Discuss the number of directors and members for each committee, including a supervisory committee and a credit committee, if being used. Detail the terms of each official and the training to be provided prior to and after opening the PFCU. Also, discuss how you plan to find and train future credit union officials and your succession plan for replacing the CEO or manager. Some potential training topics for officials are:
- Board governance;
- The board’s duties, powers, and responsibilities;
- Financial statements and key financial trends and conditions;
- The risks of operating a credit union and how to identify and control these risks;
- Economic trends and their effect on the credit union;
- Effective business planning with goals and measurable outcomes;
- How to conduct effective meetings;
- CEO or manager evaluations;
- Communicating with other officials and staff effectively; and
- Working and communicating with your regulator and insurer.
Incorporate the associated training costs into the pro forma financial statements.
If a written management arrangement or agreement will be used, discuss how management and staff will continue after the term of the arrangement or agreement ends.