committee

AB&W Credit Union Volunteer positions are now available on the Supervisory Committee...

 Supervisory Committee

Volunteer Position

Purpose

The Supervisory Committee, or Audit Committee, is the watchful eye for the Credit Union. The Committee is responsible for assuring its membership that their deposits are safe.

In a democratic structure like the Credit Union, it is imperative that the Committee be visible and active in fulfilling its responsibilities to the membership.

Qualifications For Serving

Supervisory Committee member are Credit Union volunteers who may have little or no background in Credit Union operations. The simple fact is this small group of volunteers come with diverse backgrounds is what makes the Committee so effective.

Unfamiliarity with Credit Unions in combination with an enthusiasm to get involved in productive manner, can be the most effective for members of the Committee because of the uninhibited nature of their inquiries regarding Credit Union matters.

Volunteers with little or no experience will be more apt to question the most routine operation inherently causing a no stone left unturned impact on the overall structure.

As volunteers gain experience and training, the levels of their scrutiny in monitoring their Credit Union will naturally move up to the complexities of the organization.

Roles and Duties of the Supervisory Committee

The Supervisory Committee will consist of an odd number of members, at least three (3) in number, each of the three members of Supervisory Committee will be members of this Credit Union. The Supervisory Committee members will have specified terms and will be appointed by the Board of Directors.

The Supervisory Committee is required to inspect the Credit Union records for accuracy to confirm the security of the assets and verify the procedures for the proper handling and use of funds.

As a member of SUPERVISORY COMMITTEE, you are responsible to:

  • Make, or cause to be made, audits as required by government agencies. Also, prepare and submit the necessary written forms. Conduct or order supplementary audits as the Committee Decides is necessary;
  • Inspect the securities, cash and accounts of the credit union and scrutinize acts of all officers, committees, and employees of the Credit Union to determine compliance with Board, State and other regulatory requirements;
  • Conduct or order a verification of the loan and share accounts of the members in accordance with Credit Union policies and regulatory requirements;
  • Review minutes of the Board;
  • Make sure there are internal controls and that all internal controls are being followed;
  • Recalculate the expected interest income from loans and investments and the expected interest paid on member deposits to determine if records are reasonable;
  • Suspend, if necessary, any member or officer of the Board of Directors in accordance with state and federal regulations;
  • Prepare and make available an annual review of the work done by the Supervisory Committee to be presented at the annual membership meeting.

Time Involved

Volunteers are expected to attend:

  • The respective regularly scheduled Board meeting every month, currently the Board meets on third Tuesday of each month at 10:30 am, at the Credit Union Office;
  • Scheduled Supervisory Committee meetings, the Annual Planning Session and other meetings as needed;
  • Other volunteer Conferences and seminars facilitated by the Virginia Credit Union League.

Volunteers are encouraged to enroll in the Volunteer Achievement Program (VAP) and the Volunteer Leadership Program (VLP) courses through the Virginia Credit Union League, and to complete at least the three basic core modules within the first year in office.

This Volunteer Position requires at the most 3 to 5 hours of your time once a month.

All members of the Supervisory Committee are welcome at the monthly Board of Directors Meetings.

There is no paid compensation for any positions as a AB&W Credit Union volunteer.

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