Supervisory Committee

 

Supervisory Committee Member's Primary Function:

 

Elected by the Board of Directors to inspect the AMPLIFY’s records for accuracy, its assets for security, and its procedures for the proper handling and use of funds.

 

The Supervisory Committee is the “watchdog” of the Credit Union.  You are responsible for ensuring members’ funds and interests are protected—ensuring the safety and soundness of the Credit Union.  You will conduct an annual audit and continuing responsibility to ensure AMPLIFY’s financial records and operations are in order. 

 

SUPERVISORY COMMITTEE MEMBER’S SPECIFIC DUTIES:

  1. Make, or cause to be made, audits as required by government agencies. Also prepare and submit the necessary written forms. Conduct or order supplementary audits as the committee decides is necessary.
  2. Inspect the securities, cash, and accounts of AMPLIFY and scrutinize the acts of all offices, committees, and employees of the Credit Union to determine compliance with board, state, and other regulatory rules and laws.
  3. Conduct or order a verification of the loan and share accounts of the members, in accordance with AMPLIFY’s policy and regulatory requirements.
  4. Review minutes of the Board.
  5. Make sure there are internal controls and that they are being followed.
  6. Recalculate the expected interest income from loans and investments and the expected interest paid on member deposits to determine records are reasonable.
  7. Suspend any member of the Board of Directors, if necessary, in accordance with state and Federal regulations.
  8. Prepare and make available an annual report to be read at the annual meeting.

 

PROCEDURE FOR VACANT SUPERVISORY COMMITTEE POSITION:

  1. The Chairperson of the Supervisory Committee notifies the Chairman of the Board of the vacancy.
  2. The Board makes/accepts nominations for the vacancy.
  3. The Executive Secretary provides the candidate(s) an AMPLIFY Volunteer Application.
  4. Completed applications are received by the Executive Secretary.
  5. Applications are forwarded to Internal Audit to determine if the applicant(s) is a member of the credit union and a member in good standing (including running a credit report).
  6. The results are shared with the Chairman of the Board.  The Chairman of the Board may refer the applications to the Nominating Committee (See GEN 6.0)
  7. Nominations are made and voted on at the next Board of Director’s meeting.
  8. The results are shared with the Chairperson of the Supervisory Committee who notifies the selected nominee and the Executive Secretary notifies the other candidates.
  9. The selected candidate serves until the next Annual Board Organizational meeting at which time they may be appointed for a regular full term.

 

ARTICLE X
SECTION 1.  The Supervisory Committee shall be appointed by the Board from among the members of this Credit Union, one of whom may be a director other than the financial officer.  The Board shall determine the number of members on the committee, which shall not be fewer than 3 nor more than the maximum number permitted by the Act.  No employee of this Credit Union may be appointed to the committee.  Regular terms of committee members shall be for periods of 1, 2, or 3 years as the Board shall determine; provided, however, that all regular terms shall be for the same number of years and until the appointment and qualification of successors.  The regular terms shall expire at the first regular meeting of the Board following each annual meeting.

 

SECTION 2.  The Supervisory Committee members shall choose from among their number a chairman and a secretary.  The secretary of the Supervisory Committee shall prepare, maintain, and have custody of full and correct records of all actions taken by it.  The officers of chairman and secretary may be held by the same person.

 

SECTION 3.  The Supervisory Committee shall make, or cause to be made, such audits, and to prepare and submit such written reports, as are required by the Act and regulations.  The committee may employ and use such clerical and auditing assistance as may be required to carry out its responsibilities prescribed by this Article, and may request the Board to provide compensation for such assistance.  It shall prepare and forward to the Administration such reports as may be required.

 

SECTION 4.  The Supervisory Committee shall, from time to time and not less frequently than as required by the Act and regulations, cause the passbooks and accounts of all members to be verified with the records of the financial officer.  The Committee shall maintain a record of such verification.

 

SECTION 5.  By unanimous vote the Supervisory Committee may suspend until the next meeting of the members any director, executive officer, or member of the Credit Committee.  In the event of any such suspension, the Supervisory Committee shall call a special meeting of the members to act on said suspension which meeting shall be held not fewer than 7 nor more than 14 days after such suspension.  The chairman of the Committee shall act as chairman of the meeting unless the members select another person to act as chairman.

 

SECTION 6.  By the affirmative vote of a majority of its members, the Supervisory Committee may call a special meeting of the members to consider any violation of the provision of the Act, the regulations, or of the Charter or the Bylaws of this Credit Union, or to consider any practice of this Credit Union which the Committee deems to be unsafe or unauthorized.