What is a credit union?
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members. Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of the credit union and they elect the board of directors in a democratic one-person-one-vote system regardless of the amount of money invested in the credit union.
What are the values of the credit union?
Our values include integrity, respect, honesty, service, community, teamwork, trust, commitment, excellence, and caring for the members we serve and the community in which we operate. In addition, we share the following financial guiding principles with our members:
- Pay yourself first!
- Live within your means
- Assure your family’s stability
- Never stop learning
What services are offered by the credit union?
The credit union offers services to its members, mainly in the areas of savings and loans. Members are encouraged to save regularly and borrow wisely. Other products and services can be found under the accounts and loans tabs of this website.
What is the history of the University of Kentucky Federal Credit Union?
UK Federal Credit Union is a member owned financial cooperative, chartered in 1937 to effectively provide member based quality financial services. A board of directors, elected from the membership, declares dividends, sets loan rates, administers policies, and determines the future direction of the credit union. The board hires a President/CEO to oversee the staff and daily operations of the Credit Union. The board, committees and staff remain committed to serving you by offering member driven services and maintaining a financially sound institution.
The credit union was formed in January of 1937 when a group of employees from the College of Agriculture, University of Kentucky, decided to form a credit union that would provide themselves and their co-workers with a better place to save and borrow money. Through their efforts, the University of Kentucky Federal Credit Union was founded.
Who can be a member of the University of Kentucky Federal Credit Union?
UKFCU eligibility requirements are expanding frequently; for the most up to date eligibility information, please visit our Membership page. You will find a list of all of UKFCU’s Select Employee Groups as well as our defined membership area, which gives people who live, work, worship or attend school within the area, the ability to join UKFCU.
What is the structure of the credit union?
The members of the credit union elect the Board of Directors at the annual general meeting. The Board has responsibility for the general control, strategic direction and management of the credit union. The day-to-day activities are delegated to the CEO and his staff, which is appointed by the Board.
The Board appoints the Supervisory Committee and Associate Board members from the membership. The Supervisory Committee acts as the internal audit committee, responsible for monitoring internal controls and overseeing the financial audit of the credit union. Associate Board members work with the board by participating in projects, committee work, and board meetings.
What are the benefits of volunteering?
The benefits of volunteering with the UK Credit Union are many and include:
- Gain skills and experience in a senior role of a professional financial service provider
- Education and training
- Personal development
- Meet new people from the community
- Work on developmental business projects
- Give something back to the membership and your community
What opportunities are available and what are the major responsibilities of a volunteer of the credit union?
Board of Directors: Board members are elected for three year terms of office by UKFCU’s membership on an annual basis. They set future strategy, develop policies, oversee UKFCU’s financial security, review the CEO’s progress in achieving goals and objectives, represent the interests of the entire membership, and report to the members at the annual meeting. In addition to attending monthly board meetings, directors actively engage in strategic planning, serve on committees and tasks forces and receive training and education on issues important to the credit union and its members.
Associate Director Program: Associate Board members are appointed for a one year term by the UKFCU Board of Directors each year. This non-voting position provides an opportunity for interested members to learn about the board process and gain an educational background on the internal policies and procedures of UKFCU. Associate Directors attend monthly board meetings, participate in strategic planning, participate in special projects, and receive training and education on issues important to the credit union and its members.
Supervisory Committee: Appointed by the Board of Directors for a three year term, the Supervisory Committee verifies the credit unions records, monitors financial controls and procedures, and works with UKFCU’s internal and external audit firms. Committee members normally meet on a monthly basis and receive training and education on issues important to their purpose, the credit union, and its members.
How would I be supported in my role as a volunteer?
As a new volunteer, a mentor will be assigned to work with you during an orientation period. New volunteers must complete six volumes of the Volunteer Achievement Program (VAP) education series during the first six months of service. New volunteers also have access to training through local, regional and national conferences, webinars, and other materials designed to provide knowledge and educate credit union volunteers.
What are the next steps if I am interested?
If you are interested in pursuing this exciting opportunity, please complete the volunteer application process as follows:
- Complete the Volunteer Application form and forward the application with to the mailing address on the form
What skills are needed to be a volunteer of the credit union?
The skills needed to serve as a volunteer of UKFCU include the following:
- Strong desire to serve
- Understanding of member needs
- Ability to work as a team
- Basic understanding of financial statements and accounting practices