Page 9 - 2023 Annual Report

Supervisory Committee’s Report

The Committee meets each month to review operational
processes, internal controls, and overall safety and soundness.
To carry out these responsibilities, the Committee has a full-time
Vice President of Internal Audit and Staff Auditor to assist us
as we fulfill our mission. Each year, an audit plan is developed
to ensure there is a strong level of internal and external audit
coverage of the Credit Union’s branches and departments.
Overseeing the review of management practices and
procedures is an important role and is critical to the
safeguarding of member assets. The Committee submits
Géraldine Duval
monthly reports to the Board of Directors for review and
Chair
consideration regarding the safety and soundness of these
The primary mission of the Supervisory Committee is to practices and procedures. Your Supervisory Committee
conduct internal and external audits designed to determine is always available to review and research your concerns.
that: (1) accounting records and reports are prepared During 2023, the Committee reviewed and addressed member
promptly and accurately reflect operations and their results; concerns, and a response was provided to each member. If
(2) established internal controls are effectively maintained any concern cannot be resolved with management, please
and adequately protect the Credit Union, its members, its contact the Committee at [email protected] or
management, and its Ambassadors; and (3) each unit of the at the following address: Supervisory Committee, PO Box 179,
Credit Union is carrying out their respective plans, policies, and Greenbelt, MD 20768.
procedures in accordance with the Federal Credit Union Act.
The Committee recognizes the Board of Directors,
The Supervisory Committee, which consists of four volunteers, management, and Ambassadors for their hard work throughout
ensures our financial statements accurately and fairly represent 2023. Through diligence and integrity, your Supervisory
the financial condition of the Credit Union. For this purpose, Committee will continue to work for you and your Credit Union,
a complete annual opinion audit is conducted by an external ensuring a safe, sound, and strong place to achieve your
Certified Public Accounting (CPA) firm. financial goals.

Our CPA firm, DeLeon & Stang, CPAs and Advisors, recently It’s a pleasure helping you,
completed our annual audit in accordance with generally
accepted auditing standards to verify conformity with generally
accepted accounting principles. DeLeon & Stang’s partner
provided a detailed presentation of the audit report to the Géraldine Duval
Supervisory Committee and the Board of Directors. This Chair
presentation included a review of our financial statements and
our member account verification. It was noted that our member Philip J. McGaughey, Jr.
account verification is conducted each year to verify the Secretary
integrity of our account database. Our annual audit confirmed
that Educational Systems Federal Credit Union is in a strong Kelvin J. Campbell
financial position. Evidence of which can be seen by reviewing Member
the 2023 financial statements provided within this Annual Report.
Karen E. Wassman
The National Credit Union Administration (NCUA) completes a Member
periodic examination of our Credit Union. At the conclusion of
each exam, we are given a detailed report of the findings which
we thoroughly review and address if necessary.

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