Supervisory Committee 2021
At Family First, like all credit unions, there is Supervisory Committee, which is composed by member volunteers, that monitors the safety and soundness of the credit union. They do this by conducting a series of audits to validate various facets of the credit union that include: audits of loan files, surprise cash counts at the teller line, cash counts of the vault, and verification of closed accounts.
The committee also reviews internal controls such as operational and financial standards, financial statements, external auditor’s report, maintenance of internal controls, and verifying the investment holdings of the credit union. In addition, we are responsible for overseeing the financial reporting process to all governmental agencies and ensuring that management has established an effective structure of internal controls. An “internal” auditor, from an accounting firm, has been engaged to assist us with this process. The Supervisory Committee is also in charge of scheduling and monitoring the financial audit by a Certified Public Accounting firm. The auditors report directly to the Supervisory Committee and the Board of Directors on any findings.
We are looking for additional members for this committee. The committee meets on the second Tuesday of each month at 5:45 P.M. A business or financial background would be the desired qualifications but training is available for members who would be willing to serve.
If you are interested, and would like to learn more, please contact Hugh Franklin, Supervisory Committee Chair at: [email protected]