The supervisory committee, or audit committee, is the "watchful eye" for the credit union. The committee is responsible for assuring its membership that their deposits are safe. In a democratic structure like the credit union, it's imperative that the committee be visible and active in fulfilling its responsibilities to the membership.
Qualifications For Serving
Supervisory committee members are credit union volunteers who may have little or no background in credit union operations. The simple fact that this small group of volunteers come with diverse backgrounds is what makes the committee so effective. Unfamiliarity with credit unions in combination with an enthusiasm to get involved in a productive manner, can be most effective for members of the committee because of the uninhibited nature of their inquiries regarding credit union matters. Volunteers with little or no experience will be more apt to question the most routine operations inherently causing a "no stone left unturned" impact on the overall structure. As volunteers gain experience and training, the level of their scrutiny in monitoring their credit union will naturally move up to the complexities of the organization.
The sole qualification necessary to serve on thecommittee is....