ALEXANDRIA, Va. – NCUA has released a series of videos aimed at CU board members and other volunteers aimed at improving their ability to read financial statements.
“Understanding Financial Statements” is now available on NCUA’s YouTube channel and is a five-part series that discusses the balance sheet and income statement, key line items in each and the relationship between the documents, the agency said.
“The videos also will help you know what questions, you, as a board member, need to ask your staff about your credit union’s performance,” according to NCUA.
NCUA noted its regulations require directors at federal credit unions to have a working familiarity with basic finance and accounting practices, including the ability to read and understand the federal credit union’s balance sheet and income statement and to ask, as appropriate, substantive questions of management and the internal and external auditors.
There is a quiz at the end of the series, and viewers who pass that will receive a Certificate of Completion.
The agency said Understanding Financial Statements is part of a comprehensive series of educational videos developed for credit union board members by NCUA’s Office of Small Credit Union Initiatives. The videos are available on the Small Credit Union Learning Center webpage.