Congratulations on your new seat as a board of director at your credit union! What a great honor it is to represent the membership and set the direction for your cooperative financial institution.

Based on my own experience serving on a board, here are 10 things I think will help lay a solid foundation for you going forward.

1. Know your credit union as well as you can. A good orientation is key, in addition to conversations with the CEO and other staff. Don’t forget to dive into financials for the past few years too.
2. Know your board as best you can. Do your homework and read past minutes from meetings. Get your credit union’s snapshot data from CUNA. Read the CUNA Board of Directors Handbook and your credit unions strategic plan. Talk to other board members as well.
3. Find out what success looks like for your credit union. Ask questions, such as how will you know if you board is effective?
4. Know your credit union’s history. When did it start? By whom? What is their legacy and how has their mission and vision changed over time?
5. Get schooled in the credit union difference. Be familiar with the history of the credit union movement and the system setup in general (e.g.: What is a league? what is CUNA? CUNA Mutual, etc.?) Take CUNA Courses or visit The National Credit Union Foundation website to get informed.
6. Understand the seven cooperative principles. A key part of the credit union difference is our cooperative advantage: the principles we share with all cooperatives around the world. A great way to do this is visit a cooperative in another industry, such as a food co-op and compare notes.
7. Find out what training opportunities are available to you. These could be from the credit union, local events, state league events and/or CUNA events.
8. Check out cuna.org/board resources to help you. There are a variety of tools and resources available for you and your fellow board members, many of them included with your CU’s CUNA membership.
9. Join CUNA’s online board community. This is an online community to talk with other board members for advice, solutions and more.
10. After a few months, think about what knowledge you need to fill any gaps. Still need more help with understanding financials? A particular area of governance? Wondering about a certain area of credit union? It’s a constant evolution.

Lastly, treat your board duties as a job, not something “extra” in your life and you’ll have an engaging and enriching experience!

CHRISTOPHER MORRIS is a CUNA engagement consultant.