The primary responsibility of the Supervisory Committee is to oversee all aspects of the credit union to determine that it is being managed soundly and that members’ assets are being adequately safeguarded. The Committee ensures that the board of directors and credit union management meet required financial reporting objectives and that policies, practices and procedures are established and sufficient to protect members’ assets.
The Supervisory Committee does not have authority to make any financial policy for the credit union. The Committee engages an independent certified public accounting firm annually to perform an opinion audit that evaluates accounting controls, financial statements, and verification of members’ accounts. Credit union operation audits are also performed throughout the year resulting in detailed reports to the Supervisory Committee for review.
All credit unions are required by law to have a Supervisory Committee made up of 3 to 5 credit union members who serve as volunteers without any compensation.
Qualifications of a Supervisory Committee Candidate
- Being a member in good standing of the Credit Union and using the Credit Union’s products and services to a reasonable degree
- Having a satisfactory credit and references check
Benefits of Volunteering
- Satisfaction of being a major contributor in setting the direction, and witnessing the success of the financial institution of which you are a direct member/owner.
- The opportunity to use skills and knowledge that you may not be able to in your normal professional capacity.
If you are interested in becoming a Credit Union Volunteer, please complete the Volunteer Application Form and return to us via email, or mail to us at: Scient Federal Credit Union Attn: Executive Department P.O. Box 499 Groton, CT 06340. To protect the security of your personal information, never email your account number or any other personal financial information.