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Title 12: Banks and Banking
CHAPTER VI: FARM CREDIT ADMINISTRATION
SUBCHAPTER B: FARM CREDIT SYSTEM
PART 618: GENERAL PROVISIONS
Subpart J: Internal Controls
618.8440 - Planning.
(a) No later than 30 days after the commencement of each calendar year, the board of directors of each Farm Credit System institution shall adopt an operational and strategic business plan for at least the succeeding 3 years.
(b) The plan must include, at a minimum, the following:
(1) A mission statement.
(2) An annual review of the internal and external factors likely to affect the institution during the planning period. The review must include:
(i) An assessment of management capabilities,
(ii) An assessment of the needs of the board, based on the annual self-evaluation of the board's performance, and
(iii) Strategies for correcting identified weaknesses.
(3) Quantifiable goals and objectives.
(4) Pro forma financial statements for each year of the plan.
(5) A detailed operating budget for the first year of the plan.
(6) The capital adequacy plan adopted pursuant to ?? 615.5200(b), 615.5330 (c), and 615.5335(b).
[53 FR 39250, Oct. 6, 1988, as amended at 62 FR 4450, Jan. 30, 1997; 64 FR 34519, June 28, 1999; 71 FR 5764, Feb. 2, 2006]
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