There are two positions expiring on the Solano First Supervisory Committee. Please email firstname.lastname@example.org to APPLY TODAY!
The Supervisory Committee serves a very important function in smaller credit unions in particular, because of limited internal controls. Smaller credit unions have fewer staff members and they cannot segregate job responsibilities as well. Supervisory committee functions help to compensate for limited controls. Active supervisory committees help to improve the credit union.
Supervisory Committee Members have two general goals.
You must ensure that:
- Management's financial reporting objectives have been met.
- Management practices and procedures safeguard member's assets.
To meet these two general goals, you are responsible for determining whether your credit union managers have:
- Established and maintained effective internal controls to achieve the credit union's financial reporting objectives.
- These controls must meet the requirements of the supervisory committee audit, verification of members' accounts and your additional responsibilities.
- Promptly prepared accounting records and financial reports to accurately reflect operations and results.
- Properly administered the relevant plans, policies, and control procedures established by the board of directors.
- Established policies and control procedures that safeguard against error, carelessness, conflict of interest, self-dealing and fraud.
You make those determinations primarily through conducting audits and verifications.
At least once every calendar year, you must complete the supervisory committee audit, and provide a report on the audit to the board of directors. The audit must cover the period elapsed since the last audit period. At least once every two years, you must conduct a verification of members' accounts. You must ensure that the board of directors is safeguarding assets, and that management complies with their policies and plans.