Supervisory Committee Member

Position Overview

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.

QUALIFICATIONS:

Must be a member of the Credit Union in good standing.

Position Description

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.

Yearly Duties:

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

Semi-Annual Duties:

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 cyenni@mynspcu.org.