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EASTERN CREDIT UNION Annual Report 2018

Duties
The Supervisory Committee is guided by Bye-Law 22 (e) (i): ‘The Committee shall make an examination of the
affairs of the Society at least bi-annually, including an audit of its books and if necessary, convene a Special
General Meeting and submit its report at such meeting.’

The Committee undertook the following according to this Bye-Law:

1. Cash Counts
The Supervisory Committee conducted surprise cash counts at six (6) of the nine (9) branches in June and
July based on a criterion of performance, delinquency and transactions of concern.

Cash Counts for the remaining branches were subsequently done.

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End of year (December, 31 2018) cash counts were also undertaken with the Internal and External
Auditors.

All concerns were brought to the Board’s attention in a report dated Monday, January 28, 2019.

2. Examination of the files of Elected Officials
Files were examined and one late posting was rectified.

3. Meeting Attendance
Bye-Law 22 (e) (viii) affords the Committee observer status at Board, Executive and other Statutory
Committee meetings and we have executed this with pride and seriousness during our tenure. These
included the Nominating, Corporate Governance and Bye-Laws, Education Committee, Risk Management,
AGM Stakeholders, Finance, Investment and Tenders, Delinquency, Property Evaluation and Credit
Committees.

4. Enquiries
Members have consistently brought their concerns to us and we have tried our best to address their
problems.

We have made enquiries into the circumstances regarding the Family Indemnity Plan as it relates to the
reconciliation with CUNA. We have also been paying ongoing attention to the Financial Statements
submitted by Management to the Board. We have been assured that they are also monitoring them
closely.

One problem has persisted and the Committee is hereby calling upon Management to do everything in
their power to have it rectified. As a direct result of a technological glitch that occurred three (3) years
ago, an erroneous running balance keeps recurring. It is critical that this be rectified sooner, rather than
later.

40 NAVIGATING THE FUTURE TOGETHER