yield. Membership eligibility is required. Federally insured by the NCUA. St. Mary’s & Affiliates Credit Union is an Equal Housing Opportunity Lender. St. Mary’s & Affiliates Credit Union is a full-service financial institution serving Adams, Dane, Iowa, Juneau, Rock, and Sauk Counties.