The Northern Colorado Credit Union Supervisory Committee is made up of volunteers. The purpose of the supervisory committee is to function as the watchdog for the credit union’s member-owners by providing oversight and risk protection.
The NCCU Board of Directors appoints supervisory committee members, and the committee chair oversees the members. Business students are encouraged to join! The time commitment is two (2) hours a month minimum and mandatory attendance at the committee’s quarterly meetings. Aside from scheduled training sessions, a committee member’s volunteer schedule is flexible, as long as it adheres to the two-hour minimum requirement. Supervisory committee members are encouraged to attend monthly board of director’s meetings whenever possible.
Supervisory Committee Members
General NCCU Supervisory Committee responsibilities include:
- Understanding all audits are sample audits to insure the Credit Union is following set policies and procedures;
- Auditing internal controls;
- Auditing accounting records and expense reports;
- Auditing loan processes;
- Auditing teller procedures; and
- Ensuring all committee processes/tasks are following set procedures and forms.
The supervisory committee has a list of audit tasks that are performed on a monthly, quarterly, and/or annual basis. These tasks include cash drawer counts; validating new accounts, closed accounts, dormant accounts, negative accounts, and new loans; reconciling checking accounts, reviewing investment statements, and auditing monthly expenses paid and insider accounts. The supervisory committee also manages the outside audit function, is responsible for reviewing reports from external auditors.
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