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The Financial Role of Credit Union Volunteers - Evening session

April 7th, 2011 5:00 PM – 8:00 PM

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This workshop will provide credit union volunteers with the financial literacy training required by NCUA Regulation 701.4 (NCUA Letter to Credit Unions 11-FCU-02) 

Workshop outline

Board Member Fiduciary Duties and Responsibilites - Understanding Risks

Duties                                                                         

  • Direction and Control                                                  
  • Reasonable and Prudent 
  • Fair and Impartial
  • Basic Understanding
  • Conformance with Regulations
  • Reliance on Information
  • Authority  

Risks

  • Credit
  • Liquidity
  • Interest Rate
  • Compliance
  • Strategic
  • Transaction
  • Reputation

Accounting 101 - Understanding the Financial Statements

  • Balance Sheet
  • Income Statement
  • NCUA 5300 Call Report

Key Financial Statement Relationships

  • Financial Modeling
  • What-Ifs

Understanding Key Ratios - Dashboard Top Ten

Understanding the Internal Control Structure

Understanding the Budget Process 

 

Speaker Kenneth Welch    

Ken Welch is a principal with LarsonAllen and supervises audit and related services to many of the firm's credit union clients.

Ken joined LarsonAllen LLP in 2008 when Schreiner, Legge & Company, a leading audit firm in the credit union industry, merged with LarsonAllen LLP. Ken is the Principal in charge of the firm’s east coast Credit Union Group responsible for over 150 credit union audits annually. He has over thirty years of credit union industry experience. Ken is responsible for developing and maintaining the firm’s EFT/ACH and Bank Secrecy Act/OFAC compliance and consulting services programs. Ken has also performed SAS-70 third-party service auditor engagements on credit union service organizations.

He has served as an instructor for various courses on credit union auditing and accounting through local state credit union leagues and has assisted in the selection of EDP systems in credit unions. Ken also currently leads the firm’s employee benefit plan practice in the DC region.

Ken graduated from the University of Maryland, College Park with degrees in Accounting and Business Administration. He is a Certified Public Accountant (CPA) and is a member of the Maryland, DC and Virginia state Societies of Certified Public Accountants and the American Institute of Certified Public Accountants (AICPA). In addition, Ken has served as Treasurer on the Board of Directors for a local credit union for more than twenty-five years. 


Tuition assistance

Maryland and D.C.-based credit unions $75 million and under in assets may be eligible for a 75% educational reimbursement from the Credit Union Foundation of Maryland and the District of Columbia.  Annual assistance is capped at $750 per credit union, and funding is limited.   For details and an application, visit http://www.cufound.org/training.htm 

 

 

Lakewood Country Club
13901 Glen Mill Road
Rockville, MD 20850

Event Info

When

April 7th, 2011 5:00 PM – 8:00 PM

Where

Lakewood Country Club
13901 Glen Mill Road
Rockville, MD 20850

Contact

Phone: 443-325-0766
Email:

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