Annual Report 2006

Supervisory Committee Report

The Committee

The Supervisory Committee is made up of the following persons who were elected at the 24^th Annual General Meeting held on Saturday April 22^nd 2006.

• Mr. Audu Ibrahim
• Miss Heather Mc Intyre
• Mrs. Beverly George
• Mrs. Jennifer Viechweg-Horsford
• Mr. Anthony Frederick

Subsequent to the Annual General Meeting, Mr. Audu Ibrahim was elected as the new Chairman of the Committee and Mrs. Beverly George as Secretary.

Scope of Work

• Review of the system of Internal Control (in part)
• Securities verification
• Spot check on cash
• Verification of Receipts and Payments Transactions
• Spot check of approved loans
• Review of Delinquent Accounts
• Examination of the Organizational Structure
• Examination of the Financial Statement for 2005
• Review of the Auditor’s Report of findings for 2005
• Review of the Manager’s Appraisal

Findings

Although it was found that the areas examined were predominantly in order, there are still some areas that need more attention.  These are as follows:

• The Organizational Structure – This needs to be revised and made to function
• Staff Appraisal – A formal staff appraisal should be implemented for all employees.

Meetings

The scheduled monthly meetings of the Supervisory Committee were well attended by all members.  Persons also attended Joint Committee meetings that were scheduled from time-to-time.

On December 18^th 2006, the Supervisory Committee saw the need to summon both the Board of Directors and the Credit Committee to a Joint Committee meeting.  This meeting was convened specifically to address pertinent matters relating to the Credit Union.   Some of the more important matters dealt with were as follows:

1. Board of Directors Treasurer’s Monthly Reports
2. Board of Directors Minutes of meetings held
3. The Manager’s Appraisal
4. The Organizational Structure

Training

Mr. Jacob Victor was engaged by the Supervisory Committee to assist in training this committee and the following topics were examined:

• Compliance Audit
• Human Resource Checks

The next scheduled training will be on 17/3/07 and the following topics will be reviewed:

• Pearls Analysis Report
• Interpreting the Financial Statement

The committee expresses gratitude to Mr. Victor for consenting to conduct this training.

Complaints

For the period under review no formal complaints were received; however in the execution of our duties one matter was raised with the committee.  This matter was brought to the attention of the Board and the Manager assured us that it was addressed and rectified. 

Acknowledgement

The Committee expresses thanks to the Credit Union members for giving us the opportunity to serve you.  We also express thanks to the Board of Directors, the Credit Committee and the Management and Staff of the Credit Union for their cooperation and assistance.

Thank you.

Nominating Committee Report - >