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Retiring Director Recognition / Compensation

  • 1.  Retiring Director Recognition / Compensation

    Posted 06-05-2019 10:50
    The discussion has recently come up at our board meetings about recognition in the form of a gift or some level of financial compensation in order to recognize board members that are retiring or have not won re-election. I'm wondering if anyone has experience or a policy in place that creates consistency for this scenario? Do you have guidelines based on years of service? Are there any circumstances in which you would not give a gift or compensation?
    A few pieces that are relevant to know are:
    - We are a volunteer board with no compensation, as many CU boards are
    - Length of service years can vary greatly as some of our directors have been serving for nearly 30 years

    Appreciate any experience that the group has!
    Thank you,
    Marty

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    Martin Docter
    Director
    Fox Communities CU
    Neenah WI
    920.993.9000
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  • 2.  RE: Retiring Director Recognition / Compensation

    Posted 06-05-2019 11:00

    We have handled recognition in several ways.  For a volunteer that has served less than 10 years, we present them with a certificate of appreciation at our annual meeting.  Over 10 years we will add an appropriate gift (we've done things like a photo package at a local studio for a retiring director with children/grandchildren that they have expressed a desire to commit more time to and landscaping items for a director who loves gardening).  Even for volunteers that have put in over 30 years, we generally don't exceed $500 in value and we never do it in cash.  We also have considered gift package at resorts, etc.  We try to personalize the gift in recognition of the relationship.

    I'll be interested in the other responses!

     

    Kathryn L Briggs

    CEO,  Family First FCU

    Great Falls, MT

    kbriggs@familyfirstfcu.org

    NMLSR #410439

    406-727-7575

    Fax 406-727-0052

     

    "Opening Doors to Your Future"

     

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  • 3.  RE: Retiring Director Recognition / Compensation

    Posted 06-05-2019 11:14
    Thank you for your response, Kathryn! I appreciate your feedback and also look forward to others input.

    Im curious, is there a reason why cash gifts haven't been considered and the gift values are capped at $500?

    Thanks again!

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    Martin Docter
    Director
    Fox Communities CU
    Neenah WI
    920.993.9000
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  • 4.  RE: Retiring Director Recognition / Compensation

    Posted 06-06-2019 06:09

    One of the things I wanted to avoid when I started was getting the parting gift wrong.  I discussed with my board what would be appropriate and this is what we came up with.

     

     

    image003.png@01D306C4.5164BEF0

    Matthew P. Piazza, CPA

    PRESIDENT & CEO

    O: 410.584.7474 ext.240

    F:  410.584.8061

    mpiazza@affcu.org

    www.affcu.org

     

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  • 5.  RE: Retiring Director Recognition / Compensation

    Posted 06-06-2019 07:30
    Good Morning 
    My credit union has no set policy on this and it's a little different in Canada as board members do receive and annual stipend for sitting on the board. We typically do a gift like a framed print around $250 price point. 

    Ted Pahl 
    Tignish Credit Union
    (902) 882 5500 Direct
    (902) 214 0027 Cell






  • 6.  RE: Retiring Director Recognition / Compensation

    Posted 06-06-2019 07:39
    We just had our board chair retire after 27 years.  We got her a framed print of the credit union, an etched crystal trophy bowl full of truffles, an etched crystal vase with 27 roses, and made a $1000 scholarship donation in her name to the local state college.  We also installed a time capsule in our new facility in her name to be opened in 30 years.

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    Marrita Watkins
    Executive Coordinator
    ORNL Federal CU
    Oak Ridge TN
    865.688.9555
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  • 7.  RE: Retiring Director Recognition / Compensation

    Posted 06-06-2019 10:44
    We are reconsidering our recognition after suspending some guidelines that had been in place forever.  We did away with plaques years ago as most people have plenty and don't want more.  The same with art work.  Not everyone appreciated receiving a painting by a local artist or even wanted art.

    We lean towards group dinners to thank the person combined with some sort of personal gift with value commensurate to the years of service.  I generally ask the director what would be meaningful. In recent years, many have opted for contributions made on their behalf to a favorite organization or cause.

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    Debra Evans
    President/CEO
    Embark FCU
    Great Falls MT
    406.791.2861
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  • 8.  RE: Retiring Director Recognition / Compensation

    Posted 06-11-2019 16:15
    Hello!
    In my past experience one of the coolest gifts that I saw a board receive was a nice cooler filled with a local butcher shops meat. It was not only a nod towards supporting local, it was a gift they would indeed use for themselves and their family.
    I just wanted to toss that out there because the response to this gift was GREAT!

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    Nanci Wilson
    Membership Manager
    CUES
    www.cues.org
    nanci@cues.org
    608.288.5391
    PO Box 14167, Madison, WI 53708
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  • 9.  RE: Retiring Director Recognition / Compensation

    Posted 06-12-2019 08:17
    I think it's a good idea to standardize the dollar limits based on tenure or contribution.  We don't have a standard policy at Affinity Plus. I liked many of Kathryn L Briggs ideas because of the personalization.  Something else to consider is naming a conference room, training room, or some other gather space.  Outside of the room, you could post a picture and bio of the director along with their contributions.
     
    In the end, genuine appreciation for them as a person, their time, and commitment to making the credit union and our movement better should go a long way. It's hard to go wrong if the idea is well thought out, shows care, and is from the heart.

    Good luck,
    Taylor


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    Taylor Murray
    VP, Growth & Opportunity
    Affinity Plus FCU
    Saint Paul MN
    651.312.9396
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