Page 9 - 2024 Annual Report

Supervisory Committee’s Report

Overseeing the review of management practices and
procedures is vital to safeguarding member assets.
The Committee submits monthly reports to the Board of
Directors regarding the safety and soundness of the Credit
Union. Additionally, we are always available to address
member concerns. If a concern cannot be resolved
with management, please contact the Committee at
[email protected] or by mail at Supervisory
Committee, PO Box 179, Greenbelt, MD 20768.
Géraldine Duval
Chair
The Committee recognizes the Board of Directors, management,
The primary mission of the Supervisory Committee is to and Ambassadors for their unwavering dedication throughout
conduct internal and external audits designed to determine 2024. We remain committed to ensuring that your Credit Union
that: (1) accounting records and reports are prepared is a safe, sound, and strong place to pursue financial wellness.
promptly and accurately reflect operations and their results;
(2) established internal controls are effectively maintained Together, let’s make GREAT happen!
and adequately protect the Credit Union, its members, its
management, and its Ambassadors; and (3) each unit of the
Credit Union is carrying out their respective plans, policies, and
procedures in accordance with the Federal Credit Union Act. Géraldine Duval
Chair
The Supervisory Committee, comprised of four dedicated
volunteers, ensures that our financial statements accurately and Philip J. McGaughey, Jr.
fairly represent the financial condition of the Credit Union. To Secretary
achieve this, a complete annual opinion audit is conducted by
an external Certified Public Accounting (CPA) firm. Kelvin J. Campbell
Member
Our CPA firm, DeLeon & Stang, CPAs and Advisors, recently
completed our annual audit in accordance with generally accepted Karen E. Wassman
auditing standards to verify conformity with generally accepted Member
accounting principles. DeLeon & Stang presented the audit
findings to the Supervisory Committee and the Board of Directors,
including a detailed review of our financial statements and member
account verification. Member account verification, conducted
annually, ensures the integrity of our account database. The audit
confirmed that Educational Systems Federal Credit Union is in a
strong financial position. Evidence of this can be found in the 2024
financial statements provided within this Annual Report.

The National Credit Union Administration (NCUA) also conducts
periodic examinations of our Credit Union. Following each
exam, a detailed report is issued, which we thoroughly review
and address as necessary. The Committee meets monthly to
evaluate operational processes, internal controls, and overall
safety and soundness. Supported by a full-time Vice President
of Internal Audit and Senior Staff Auditor, the Committee
implements a comprehensive audit plan each year to ensure
extensive coverage of the Credit Union’s branches and
departments.

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