89th Annual Meeting March 26, 2024
ANNUAL MEETING
As mandated by the NCUA (National Credit Union Administration) Bylaws, the 2024 Annual meeting will be held on Tuesday, March 26, 2024, at 6:30 p.m. at the Florida A&M University (FAMU) Federal Credit Union (FCU) in the Community Room, 1610 South Monroe Street, Tallahassee, Florida. The Annual Meeting is primarily designed to provide members with a forum to learn more about the operational and financial status of the Credit Union; to discuss pertinent issues and to gather information about THEIR Credit Union, the Board of Directors, and the management staff. Refreshments will be served. A special feature of the Annual Meeting will be the announcement of the results of the Board of Directors' election.
BOARD OF DIRECTORS
The members of the Board of Directors are volunteers. Specifically, the Board of Directors is responsible for directing and controlling the affairs of the Credit Union. Though the Board members will not personally perform the task themselves, the board is ultimately responsible for making sure the Credit Union:
• Is properly managed by a qualified President and/or Chief Executive Officer (CEO) and competent staff;
• Operates using sound business practices as mandated by the National Credit Union Association (NCUA);
• Complies with all applicable federal laws and regulations;
• Achieves the goals stated in the charter, the 5-year strategic plan, and the business plan;
• Fulfills its purpose of making low-cost loans and encouraging thrift;
• Provides adequate financial reserves to cover possible losses;
• Protects against unauthorized or illegal acts through safe operating procedures and purchase of fidelity bond coverage.
To carry out its role in meeting the above requirements, YOUR Board develops policies, approves programs, hires and evaluates the President and/or CEO, and appoints various committees. The FAMU FCU has seven (7) members on the Board of Directors, who serve staggered three (3) year terms.
The term of one (1) member(s) will expire in 2024. In accordance with NCUA Bylaws, the Chairman of the Board appointed a Nominating Committee to recommend qualified members to fill this vacancy. Hence, the Committee recommended the following individuals:
Name: Herbert G. Bailey
Current Job Status: Assistant V/P for Business and Finance for Academic Affairs, Florida A&M University.
Board of Director’s Status: Current member of the Board and Supervisory Committee.
Qualifications: 28 years of budget, finance, and auditing experience with the State of Florida. Served as interim Budget Director and Athletic Business Director for FAMU. Monitors a $100 million budget for the 12 schools, colleges, and other units at FAMU. Provides guidance and recommendations to the Deans and Directors on fiscal matters.
Name: Mutaqee N. Akbar
Current Job Status: Practicing attorney for over 19 years. Received the minority business leader of the year award, serves on other boards, and is the President of the NAACP Tallahassee Branch.
PETITIONS
Members of the Florida A&M University Federal Credit Union can also apply for election to the Board of Directors by taking the petition route. Interested members must make nominations signed by one percent of the membership and complete a Statement of Qualifications and biographical data along with the required signatures on the petition form. Please contact the Credit Union Office to get the petition package, which is due no later than Thursday, February 15, 2024.
PLEASE NOTE: THE BOARD OF DIRECTORS' ELECTION WILL NOT BE CONDUCTED BY BALLOT AND THERE WILL BE NO NOMINATIONS FROM THE FLOOR AT THE ANNUAL MEETING IF THE NUMBER OF NOMINEES EQUALS THE NUMBER OF VACANCIES TO BE FILLED.