Free Video Training: Financial Statement for Board Members Posted by Association of Vermont Credit Unions on 1:57 PM

Reading financial statements is an essential job for any credit union board member, and a new video series from the National Credit Union Administration (NCUA) makes doing so easier.

"Understanding Financial Statements," available on NCUA's YouTube channel, 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 videos help you know what questions, you, as a board member, need to ask your staff about your credit union's performance.

NCUA regulations require that federal credit union directors have a working familiarity with basic finance and accounting practices, including the ability to read and understand the federal credit union's balance sheet an income statement and to ask, as appropriate, substantive questions of management and the internal and external auditors. Directors at state-chartered credit unions should know the same information as well.

There is a quiz at the end of the series, and viewers who pass that will receive a certificate of completion.

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.

We've embedded the video in a playlist below for ease of access.