The Supervisory Committee is responsible for ensuring that the Board of Directors and the management of the credit union 1) meet required financial reporting objectives and 2) establish practices and procedures sufficient to safeguard members' assets. This is a volunteer position.
- Determine that internal control are established and effectively maintained to achieve the credit union's financial reporting objectives which must be sufficient to satisfy the requirements of the supervisory committee audit, verification of members' accounts and its additional responsibilities.
- Ensure that the credit union's accounting records and financial reports are promptly prepared and accurately reflect operations and results.
- Determine that the relevant plans, policies and control procedures established by the board of directors are properly administered.
- Confirm that policies and control procedures are sufficient to safeguard against error, conflict of interest, self-dealing and fraud.
- Conduct, or cause to be conducted, a verification of the loan and share accounts of the members in accordance with credit union policy and regulatory requirements.
- Suspend any member of the Board of Directors, if necessary, in accordance with state and federal regulations.
- Attend monthly supervisory committee meetings and distribute timely minutes of all meetings to the credit union Administrative Assistant for further circulation to all volunteers and credit union management.
- Attend regular and special meetings of the Board when required.
- Consider the business of the credit union and its members to be confidential in nature and treat it accordingly.
- Ensure that any member records in the possession of the committee are in a secure place.