Board of Directors
About Our Board Of Directors
As a Member-owned financial cooperative, Royal Credit Union is governed by a Board of Directors. The Board sets the general direction of the credit union while keeping our Members’ best interests at the center of everything we do. This group of professionals are actually volunteers who are elected by Members in a democratic process.
View Our Annual Reports
Our annual reports showcase Royal Credit Union's financial health with our annual Statement of Financial Condition that lists Royal's assets and liabilities. The annual reports also include our annual meeting minutes and the Audit Committee report.
- 2021 Annual Report
- 2020 Annual Report
- 2019 Annual Report
- 2018 Annual Report
- 2017 Annual Report
- 2016 Annual Report
- 2015 Annual Report
- 2014 Annual Report
Meet Our Board Of Directors
Tom Huffcutt, Chairman
Tom has been a Member of Royal Credit Union for more than 20 years. He currently serves as Chairman of Royal Credit Union’s Board of Directors and is on the Compensation/Governance and Political Action Committees. Tom also served on Royal Credit Union’s Nominating Committee for four years before joining the Board of Directors and has served on the Finance Committee and Audit Committee.
Tom previously served on the Board of Directors for Cornerstone Credit Union in Freeport, Illinois, where he held the positions of Secretary and Vice Chair. He is a Certified Credit Union Board Member.
Tom is retired from his career at Chippewa Valley Technical College where he served as Vice President of Operations. He holds a Master's Degree in Training and Human Resources Development from UW-Stout and a Bachelor’s Degree in Business Administration from UW-Madison. Tom and his wife Mary live in Chippewa Falls, Wisconsin. They have three grown sons.
Stuart Schaefer, Vice Chairman
Stuart has been a Member of Royal Credit Union for over 25 years. He currently serves as Vice Chairman of the Board of Directors and is on the Credit Oversight Committee and the Compensation/Governance Committee.
Stuart is a graduate of UW-Madison and has been a licensed Real Estate Broker since 1980. He is also a member of the International Council of Shopping Centers. Stuart is currently the President of Eau Claire-based Commonweal Development Corporation, an award winning community-focused real estate development company engaged in urban renewal, mixed use, retail, and office projects including the Confluence project in Downtown Eau Claire, Wisconsin.
Stuart has served on various boards throughout his career including the Eau Claire Area Economic Development Corporation, where he acted as president in 2009. Stuart has four children and resides in Sarona, Wisconsin.
Doug Olson, Treasurer
Doug has been a credit union Member for over 40 years and was elected to the Board of Directors in 1995. Previously, he served as Chairman for 13 years. Doug currently serves as Treasurer of the Board of Directors. Doug is the Chairman of the Finance Committee and is on the Compensation/Governance Committee.
Doug is a Certified Credit Union Board Member. He previously served on the Credit Union National Association’s Volunteer Leadership Committee. Doug had a vision of starting the RCU Foundation to focus on large-impact community giving. As a result of this vision, the RCU Foundation has awarded more than $6 million in charitable donations since 2013 to make a positive impact in the lives we touch.
Doug is retired from his career at Chippewa Valley Technical College (CVTC) where he served as the Executive Director of Operations. Prior to his career at CVTC, he was the founder and owner of Badger Window Systems. He lives with his wife Pam on Lake Holcombe, which is 50 miles north of Eau Claire, Wisconsin.
Jennifer McDonough, Secretary
Jennifer has been a member of Royal Credit Union for over 30 years. She currently serves as Secretary of the Board and as a member of the Finance and the Political Action Committees. She previously served on the Compensation/Governance Committee and as Chair of the Audit Committee.
Jennifer is a Certified Credit Union Board Member and Certified Credit Union Supervisory Committee Member. She has completed the Credit Union National Association’s Volunteer Achievement Program and the requirements of Director Financial Literacy. Jennifer earned Bachelor and Master in Education Degrees, including certification in Economics, at UW-Eau Claire and completed her Educational Administration Degree at UW-Superior.
Retired from administration for the Eau Claire Area School District, Jennifer volunteers on the HSHS Sacred Heart Foundation Board and as the Chair of the Women’s Giving Circle of Eau Claire. She and her husband Matthew live in Chippewa Falls.
Nancy was elected to Royal Credit Union’s Board of Directors in 1999. She currently serves on the Finance Committee. She has also participated on the Web, Technology, and Scholarship Committees and is past Chair of the Audit Committee.
As a bank examiner for the Federal Deposit Insurance Corporation (FDIC), Nancy examined banks in five states with assets ranging in size from $35 million to $1 billion. Her responsibilities included assessing their overall financial condition, evaluating the effectiveness of management and policies, determining compliance with laws and regulations, and reviewing loan and investment quality. Nancy is a Certified Credit Union Board Member.
Nancy works as a Rate Analyst at Xcel Energy. She received her Bachelor of Science Degree from St. Cloud State University with a major in Finance. Nancy resides in Altoona with her husband Tony and two daughters.
Bill has been a Member of Royal Credit Union for over 35 years. He serves on the Board of Directors, the Audit Committee, and the Credit Oversight Committee; and he previously served on the Finance Committee. Bill is a Certified Credit Union Board Member.
Bill was employed by Royal Credit Union for nine years, the final seven in business lending. Bill left Royal in 2001 to pursue an opportunity to own his own business. He is currently co-owner of L&M Mail & Courier. In 2008, L&M was recognized as Small Business of the Year by the Eau Claire Area Chamber of Commerce.
Bill received his Bachelor’s Degree from UW-Eau Claire, majoring in Finance. Bill and his wife Beth have two daughters and live in Eau Claire.
John has been a credit union Member for more than 40 years. Currently, John serves on the Board of Directors, is Chairman of the Audit Committee and is on the Political Action Committee. John previously served as Chairman of the Board for 17 years and Treasurer for 10 years.
John also serves as a director on the National Credit Union Foundation, President of the RCU Foundation, and is on the Credit Union National Association’s Board of Directors. Previously, John served as Chair of the CUNA Volunteer Leadership Committee and as a member of other CUNA groups including the Community Credit Union Committee and Mergers Task Force. John is a Certified Credit Union Board Member, a Certified Credit Union Supervisory Committee Member, and has completed the Credit Union Leadership Program.
After serving as Director of Finance for the Eau Claire Area School District for 27 years, John is enjoying his retirement. John is a graduate of UW-Eau Claire with a Bachelor’s Degree in Comprehensive Public Accounting. John and his wife Kris have four children and live in Eau Claire.