Supervisory Committee Report
The function of the Supervisory Committee is to represent your interests by overseeing the safe and sound nature of the credit union’s daily practices, to ensure the integrity of ongoing operations, and to substantiate its operational compliance with statutory regulations.
2020 activities included surprise cash and non-cash audits at branch locations, reviews of membership accounts, general ledger accounts, operating account reconciliations, policies and procedures, investment activities and loan activities. In addition, account activities of management, employees, volunteers, and related parties were reviewed as required. Without exception, we found everything to be in order.
Our committee met as needed to attend to its business and complete our work plan. We appreciate the cooperation and assistance of management and staff as we did so.
In 2020, the committee again engaged the firm of Baker Newman and Noyes to perform positive and negative account verifications and to provide the required Annual Financial Statement Audit.
For the period ended March 31, 2020, this firm reported favorably on the financial condition and operational strength of the credit union. No material weaknesses, reportable conditions or adverse matters were noted in their management letter. Appreciation was expressed for the courtesy and cooperation extended to them by the management and staff of the Credit Union.
Through the period ended September 30, 2020, the National Credit Union Administration performed an examination to evaluate the safety and soundness of the credit union. Seven areas of risk including credit, interest rate, liquidity, transaction, compliance, strategic, and reputation were evaluated. The examination provided very favorable results and the credit union continues to receive the strongest rating possible.
Our committee continues to be extremely pleased with management and the sound nature of its operations, and with the cooperative approach of the staff. I thank my fellow committee members for their work during the year.
Respectfully Submitted, Joseph Young, Jr., Chair, Supervisory Committee