KEY TOPICS
- Identifying the key financial decisions boards make.
- Recognizing the uniqueness of the cooperative business model and a typical cooperative's financial attributes.
- Recognizing three financial documents and related key financial ratios.
- Explaining how board decisions impact the financial position and financial statements.
- Understanding the difference between reporting a cooperative's financial results and understanding a cooperative's financial position.
- Describing the audit function.
Director Competencies Covered in This Course[accordions no-divider="true"]
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Policy Development
Establishes policies that provides guidance and sets expectations for performance.
Board Accountability
Monitors board performance and takes responsibility for results.
Board/Manager Relationship
Builds a civil, constructive, mutually respectful relationship with the CEO.
Analytical Thinking and Decision Making
Thinks systematically, conceptually, and analytically to determine effective solutions.
Strategic Planning
Engages in strategic planning that contributes to the direction, core values and goals of the cooperative.
Risk Management and Oversight
Forecasts and evaluates a variety risk and identifies strategies to avoid or mitigate their impact.
Financial Oversight
Demonstrates an appropriate level of financial knowledge and understanding and can interpret financial reports and statements and monitor corrective action to ensure financial goals.
Industry Principles and Concepts
Knows the basic jargon and concepts of the energy industry.
Cooperative Principles and Practices
Demonstrates an appreciation of the cooperative business model and a commitment to cooperative values.
Community Engagement and Communication
Places the cooperative in a collaborative position for maintaining and growing healthy communities.
Member Focus
Focuses on the needs of members.
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