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The Supervisory Committee consists of the following persons:
- Mr. Lescott Charles
- Ms. Veron Lewis
- Mr. Jeffrey Edwards
- Mr. Jerome Thomas
- Mr. Allan Simon
The Supervisory Committee met consistently for the period under review.
As mandated by the Byelaws of the Credit Union, monthly audits were conducted on all areas of our operation throughout the year.
Areas of particular interest were:-
- Policies and Procedures
- Securities and Investments
- Computer operations\Application
- Staff benefits
- Accounts
1. Policies and Procedures
Policies and Procedures were reviewed to ensure compliance. This was accomplished through interviews and ad-hoc checks. The following was discovered:-
- A. Petty Cash and Cash Floats were properly maintained. Cash was handled in accordance with policy and appropriate procedures were followed thus ensuring Cash integrity.
- B. Loans: All loans disbursed were generally found in keeping with the Lending Policies of the Communal Co-operative Credit Union Ltd. However the committee had some concerns, to which recommendations were made and forwarded to the Board of Directors for consideration. These recommendations were implemented.
The Committee felt that in light of the present economic situation and competition from other lending Agencies, the current Loan Policy should be reviewed. The objective of which is to make loans more affordable and available to our entire membership.
As a result a committee was set up for this purpose.
2. Securities And Investments
A new filing system was introduced for the maintaining and tracking of security documents. This facilitated the verification process by making documents more accessible.
All Investments were supported by proper documentation.
3. Computer Operations/Application
Computer System was audited to ensure that the integrity of the data was maintained. The Operational System is currently under review for systems enhancement.
4. Staff Benefits
Management and Staff Representatives are presently in negotiations for a new industrial agreement.
5. Accounts
The accounts of the Credit Union during our review were found to be in order.
The Supervisory Committee takes this opportunity to express its appreciation to the Management and Staff for their co-operation and assistance received during this period.
Mr. Lescott Charles
CHAIRMAN
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