Supervisory Committee Member
ACCOUNTABLE TO:Membership, Board of Directors
TERM:Elected by the Membership for a staggered three-year term. No term limits.
COMPENSATION:$20.00/hour per hours worked in official capacity.
Must be a member of the Credit Union in good standing.
Committee Responsibility Summary:
- Provides oversight of operational procedures and safety of members’ funds.
- Ensures that internal controls are in place and operating correctly.
- Oversees lending, accounting, and operating activities to verify detail of internal controls and operating procedures.
- Initiates annual audit by selecting an independent, professional auditing firm to perform internal audit responsibilities.
- Complete member account verifications (typically conducted by an outside, contracted CPA firm).
- Contract with management to have a CPA firm conduct at least an agreed-upon procedures audit.
- During one quarter per year, reviews:
- Closed accounts, Returned Mail, Exceptions, ALLL report
- New accounts, Investments, Dormant Accounts, Outside audits, Bank statements
- Hold a meeting appointing a chairperson and secretary to take minutes of the Committee meetings.
- Conduct an audit for the State of Minnesota.
- During two non-consecutive calendar quarters:
- Perform cash counts, Review loan files
If you are interested in a position on our Supervisory Committee, please contact Charlie Yenni at 651-228-7672 or firstname.lastname@example.org.