The National Credit Union Administration (NCUA) recently produced videos on its YouTube channel. Titled “Understanding Financial Statements,” the videos help make reading financial statements easier for credit union board members.
The five-part series discusses balance sheets and income statements, the key line items in each and the relationship between the documents. Additionally, the videos will help members know what questions they need to ask about overall credit union performance.
According to NCUA regulations, federal credit union directors must have a working familiarity with basic finance and accounting practices, which includes the ability to read and understand a federal credit union’s balance sheet and income statement so the directors can question management and internal and external auditors substantively.
The series ends with a quiz, with viewers receiving a certificate of completion once the quiz is taken and passed. The videos are also available on the Small Credit Union Learning Center webpage.
NCUA is an independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions.