MCCU Annual Report - page 15

MANCHESTER CO-OPERATIVE CREDIT UNION
ANNUAL REPORT 2013
15
CONCLUSION
In closing, Mr. Douglas on behalf of the Credit Committee, thanked the Board of Directors,
all committees, management and staff, particularly those of the Credit Department, for your
sterling support throughout the year. He took the opportunity to commend the members,
who in true cooperative spirit continued to utilize the financial benefits provided, in a
mature and responsible way; even in the face of these difficult economic times.
QUESTIONS AND COMMENTS
Mr. Steve Nugent said that, in the future, he would like the value of the waivers granted been
reported on.
On a motion moved by Mr Everard Harriott and seconded by Mr. Kenneth Grant, the report
of the Credit Committee was adopted.
On a motion moved by Mr Everard Harriott and seconded by Mr. Kenneth Grant, the report of the
Credit Committee was adopted.
Supervisory Committee Report
HIGHLIGHTS OF THIS REPORT WERE READ BY THE
CHAIRMAN MR. GLENROY GRIFFITHS AS FOLLOWS:
The Supervisory Committee and the Internal Auditor reviewed various areas of the Organization
as follows:
1. Audit of Interest on Deposits
The audit was done to verify the accuracy of interest payments and their posting to
the ledger accounts. The recalculation of interest revealed no significant differences.
2. Audit of Receipts and Payments
The objective was to establish whether payments were properly authorized, whether
there was accuracy in receiving monies as well as the appropriateness of the
safeguarding of cash. The audit revealed general compliance with the established
standards and procedures.
3. Treasury and Teller Cash Counts
No discrepancies were observed as the total cash reflected by the system’s records
was found to be in agreement with the cash held by the tellers.
4. Monthly Automated Teller Machine (ATM) Cash Count
Monthly ATM cash counts were observed and the cash counted was reconciled with
the relevant system records. There were therefore no exceptions to report.
5. Bank Reconciliations
The audit revealed that transactions were completed in a timely manner, and were
accurately recorded. No exceptions were observed.
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