Help Direct the Future!
The Front Royal Federal Credit Union is accepting applications for their Supervisory Committee. Your credit union needs you. Each year we need new volunteers to serve on our committee. The FRFCU has been in business since 1949. This is a volunteer position.
The main responsibility of the Supervisory Committee is:
- To inspect the credit union’s records for accuracy, its assets for security, and its procedures for the proper handling and use of funds.
KNOWLEDGE and SKILLS
- Ability to understand basic financial statements
- Ability to critically examine and question
- Understanding of credit union’s internal controls
- Understanding of applicable laws and regulations
- Make audits, or cause them to be made, as required by government agencies. Prepare and submit the necessary written forms to regulators. Conduct or order supplementary audits as the committee decides are necessary.
- Inspect the securities, cash, and accounts of the credit union. Scrutinize the acts of all officers, committees, and employees of the credit union to determine compliance with policies and regulations.
- Conduct or order a verification of the loan and share accounts of the members, in accordance with credit union policy and regulatory requirements.
- Review the minutes of board meetings.
- Make sure there are adequate internal controls, and that they are being followed.
- Recalculate the expected interest income from loans and investments and the expected interest paid on member deposits to determine whether records are reasonable.
- Suspend any director or credit committee member if necessary, in accordance with state and federal regulations
- Prepare and make available a report to members to be read at the annual meeting.
If interested please submit an application, resume or letter of interest with qualifications to be considered for the position and submit to CEO, Kim Darr at 540-635-7133 ext. 228 or [email protected]