Celco Annual Report 2023

Supervisory Committee Report The Supervisory Committee consists of three Credit Union members, appointed by the Board of Directors, who volunteer their time to perform the necessary duty of overseeing the Credit Union. The primary duties of the Committee are to ensure the effectiveness of internal controls for financial well being, to ascertain that established policies and procedures are followed, that policies are established when needed, and to assist in maintaining the overall safety and soundness of the Credit Union. The Committee also meets monthly to monitor new loans and review closed accounts. An outside auditing firm that is fully familiar with Credit Union operations and procedures performs an audit annually. We are satisfied that your Credit Union is in compliance with federal laws and is following sound and generally accepted good accounting practices. There is a suggestion box in the lobby of the Credit Union Office and this Committee welcomes any suggestions, comments or complaints that will help our Credit Union to better serve our members.

Loan Review Committee Report

The Board of Directors appoints the Loan Review Committee to review loans as needed. The committee’s objective is to ensure that the members whose loans have been denied have a fair opportunity to appeal the denial. We at Celco Community Federal Credit Union understand the importance of timely decision making regarding our members lending needs. That is why the Board of Directors have empowered the loan officers at Celco Community to make lending decisions up to their respective lending authority, without making our membership wait for the Loan Review Committee to meet to approve loans. In the event a loan is denied, the member can appeal the loan to the Loan Review Committee for consideration, at which time the committee would meet to review the loan application. The committee considers each appeal on an individual basis and makes a decision on whether or not the Credit Union will reconsider the denied loan.

Marketing & Education Committee Report

On behalf of the Marketing and Education Committee, we would like to welcome you to the 2023 Annual Meeting. Our committee is made up of volunteers from the Celco Community Credit Union staff, Credit Union members, and appointees from our Board of Directors. Our committee is designed to keep you, our members, informed about Credit Union news and events. In addition to planning the Annual Meeting, we also are involved in planning and organizing different events through out the year. We are proud to be part of this community and we would not be successful without you. We thank you for your continued support. We are so grateful that you are here with us today and we hope you enjoy this year’s meeting.

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