Directory of Vermont Credit Unions
Non-profit depository institutions insured by the National Credit Union Share Insurance Fund, that are owned and operated by its members.
Annual Report Forms
Certification of Officers and Directors
Title 8, Vermont Statutes Annotated, Section 31309, requires the following to be filed with the Department within 15 days after an election or appointment:
Oath of Office. Each elected or appointed person shall execute an oath of office by which he or she agrees to accept, and diligently and faithfully to carry out, the duties and responsibilities of the position to which he or she has been elected and not negligently or willfully to violate, or permit to be violated, any provision of this title or the bylaws of the credit union.
Certification of Election. The chairperson of the governing body and the secretary shall execute a certificate of election, which shall set forth the names and addresses of the officers, directors, and committee members elected or appointed.
Title 8, Vermont Statutes Annotated, Section 31306, establishes that the credit union’s Supervisory Committee is responsible for ensuring that members of senior management and Directors meet required financial reporting objectives and establish practices and procedures to safeguard members’ assets. In order to meet its responsibilities, the Supervisory Committee shall determine at a minimum: 1) internal controls are established and effectively maintained; 2) accounting records and financial reports are promptly prepared and accurate; 3) relevant plans, policies and procedures established by the Governing Body are properly administered; 4) the Governing Body’s plans, policies, and control procedures are sufficient to safeguard against error, carelessness, conflict of interest, self-dealing and fraud. The Supervisory Committee should also reference NCUA Rules and Regulations Part 715 and the NCUA Supervisory Committee Guide.
Supervisory Committee Report. These forms are not intended to prescribe or limit the scope of the audit of the credit union, but call for certain information to be filed with this office. In addition, these forms do not constitute an audit report and should not be relied upon to meet the Supervisory Committee’s statutory audit requirements. All applicable questions must be answered. The report must be signed by two members of the Supervisory Committee.
Completed reports must be filed with the department by April 1, 2020. Contact Director of Examinations Aaron Ferenc at 802-828-5391 with any questions.