The Supervisory Committee of the MIT Federal Credit Union offers an opportunity to members interested in taking a leadership role in their credit union.
The Supervisory Committee is made up of five member/volunteers appointed by the board of directors, including a board member representative. Its role is to represent the membership by acting as a "watchdog" responsible for reviewing the activities of the board, management and staff to assure the following:
- that complete and accurate financial records are prepared
- internal controls, policies, and procedures are maintained and followed as determined by NCUA regulations
- appropriate safeguards are in place to protect the credit union's assets
- that the board and management make decisions and take actions that are consistent with the best interests of the general membership.
The Supervisory Committee meets monthly* to review policies, financial reports and audit findings. A representative of the Supervisory Committee attends monthly meetings of the board and the Asset/Liability Management committee. The committee engages outside auditors to perform the annual financial audit as well as internal, operational audits as it deems appropriate.
The Supervisory Committee is seeking to select one new committee member and aims to make the selection decision by Aug. 20. In order to apply, please submit a cover letter and resume to the Supervisory Committee at firstname.lastname@example.org on or before Aug. 6.
To serve on the Supervisory Committee, one must have been a member in good standing of the MITFCU for at least two years prior to appointment. While a background in business, finance or accounting is desirable, the board will consider applications from any member who has a strong interest in these matters and is willing to learn the skills necessary for the task.
A self-study course on the subject is provided to members, and those who have completed the course are encouraged to continue their learning by participating in seminars and conferences as their interests and schedules allow.
*Monthly meetings are normally luncheon meetings lasting one to 1 1/2 hours.
2007-08 Supervisory Committee Members:
Stephen Boyer, Chair
MIT Lincoln Laboratory
MIT Facilities Management
Jennifer Lesswing, Secretary
MIT Sloan School of Management
Board of Directors Representative