Wellby Financial Board Director Application

Thank you for your interest in serving on the Wellby Financial Board of Directors!

To apply for a Board Director position, please review the information below, submit your resume, and complete this Board of Directors Volunteer Service Application. Once completed, you will receive a confirmation message.

What is the role of the Board of Directors?

The Board is responsible for the strategic direction and oversight of Wellby Financial. It provides oversight in crucial areas such as strategic planning, financial stability, risk management, and growth. Board Directors represent the entire membership by volunteering time, attending monthly board meetings, strategic planning sessions, and continuous learning.

The Wellby Financial Board of Directors (“The Board”) is the ultimate authority within the governance structure of the Credit Union. It acts through the majority consensus of its individual Board Directors, who are charged with making decisions as fiduciaries in the best interests of the Credit Union and its members. The Credit Union’s Board Directors are expected to uphold the highest duty under the law, that of a fiduciary, and to act in the best interests of the Credit Union and its members. Through individual adherence to the role and responsibilities in this document Board Directors will help to foster a well-governed credit union and a highly effective Board.

Guidance for Potential or New Board Members

Individuals considering applying for The Board should know that this is a non-remunerated (unpaid) position requiring a signiﬁcant time commitment. Board Directors typically commit between 12-24 hours per month to Credit Union matters.

All Board members must act in accordance with their ﬁduciary responsibilities to the Credit Union and its membership, the policies and bylaws, and all other applicable laws and regulations.

Additional Requirements:

Eligible for bond coverage.
Successfully pass criminal and credit background requirements.
Understand that there is a risk of liability associated with acting as a Credit Union oﬀicial. The Credit Union provides a number of protections such as bond, insurance, and indemnity coverage to protect the Officials and Credit Union in the case a matter of liability arises. However, there are some circumstances under applicable laws where such coverage may not be sufficient or available. It is recommended that an applicant consult with a legal or ﬁnancial advisor to further assess this consideration before committing to volunteer for the Credit Union. You agree to provide all information required by an approved bond or insurance company to determine “bondability/insurability”; and understand that you may not serve as a volunteer if such coverage is for any reason not offered, denied, or cancelled.

Time Commitment

Board members are expected to commit to the following:

Monthly Board meetings with Executive Management (2-4 hours)
Board Executive Sessions for Board members only, held monthly or as needed (1-2 hours)
Board Committee meetings, held at least quarterly and often monthly (3-4 hours)
Review and preparation of materials for the above meetings (5-10 hours)
Periodic training in-person or online, monthly or as needed (1-2 hours)
Annual Meeting (approximately 2 hours/year)
Annual Strategic Planning Workshop for the Board and Executive Management (1-2 days/year)

Board Executive Committee members may require additional time commitments due to additional responsibilities.

Board Directors may be required to commit more time toward the end of the calendar year for budget planning purposes.

Attendance Requirements:

A consistent and dedicated attendance record is required to serve on The Board. If a Board Director fails to attend and/or perform any of their duties as a Board Director, they may be removed from The Board in accordance with Credit Union Bylaws.

Monthly Board Meetings
Monthly board meetings focus on strategic and operational issues and item approvals. These meetings are typically scheduled in the evenings on the last Thursday of the month, with the exception of November and December. All meeting dates are approved prior to the start of the next calendar year. The duration of each meeting varies and is dependent on the agenda. Board Directors are expected to prepare for these meetings by reviewing the prior meeting minutes and the current monthly board package and preparing any questions related to the board package and any board committee reports.

Executive Sessions
Executive sessions are for board directors only and may be scheduled each month to discuss and/or decide speciﬁc matters as needed.

Board Committee Meetings
Board Directors are expected to serve on at least one board committee. Committee meetings are held as needed depending on the work assigned to the committee.

Annual Meeting
The Annual Meeting of members is held each year in April. Items of business include reports from the Board, Management, and Supervisory Committee and the announcement of election results.

Strategic Planning Workshop
The Board and the Wellby Financial executive management team meet annually for a strategic planning workshop. This time is devoted to broader strategic issues and directions which cannot be fully addressed during the monthly board meetings. This workshop may be between one to three full days, and Board Directors attendance is essential.

How do I apply?

If you would like to be considered for a Board Director position, please submit this application by close of business on December 30, 2024.

All candidates must be 18 years or older. All candidates must be ﬁscally responsible and possess positive character traits such as dedication, high integrity, and the ability to work well with others. If you are selected as a potential candidate, you may be interviewed by the Nominating Committee. Please know, if you are selected by the Nominating Committee, you will need to become a member of the Credit Union prior to your appointment to The Board.

If you have any questions or concerns about the Board application process, please do not hesitate to reach out to us at BoardNominations@wellbyﬁnancial.com.