Supervisory Committee Report

As required by Law, A Supervisory Audit for the Credit Union was performed in October of 2021. This year’s audit is scheduled for September 2022.

The accounting firm Ouellette, Labonte, Roberge & Allen, P.A. performed last years 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 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 years audit revealed no findings and comments were all positive.

NCUA performed an 18-month Federal Exam in 2021. The Regulatory Exam was finished up in February of 2022 from the period of July 2020. A few minor non conformances were found during the audit which were all immediately address and corrected.

Due to COVID restrictions this year, both Audits were performed Virtually.

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 it’s 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, & Charlie Squires