Conference 7.286::dcu

925.0. "DCU Supervisory Committee -- Positions Open" by WLDBIL::KILGORE (Missed Woodstock -- *twice*!) Wed Apr 05 1995 08:25

                                     DCU NOTICE
                                     ----------


            From:     David J. Garrod, Secretary DCU Board of Directors
            Subject:  Supervisory Committee Vacancies
            Date:     04-Apr-1995

            The terms of the five current members of the DCU Supervisory
            Committee expire at the end of April 1995. The DCU Board will
            appoint five replacement committee members at its regularly
            scheduled board meeting on April 24th 1995. The process to
            fill these voluntary positions is as follows:

                1) Anyone that is interested in applying for the openings
                   should send a letter stating why they wish to
                   volunteer and how they expect to contribute to the
                   committee. Volunteers who have already submitted this
                   information do not need to resend it. Please include a
                   brief resume.

                   DUE DATE: End of business, Friday April 14th

                   TO:

                   Stephanie Duggan
                   Executive Secretary
                   Digital Credit Union
                   141 Parker St
                   Maynard MA 01754

                   In addition you may also optionally forward a copy of
                   your application by email to myself at
                   US1RMC::"[email protected]".

                2) The Board will consider the submissions of all
                   applicants and if necessary will schedule brief
                   interviews for applicants prior to the April 24th
                   Board meeting.

                3) The Board will appoint replacement committee members
                   by voting on the applicants at the April 24th Board
                   meeting.

            Attached is a document describing the Supervisory Committee's
            function and responsibilities.

            If you have any questions regarding this opening please
            direct them to Stephanie Duggan (Tel: 1-800-DCU-8797 x203 or
            DTN: 223-6735 x203) or to myself (US1RMC::"[email protected]").


            Sincerely,


            David J. Garrod
            Secretary DCU Board of Directors



                       Digital Employees' Federal Credit Union
                           Supervisory Committee Overview



            COMMITTEE MEMBERS:

            - Five member committee
            - All must be credit union members
            - Each member is appointed to a three year term by the Board
              of Directors


            FUNCTION AND SOURCE OF RESPONSIBILITY:

            The Supervisory Committee monitors the credit union's
            activities to ensure its safety and soundness. The
            responsibilities of the Supervisory Committee are established
            and/or detailed in the following documents:

                1) The Federal Credit Union Act.
                2) National Credit Union Administration Rules and
                   Regulations.
                3) Digital Employees' Federal Credit Union Bylaws.
                4) Supervisory Committee Guide for Federal Credit Unions.


            DUTIES AND RESPONSIBILITIES:

            1) Ensure that management adequately addresses the
               establishment and maintenance of the internal control
               structure.

            2) Engage an independent accounting firm to perform the
               annual audit (approval for compensation needed from the
               Board).

            3) Act as a liason between management, the Board of Directors
               and the independent auditors.

            4) Maintain open lines of communications with independent
               auditors and federal regulators.

            5) Responsible for seeing that a periodic review and
               verification of member accounts occurs (every two years at
               a minimum).

            6) Responsible for overseeing that the internal audit
               function is adequately staffed and performed (in
               conjunction with the President/CEO).



            7) Authorized to call a special meeting of the members, for
               cause (to consider violations of laws, regulations, bylaws
               and/or policies) and/or suspending any director, executive
               officer or credit committee member for cause (unaminous
               vote required). These situations are rare.

            8) The time commitment for the Supervisory Committee members
               is approximately one day each month - 1/2 day for
               preparation and 1/2 day for attending actual meetings.

            Please note that occasionally, as situations arise,
            additional time may be necessary.

Although I don't recall any further word on this matter, the opening
lines of 931.48 would lead one to believe that a new Supervisory Committee
is now in place.

Can anyone update us on who now sits on the Supervisory Committee?

    Folks,

    The new Supervisory Committee met for the first time yesterday morning
    and elected officers, among other business.  The members and officers
    are as follows:

    	Bob Ketz (Chair, incumbent)
    	Larry Seiler (Secretary, incumbent, Digital employee)
    	Horace Turner (new member, Digital employee)
    	Alan Heintz (new member, Digital employee)
    
    The names of the Supervisory Committee members are also listed in
    the April 24th Board of Directors meeting minutes, which were
    approved on May 26th and which I expect will be posted soon.  
    
    	Regards,
    	Larry Seiler