Financial Literacy: Understanding Financial Statements ...
NACUSAC 2016 Annual Conference
Philadelphia, PA
Financial Literacy: Understanding Financial Statements & Key Ratios
June 16, 2016 10:30am ? 12:10pm and 1:20pm ? 3:00pm
Presented by:
Joseph A. Zito, CPA, MBA
1
Michigan Texas Florida
Insight. Oversight. Foresight. SM
Learning Objectives
Financial Institutions Group
? Meet the NCUA financial literacy requirements for credit union officials
? Improve your understanding of the credit union's performance in comparison to expected benchmarks
? Obtain resources available to help you develop expectations and to assist in the monitoring of the credit union's performance to those expectations
? Understanding why financial trends occur (positive and negative) in order to assist in asking the appropriate questions of management
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NCUA Financial Literacy Requirements
Financial Institutions Group
? NCUA Letter to Federal Credit Unions 11-FCU-02, February 2011
? Clarifies Final Rule 701.4, General Authorities and Duties of Federal Credit Union Directors
? Focuses on financial skills requirement
? New directors must acquire training within six months of election or appointment
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Six Key Provisions
Financial Institutions Group
? Director responsibilities include:
? Responsible for credit union's general direction ? Carry out duties with good faith and due care ? Administer affairs fairly and impartially ? Ability to read and understand financial statements and ask
appropriate questions ? Follow laws and sound business practices ? May rely on work of competent staff and consultants
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Board/Management Responsibilities for Financial Reporting
Financial Institutions Group
NCUA Regulation, Part 741.6
? Ensure financial statements are prepared in accordance with generally accepted accounting principles (GAAP).
? Ensure accounting records/financial reports are prepared timely and accurately.
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