The primary function of the CFCU Supervisory Committee is to audit and review the credit union to ensure that all records are maintained properly, honestly, and accurately; that policies established by law and by the CFCU Board of Directors are carried out faithfully; and that members' assets are safeguarded and used according to the purposes of the credit union.
Your Supervisory Committee is composed of volunteers who are members of Constellation Federal Credit Union. Supervisory Committee members are appointed by the Board of Directors and serve a two year term. The current Supervisory Committee members are:
Wallace F. Beauchamp (SC Chair)
Specific Duties of the Supervisory Committee
- Monitor Board actions
- Attend monthly Board meetings or review meeting minutes
- Review Board decisions and actions
- Monitor strategic or business goals and progress toward those goals
- Monitor Board response and follow-up to Examiner's and Auditor's reports.
- Ensure accuracy of financial statements and financial soundness of the credit union
- Perform, or hire to perform, an annual audit and, as needed, member account verification.
- Review monthly financial statements and reports.
- Analyze financial trends and monitor overall performance.
- Meet with Examiners and external Auditors to discuss findings and recommendations.
- Make sure that new accounting and regulatory requirements are implemented.
- Perform, or oversee, supplemental audits of lending, expenses, investments, closed and new accounts, ATM procedures, computer-based financial services, etc.
- Ensure that management practices safeguard the credit union's assets
- Oversee and review systems for internal controls.
- Oversee and review information systems for internal controls including computer-based financial services, web site, and other electronic services.
- Oversee the credit union's internal audit program.
- Ensure that insurance coverage is adequate.
- Perform, or oversee the performance of, surprise cash counts.
- Review policies and procedures.
- Ensure that audit and examination recommendations are implemented.
- Report on Audit findings
- Prepare and/or deliver an annual report to members at the annual membership meeting.
- Regularly report to the Board of Directors on the Committee's activities and overall findings.
- Ensure that audit work papers are available for review by examiners.
- Report on audit findings to examiners or other officials, as necessary.
- Safeguard assets from fraud, self-dealing, and related errors
- Perform, or oversee audits of employee and official accounts.
- Ensure that ethics and fraud policies are in place and followed.
- Solicit and handle, as appropriate, complaints from members and employees about credit union handling of accounts and transactions.
If you have any complaints or concerns about your CFCU account, please contact one of the Supervisory Committee members at the address below:
ATTN: Supervisory Committee
1810 Samuel Morse Drive
Reston, VA 20190
or send an email to the Supervisory Committee at: CFCUSupvComm@constellationfcu.org.
If you are interested in volunteering for the CFCU Supervisory Committee or are interested in other volunteer opportunities, please see the information on our CFCU Volunteer page.