Supervisory Committee Member

Industrial Federal Credit Union•Lafayette, IN

3d•Hybrid

About The Position

This is a volunteer position with no financial compensation. The supervisory committee is responsible for ensuring that the board of directors and management of the credit union meet required financial reporting objectives and establish practices and procedures sufficient to safeguard members' assets. The committee must determine if internal controls are established and effectively maintained, if accounting records and financial reports are promptly prepared and accurately reflect operations, if board-established plans, policies, and control procedures are properly administered, and if policies and control procedures are sufficient to safeguard against error, conflict of interest, self-dealing, and fraud. Members are expected to attend scheduled quarterly meetings of approximately 1-2 hours each, with remote/virtual attendance available on special occasions. All business of the Credit Union, its members, and data are to be considered confidential. The term length is 3 years.

Requirements

Must be 18 years of age or older.
Must have an account at IFCU, or be willing to obtain one.

Responsibilities

Ensure the board of directors and management meet required financial reporting objectives.
Ensure practices and procedures are sufficient to safeguard members' assets.
Determine if internal controls are established and effectively maintained.
Determine if accounting records and financial reports are promptly prepared and accurately reflect operations.
Determine if relevant plans, policies, and control procedures established by the board of directors are properly administered.
Determine if policies and control procedures are sufficient to safeguard against error, conflict of interest, self-dealing, and fraud.
Attend scheduled quarterly meetings (1-2 hours each).
Consider all business of the Credit Union, its members, and data to be confidential.