Supervisory Committee Report

As required by Law, a Supervisory Audit for the Credit Union was performed in September of 2024. This year’s audit is not yet scheduled, but will be in September 2025.

The accounting firm Ouellette, Labonte, Roberge & Allen, P.A. performed last year’s audit and will be performing this year’s as well. Due to time constraints, The Supervisory Committee contracts an outside agency each year to complete the required procedures of this audit. The Audit consists of a general overview of the Credit Unions financial condition as well as a verification of Policy and Procedures to ensure we are in compliance with all laws, rules and regulations. The results of this Audit are presented to the Board of Directors upon completion. Last year’s audit revealed a couple minor findings that were all immediately corrected with no other concerns.

The Supervisory Committee also completes the verification of member accounts, verifies member life insurance claims, does follow up surveys on Closed Accounts and performs physical cash counts.

All follow up Surveys were reviewed and no out of the ordinary comments were received. Surprise cash counts were also performed with no findings. Policy and Procedures were verified and are all in compliance.

In conclusion, The Supervisory Committee wishes to extend its thanks to Diana Winkley and her staff for their patience during the procedures and while we perform our duties.

Respectfully submitted,

CAFCU Supervisory Committee Shawn Arbour, Christine Durgin, and Charlie Squires