Name * Credit Union * Phone Number * Email *
1. Voluntary and Open Membership
While credit unions have defined market demographics for their field of membership, the cooperative principle of Voluntary and Open Membership speaks to the idea that all qualified consumers are welcome, embraced, and valued. You own, by simply participating. Your challenges mirror those of your peers, and your life dreams are welcome here. By pooling the challenges of all members, we can innovate together, building solutions that help everyone succeed.
1. Do you have automated membership applications on your website, mobile website, and mobile applications? * 2. Do you have a “welcome format” when it comes to presenting membership requirements and are they posted in all consumer contact points? * 3. Does your site have a switch kit? * 4. Does your website have a refer a friend or referral program? * 5. Do you have a call center membership application process? * 6. Do you post plans or goals for expanding your field of membership and your hopes to build larger communities of co-op members? * Subtotal for this principle 2. Democratic Member Control
Credit union members enjoy equal voting rights, and the men and women who serve as elected representatives are accountable to the membership. The power of ownership is at its strongest when members experience the democratic process and understand that they have a voice in the governance and direction of the credit union.
1. Do you advertise the election process with the zest you use in advertising loan specials, branch openings, or savings products? * 2. Do you have elections even when there is no contested contest, selling the power to vote every time? * 3. What percentage of your members vote (use a three year average)? * 4. How many ways can your members vote? * 5. How many days do the members have to vote? * 6. Can members vote online? * 7. Do you advertise the power of volunteering as a community positive? * 8. Do you spend more than you would for a loan promotion advertising the power of volunteering? * 9. Do you advertise a wide open invitation to join our volunteers at the CU? * 10. Are your board member processes and job descriptions advertised for all to consider? * Subtotal for this principle 3. Member Economic Participation
Via their elected representatives, members have control over how the cooperative’s capital is used – for developing the cooperative, paying dividends, or supporting any other activities agreed upon by the members. The power of that ownership is amplified when the member owner is paid in dollar and cents. Are you reinforcing the value of ownership by paying a return that is clearly defined as an ownership dividend?
1. Do you advertise an ownership dividend beyond classic banking rates on loans and savings? * 2. Do you budget an annual ownership dividend? * 3. Do you budget and pay special dividends based on patronage appreciation? * 4. Do you advertise your charitable donation and community participation as good works by your ownership? * 5. Do you advertise the value and the drive of your board to ensure ownership returns? * 6. Do you advertise the growing value of your capital as a community asset and a fund that is willed to the future for the future community members? * Subtotal for this principle 4. Autonomy and Independence
Cooperatives value the autonomy and independence of their communities and the rights of members to be individuals, unique within the cooperative. The common bond is at its strongest when its members see diversity as strength. “We” are our community and our community values individuals and their dreams.
1. Do your products and services respect multiple approaches to saving and borrowing? * 2. Can members can opt in and opt out of your member marketing, courtesy pay programs, and other services? * 3. Do you have relational pricing that allows members the options to define their returns and fees? * 4. Do you have special programs that aid diverse groups in taking advantage of the credit union? * 5. Does your board have a sustainability program to ensure its ongoing vibrancy and renewal? * 6. Does your board have a succession plan for key team members to ensure sustainability? * Subtotal for this principle 5. Education, Training and Information
The power of ownership is the ability to gain insight into how cooperative businesses work, so that members can become better buyers and better owners of cooperative services. Cooperatives – credit unions – educate members to see the value from both sides of the table. Education is a foundation, and life learning for all participants of the cooperative is the goal. Cooperatives educate their members, elected representatives, managers, and employees so that everyone can contribute to making the cooperative stronger. They inform the public – particularly young people and opinion leaders – about the nature and benefits of cooperation.
1. Does your credit union offer online education and consumer aids? * 2. Does your credit union offer special auditing opportunities for board meetings, and other member governing events? * 3. Does your credit union post its business plan for members to see? * 4. Does your credit union sponsor education within your community? * 5. Does your credit union reward educational achievements? * 6. Does your credit union have a board member/volunteer education program? * Subtotal for this principle 6. Cooperation among Cooperatives
Cooperatives can serve their member owners best by working together – locally, regionally, and nationally – and by encouraging all participants to default to collaborative responses when approaching business problems.
1. Does your credit union have a policy to review for Cooperative Solutions in the procurement procedures? * 2. Does your credit union participate in partnership with other cooperatives? * 3. Does your credit union participate in Cooperative Trade Associations? * 4. Does your credit union participate with non-credit union Cooperative Trade Associations? * 5. Does your credit union sponsor the creation of new Cooperatives? * Subtotal for this principle 7. Concern for Community
Communities are not just defined by geography! Today “community” is used to represent a common mindset, affiliation, or any other way in which people identify with each other. This principle speaks to a respect for peers who share common goals, challenges, or opportunities, and who choose to work together toward everyone’s success. Cooperatives wear their community pride for everyone to see!
1. How many communities does your credit union recognize as key to your members' success? * 2. Has your credit union added a new community to its business plan in the last year? * 3. Does your credit union participate in key community events? * 4. Has your credit union been recognized as a positive force by a key community publicly in the last year? * 5. Do you have a public relations committee and on-going budgeted tactic? * 6. Do you present 3 press releases each month to local, regional, and national groups? * 7. Do you support and fund community involvement by staff in your community? * 8. Do you regularly host community leaders and have your board/volunteers participate? * Subtotal for this principle How Did You Do?
Your total points from each section are listed below. Realize there could be a myriad of other activities that qualify for the cooperative principles. If you have suggestions for additional criteria for a future Cooperative Score Self Assessment, submit them using the Contact form after you submit your survey.
The max possible points total on this assessment is 116.
Your Subtotals 1. Voluntary and Open Membership: 2. Democratic Member Control: 3. Member Economic Participation: 4. Autonomy and Independence: 5. Education, Training and Information: 6. Cooperation among Cooperatives: 7. Concern for Community: Grand Total Points:
Your Score How You Did
More than 104 points Congratulations, you are a shining example of a true cooperative.
80-103 points Not bad, not bad at all. You are doing well.
58-79 points Need to work a little more on your core cooperative values. Step 1: find someone who scored higher than you and ask how they did it.
Less than 58 points You are a cooperative right?
0 points Comments
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