Choosing the Board Management Software for Credit Unions: Key Features To Consider

As credit unions oversee substantial financial assets and fulfill fiduciary responsibilities, they require tailored software solutions for effective board management. Board management software assists these entities with scheduling meetings and securely storing credit union documents.

While many software solutions exist today, it is essential to evaluate whether they offer key features credit unions need, such as automated reminders for board meetings, leadership tracking functionalities, and document retrieval.

Furthermore, choosing a provider like Harbor Compliance, which offers a Software Suite with board management functionalities and additional services, such as managing licenses and filing initial and annual reports, is beneficial. These solutions are crucial for meeting regulatory requirements as failure to manage your responsibilities correctly and on time can jeopardize the credit union’s ability to function. 

In this article, we’ll discuss what board management software for credit unions is, why these tools are necessary, and what key features to consider before choosing any solution. Additionally, we will highlight how Harbor Compliance’s Records Manager can optimize your board operations through secure document storage and meeting scheduling. 

What Is Board Management Software for Credit Unions?

Board management software streamlines various administrative tasks, such as scheduling board meetings, organizing important documents, and tracking leadership changes. Many organizations, including credit unions, rely on these tools to manage their board operations and improve efficiency. 

Before the introduction of board management software, entities relied on traditional methods for managing board operations. Document storage often involved physical files and paper records, while meeting scheduling required manual coordination, resulting in inefficient communication and frustrated administrative staff. 

Thankfully, board management software has transformed how boards oversee operations. From centralizing the storage of essential information to facilitating meetings, they’re a necessity for modern organizations that want efficient operations.

Reasons Credit Unions Need Board Management Software

Credit unions, while similar to traditional financial institutions, are member-owned nonprofit entities that reinvest their earnings to provide better rates and lower fees. Given these distinct characteristics, having a tailored solution that can address their specific needs is essential because:

1. It streamlines meeting coordination 
2. It facilitates efficient record-keeping 
3. It simplifies document retrieval

Streamlining Meeting Coordination

Managing a credit union’s board involves overseeing multiple administrative tasks, such as setting up meetings and sending reminders to board members. Board management software handles these processes and eliminates the need for manual coordination and communication.

This enables credit unions to focus on their primary goal of improving member services and making strategic decisions. 

Facilitating Efficient Record-Keeping

As financial institutions, credit unions must maintain accurate records to adhere to regulatory requirements and prepare for audits. Board management software facilitates record-keeping by providing a secure location for storing important documents like meeting minutes, financial reports, and policy changes.

This makes organizing and updating important information easy, ensuring all records are accurate. 

Simplifying Document Retrieval

Credit unions frequently need to access important information, such as financial records or meeting minutes, to carry out their duties. When such records are scattered across multiple platforms, finding the necessary documents can be time-consuming and frustrating.

Board management software addresses this issue by keeping all records in a centralized location. This ensures that authorized individuals can easily locate and retrieve the necessary information without delays.

Key Features To Look For in Board Management Software for Credit Unions

With many board management software options available, entities must carefully evaluate which features best match their operational needs. Most tools offer functionalities like video conferencing, data analytics, and meeting creation agenda capabilities. 

However, these features may not be essential because many entities already rely on existing tools like Google Docs for document and agenda creation. Rather than investing in software with sophisticated but redundant features that may not provide a return on investment, credit unions should prioritize the following features: 

• Secure centralized storage—The tool must offer security measures like encryption and restricted access to protect the credit union’s sensitive records. Ensure the software service provider has a proven track record of safeguarding data and a strong commitment to preventing breaches.
• Meeting coordination and automated alerts—The software must facilitate the seamless scheduling of board meetings and send automated reminders to members when meeting times are close. 
• Leadership and ownership tracking—The tool should be capable of tracking leadership and ownership changes and identifying any vacancies on the board that need to be filled.

If you’re searching for a service provider that offers key board management tools and services for managing the corporate lifecycle, look no further than Harbor Compliance.

Streamline Your Credit Union’s Board Operations With Harbor Compliance’s Records Manager

While many board management software options provide essential functionalities like secure document storage and meeting coordination, it’s advisable to choose a provider like Harbor Compliance that offers solutions extending beyond board management. 

Harbor Compliance excels in this area as we offer a proprietary Software Suite and services to support your organization’s operational needs and regulatory obligations. 

Records Manager, a key module in our Software Suite, is specifically designed for an entity’s board management. It provides a centralized location for storing corporate records and meeting coordination capabilities for scheduling recurring board meetings.

In addition to our Software Suite, we also offer essential entity management services and filing support to ensure your organization remains in good standing in its state of operation. 

How Does Harbor Compliance’s Records Manager Enhance Board Management for Credit Unions?

Harbor Compliance’s Records Manager meets the needs of credit unions by providing the core functionalities required for effective board management, such as:

• Board member tracking—It keeps detailed records of board members, including their roles and terms. It also helps identify board vacancies and tracks ownership and leadership changes.
• Meeting management—It facilitates meeting scheduling and enables administrators to set up recurring sessions. It also sends automated reminders alerting members before meetings.
• Secure Document Storage—It provides secure and centralized storage for essential credit union documents such as policies, bylaws, meeting minutes, and governance records. 

Other Modules in Harbor Compliance’s Software Suite

Beyond the Records Manager module, our Software Suite offers a range of features that cater to entity management and operational needs. Outlined below are the other modules within the suite and their functionalities:

• Entity Manager—By integrating with secretary of state databases, this tool retrieves and displays entity registration details, jurisdiction, standing with state requirements, and other publicly available information. It also tracks annual report due dates and sends automated reminders when filing deadlines are close. 
• License Manager—This module streamlines licensure using Compliance Core^TM, a search engine that provides information on license requirements. It also provides centralized storage for firm and individual licenses and tracks license renewal dates. Furthermore, License Manager enables users to delegate various licensing tasks to different team members. 
• Tax Manager—It provides an overview of your tax accounts, including registration details and status. It effectively mitigates the risks associated with tax registration gaps and lapses by keeping track of federal, state, and local tax registration and exemptions. 
• Requirements Research Engine—It enables you to research licensing requirements for your organization prior to expanding into new states/markets. This research engine is a searchable window into the proprietary reference database, which contains detailed information about license requirements, including the agencies they’re filed with, contact details for those agencies, links to agency websites and search tools, step-by-step instructions on how to file for a given license, fees, prerequisites, required attachments, processing times, and links to state statutes.

How To Order Harbor Compliance’s Records Manager

You can order Harbor Compliance’s Records Manager in seconds by following these steps: 

1. Visit the Records Manager section on the website.
2. Select the option to schedule a demo.
3. Enter your contact details.
4. Submit your request.

Our representative will contact you to review your requirements and assist with the next steps.

Additional Services Harbor Compliance Offers 

Beyond our Software Suite for records, entity, tax, and license management, we offer other solutions that ensure you meet regulatory requirements. The table below details these additional services: 

Managing Your Credit Union’s Board With Harbor Compliance

Credit unions have numerous responsibilities, from managing large financial assets to complex fiduciary duties. Utilizing board management software can streamline these activities, reduce time spent on administrative tasks like scheduling meetings, and improve overall efficiency.

It’s important to verify that the board management software your credit union chooses offers fundamental features like secure document storage and ownership tracking. Opting for a provider like Harbor Compliance, which can also assist you with operational and entity management needs, adds significant value.

If you’d like to partner with us and take advantage of our solutions, you can get started by requesting a demo session to see how our software works firsthand. A representative will contact you to discuss your requirements and how our Software Suite can meet them.Check whether your business meets other regulatory requirements with our FREE Harbor Compliance Score™ and identify areas for improvement. You can also visit our Information Center for comprehensive details on our services and the regulatory obligations specific to your operating state.