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The
Supervisory Committee is made up of five member/volunteers
appointed by the Board of Directors. The committee's role
is to ensure that the credit union operates within the regulations
governing federally chartered credit unions. To carry out
its responsibilities, the Supervisory Committee meets monthly
with the credit union management to review financial reports and review policies and procedures that
control day-to-day operations. A committee member is also
present at monthly Board of Directors meetings.
One
means by which the Supervisory Committee accomplishes its role is by
contracting with a certified public accounting firm to conduct
an annual independent financial statement audit of the credit union. This independent financial audit is not mandated by regulations,
but is highly recommended; and it is separate from, and
in addition to the annual regulatory compliance examination
performed each year by the National Credit Union Administration
(NCUA).
In
addition to working with the auditors and examiners, the committee
relies on credit union membership to review their periodic
statements of account and to report to the committee any discrepancies
or concerns. All member
inquiries are strictly confidential and will be answered.
If you do not receive a statement of account at least quarterly,
you should immediately contact the Supervisory Committee or
credit union management. It is also very important that you
notify the credit union of any address changes to facilitate
prompt mail delivery.
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