Final power point slides for sup com presentation [repaired] 1

Supervisory & Audit Committee Development SeminarJune 13 – 14, 2016

FacilitatorMichael G. DaigneaultChief Executive Officer

FacilitatorAllen P. DeLeon, CPA, PFSFounding Partner

Who Is Quantum Governance, L3C?• Quantum Governance, L3C is a low

profit, limited liability service organization dedicated to the public good.

• We are one of the first such “hybrid” organizations in the United States.

• We have 145+ years of combined experience working with credit unions, foundations, associations, nonprofits, corporations & governments.

• We are a CUES Strategic Partner & customize/process/analyze all the Board & CEO assessment surveys that are conducted by CUES.

Governance Consulting, Advice & Counsel

Keynote Presentations, Workshops & Seminars

Assessments, Research & Knowledge Building

Strategic Planning, Retreats & Facilitation

Who Is DeLeon & Stang?• DeLeon & Stang is a full‐service

CPA firm with more than 30 years of service.

• We provide high‐quality accounting, tax, audit, financial, business and professional services throughout the Mid‐Atlantic region.

• Our team serves a broad spectrum of industries, with particular expertise in credit unions, construction, common interest realty associations, hospitality organizations and nonprofits.

Accounting& Tax

Audits, Reviews &

Compilations

Financial & Business Services

Professional Services

Agenda

Module 1. Welcome & Agenda ReviewQuick Agenda ReviewExercise: Table Introductions & Your Objectives?

Module 2. The Supervisory or Audit Committee of the FutureExercise: Flash Foresight, Hard & Soft TrendsHistorical & Emerging ChallengesFuture Possibilities

BREAK

Agenda (Continued…)

Module 3. Fundamental Cooperative & Credit Union Governance PrinciplesHistorical Underpinnings

– The Rochdale Principles– What is a Cooperative?– International Cooperative Alliance Cooperative Principles– Credit Unions Come to North America

Credit Union Governance – The “3‐Legged Stool”– What is Governance?– The Challenge – Governance & Leadership– Traditional & Contemporary Governance Models– The Governance Spectrum


Module 3. Fundamental Cooperative & Credit Union Governance Principles (cont’d)Basic Roles & Responsibilities of a Credit Union

– Boards – Board Members, Officers and the CEO – Board Committees & Task Forces – Genesis of Governance Committees

LUNCH


Module 4. The Unique Role of Credit Union Supervisory & Audit CommitteesCentral Principles, Goals & Responsibilities Video Exercise: NCUA Audit Video Credit Union Financial Statements & Audits

– The Annual Audit – Types of Credit Union Audits and Audit Requirements – Core Audit Responsibilities– Questions to Ask– Internal & External Audits– Review of Sample Financial Statements– Verification of Member Accounts– Member Relations


Module 4. The Unique Role of Credit Union Supervisory & Audit Committees (cont’d)Video Exercise: Monitoring Management Activities

– Other Regulatory Responsibilities– A New Trend: Enterprise Risk Management

Module 5. Day One – ConclusionExercise: Final Thoughts & Homework Assignment


Module 6. Day Two WelcomeExercise: Day One Thoughts

Module 7. The HypotheticalExercise: “A Challenging Meeting!”

BREAK


Module 8. Credit Union Accounting & Regulatory FundamentalsWhat does the NCUA expect?

– Size & Independence– NCUA Exam– The Workplan– Minutes & Meetings– Committee Charter– Member Verification– Monitor the Annual Audit– Address Member Complaints

Today’s Regulatory EnvironmentLUNCH


Module 9. Crafting the Supervisory & Audit Committee of the FutureExercise: Drafting the Charter

Module 10. Crafting the Supervisory & Audit Committees – “Grab Bag” Topics!

Module 11. ConclusionExercise: Final Thoughts

Module 1.Table Introductions & Your Objectives

Please formally introduce yourself to your colleagues and quickly address three sets of questions:

1. Your Name & Your Credit Union?

2. Your Role & Years of Service?

3. Why You Are Here? (Your Objective)

Power Point TitleSubtitle

The Supervisory or Audit Committee of the

Future

Module 2.

Flash Foresight: 6 Principles

1. Anticipate ‐ base your strategies on what will happen in the future

2. Transform ‐ how you sell, market, collaborate, communicate, educate and innovate

3. Take your biggest problem, and skip it ‐ it’s not your real problem anyway

4. Go opposite ‐ look where no one else is looking to see what no one else is seeing

5. Redefine and reinvent ‐ use tech‐driven change to create new products and services

6. Strategically direct your future ‐ or someone else will direct it for you

From Daniel Burrus, Flash Foresight

Hard Trends

Hard Trends are those trends that cannot be changed.

Ask These Questions:1. Is the trend measurable? 2. Is the trend tangible? 3. What are the facts, events or objects behind this

trend? 4. Is this trend linear or cyclical?


Hard Trends

Hard Trends are those trends that cannot be changed.

Ask These Questions:1. Is the trend measurable? 2. Is the trend tangible? 3. What are the facts, events or objects behind this

trend? 4. Is this trend linear or cyclical?


Soft Trends

Soft Trends shape the future, but don’t amount to a future fact.

Ask These Questions:1. Is this trend a future fact? (If yes, then it is not a

Soft Trend) 2. Are you spending too much time debating

whether it’s a Hard Trend or a Soft Trend? (If yes, then most likely it’s a Soft Trend)


Soft Trends

Ask These Questions ‐‐ continued:

4. Where are the Assumptions coming from? 5. Where is change coming from—a Soft

Assumption or a Hard Assumption? 6. Are there good data and research supporting the

assumption?



Let’s identifyHard and Soft

The Composition Challenge

The Technology Challenge

The very notion of community is being altered by technology…community is

ceasing to be largely defined by geography and more often as a sense of belonging.

The Community Challenge

If a disruptive freight train is suddenly barreling your way, it’s better to take action than to trust the odds of sleeping on the tracks.

Alistair Corbett & Darrell Rigby ‐ Directors at Bain & Company

The Disruptors Challenge

The Demographic Challenge

One of the key challenges for CU’s today is frequently not a lack of information…but,rather…the flood of information that is available!

It can be a bit like trying to satisfy your thirst with a fire hydrant!

The Information Challenge (1)

The Information Challenge (2)

The Complexity Challenge

Very Low Risk Low Risk Some Risk Moderate Risk High Risk Very High Risk

Two Potential Difficulties:1. Ability to understand, identify and actually mitigate the risks to the CU.

And…

2. The Level of risk the CU’s leadership is willing to tolerate (Risk Tolerance)

Organizations “that create the future are rebels. They’re subversives. They break the rules…Foresight often comes not from being a better forecaster, but from being less hide-bound.”

From: “Competing for the Future” by Hamel & Prahalad

The Risk Challenge

Partner WithBusiness

Foster Individual

Evangelists

AdvocateTo

Government

Innovative, Adaptive

& Nimble

SharedEmpoweringLeadership

Collaborate &Network with

otherCredit Unions

HighImpact

CU

After: Forces For GoodBy Crutchfield & Grant

The Impact Challenge

Quantum Governance, L3C is a low profit, limited liability

service organizationdedicated to the public good.

~One of the first such "hybrid"

organizations in the U.S.~

We have experience with the credit union, nonprofit,

foundation, association,, corporate and security related

communities.

1. Adapt to the complexity & flood of information

2. Attract new board members3. Think strategically on a

sustained basis4. Hold effective board meetings5. Stay current with today’s

technology6. Evaluate and mitigate risks7. Have the impact they desire8. Effectively govern and lead!

In Sum…Many Credit Unions are stuck! They are struggling to:


Credit Union Governance Principles

Module 3.

&Fundamental Cooperative


UnderpinningsHistorical

The Rochdale Principles

Original Version of Principles (adopted 1937)• Open membership• Democratic control (one person, one vote)• Distribution of surplus in proportion to trade• Payment of limited interest on capital• Political and religious neutrality• Cash trading (no credit extended)• Promotion of education

What Is A Cooperative?

"A co‐operative is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly owned and democratically‐controlled enterprise."

‐‐ International Cooperative Alliance

International Cooperative AllianceCooperative Principles

Cooperative Principle 1

Voluntary and Open MembershipCo‐operatives are voluntary organisations, open to all persons able to use their services and willing to accept the responsibilities of membership, without gender, social, racial, political or religious discrimination.


Democratic Member ControlCo‐operatives are democratic organisations controlled by their members, who actively participate in setting their policies and making decisions. Men and women serving as elected representatives are accountable to the membership. In primary co‐operatives members have equal voting rights (one member, one vote) and co‐operatives at other levels are also organised in a democratic manner.

Cooperative Principle 3Member Economic ParticipationMembers contribute equitably to, and democratically control, the capital of their co‐operative. At least part of that capital is usually the common property of the co‐operative. Members usually receive limited compensation, if any, on capital subscribed as a condition of membership. Members allocate surpluses for any or all of the following purposes: developing their co‐operative, possibly by setting up reserves, part of which at least would be indivisible; benefiting members in proportion to their transactions with the co‐operative; and supporting other activities approved by the membership.


Autonomy and IndependenceCo‐operatives are autonomous, self‐help organisations controlled by their members. If they enter into agreements with other organisations, including governments, or raise capital from external sources, they do so on terms that ensure democratic control by their members and maintain their co‐operative autonomy.


Education, Training and InformationCo‐operatives provide education and training for their members, elected representatives, managers, and employees so they can contribute effectively to the development of their co‐operatives. They inform the general public ‐ particularly young people and opinion leaders ‐ about the nature and benefits of co‐operation.


Co‐operation Among Co‐operativesCo‐operatives serve their members most effectively and strengthen the co‐operative movement by working together through local, national, regional and international structures.


Concern For CommunityCo‐operatives work for the sustainable development of their communities through policies approved by their members.

Credit Unions Come to North America

On December 6, 1900 Desjardins and his wife, Dorimène Roy Desjardins, co‐founded the first Caisse d'épargne Desjardins in Lévis and opened for business the following month. Later renamed Caisses populaires Desjardins (and today Desjardins Group), the organization was a forerunner of current North American credit unions.

In 1909 a Banking Commissioner of Massachusetts who studied Desjardin's work, introduced a bill in Massachusetts to provide incorporation, recognition and legal standing for small savings and loan associations as financial institutions. Though Desjardin testified, his testimony as a foreign citizen carried little weight.

The bill passed thanks to testimony from Edward Filene, a wealthy Boston merchant who saw credit societies operate in Cal‐cutta, India.

E. Filene

A. Dejardins

Desjardins then organized the first U.S.credit union in a church parish, St.Mary's Parish Bank.

In 1897 Alphonse Desjardins became concerned with the problem of usury and undertook three years of research and correspondence with the founders of cooperative savings and credit movements in Europe.

The Act is Signed Into Law

Roy F. Bergengren (June 14, 1879–November 11, 1955) was an Americanattorney and pioneer of the UnitedStates credit union movement. Hired byEdward Filene in July 1921 to head theCredit Union National Extension Bureau,Bergengren carried out an ambitiouslegislative agenda that resulted in theenactment of the Federal Credit UnionAct, the creation of the Credit UnionNational Association (CUNA), and thefoundation of thousands of credit unionsacross the United States.

1934 —Washington, D.C. President Franklin Delano

Roosevelt signs the Federal Credit Union Act into law.

Roy Bergengren

Credit Union Governance: A 3‐Legged Stool


Governance?What’s

The Board is the legal caretaker and steward of the organization and is responsible for the mission’s current ‐

and future ‐welfare.

Boards do this through their power to

govern the organization…

To govern is to steer, control, and influence or persuade from a position of authority.

Governance deals with thelegitimate distribution of authority

throughout a system – whether a country,

corporation or credit union.

Copyright, 2014 Michael Daigneault & Quantum Governance L3C

DysfunctionalDysfunctional

FunctionalFunctional

ResponsibleResponsible

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The Challenge…The Governance & Leadership of Many Credit Unions Is Not As EffectiveAs It Should Be


The Current Situation?


The Desired Future?

© 2005, 2013 Michael G. Daigneault

Dysfunctional Functional Responsible Exceptional

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Number

Of CU

Boards

Quality of Credit Union Governance & Leadership

Context

Traditional Governance Models1. Collective/Co‐Operative Models2. Parliamentary Models3. Traditional (Nonprofit & Corporate) Models

1. Policy Governance Model ‐ John & Miriam Carver2. Governance as Leadership Model ‐ Chait, Ryan & Taylor3. Executive Model ‐ Coerver & Byers/Jan Masaoka

Contemporary Governance Models

Context3 Contemporary Models

1. Policy Governance Model John & Miriam Carver

2. Governance as Leadership Model Chait, Ryan & Taylor/Trower

3. Executive Model Coerver & Byers/Jan Masaoka

Board Focused

Constructive Partnership

Focused

CEO/StaffFocused

High Board Authority High Executive Authority

The Governance Spectrum

High Board Authority High Executive Authority


What are the Core Responsibilities

of a Credit Union

Governance & Leadership

•CEO Support & Oversight•Performance & Results•Strategic Thinking, Learning &Planning

•Budget& Resources

•Membership & Outreach

The CoreResponsibilitiesof a Credit Union Board

The Core Legal Duties & Responsibilities of Individual Credit Union Board MembersDuty of Care ~ Duty of Loyalty ~ Duty of Obedience Actively engage, contribute, participate & ask questions Keep informed, prepare for & attend board meetings Participate in board development & educational activities Support the credit union’s community effort & activities Regularly monitor financial safety & soundness Demonstrate personal & sustained commitment to craft &

achieve the vision, mission & goals of the credit union Serve as an active ambassador promoting the mission &

benefits of the credit union Obey the external and internal laws, regulations, policies &

procedures concerning the credit union

Key Responsibilities: Chair

Craft & Effectively Facilitate Meetings

Build a Positive & Healthy Board Structure

& Culture

Set & Model High Standards for Board &

Staff

Serve As One of the CU’s Chief Ambassadors

Key Liaison with CEO

Inspire & Engage the

Board

Board Operations Manager

Board Operations Manager

Key Responsibilities: Vice Chair

Guide & Facilitate Meetings in the Chair’s

Absence

Actively Learn and be “At the Ready” at all Times

Inspire Learning Culture & Learning Board

[Optional: Spearhead Special Initiatives, i.e., Strategic Planning]

Board Learner in

Chief

Key Responsibilities: Secretary

Work with Chair to Build a Stronger Board

Oversee Adherence to Organizational Policies

Work with Chair to Build Engaging & Effective Board

Meetings

Oversee Board Nominations &

On‐Boarding Process

Board Builder in Chief

Key Responsibilities: Treasurer

Translate Financial Reporting for the

Board’s Understanding & Action

Help Assure Safety & Health of Financial Systems & Internal

Controls

Help Identify Financial Trends, Risks & Opportunities

Oversee Budget & Audit Processes & Requisite

Financial Filings

Board Translator in

Chief

Key Responsibilities: CEO

Build, Structure, Manage & Lead an Effective Staff &

Operational Effort

Partner with Board to Craft Update & Forward the

Vision, Mission & Strategic Goals

Actively Support Effective Governance, Board & Board Committees, Task Forces &

All Meetings

Partner Board to Ensure Effective Functioning of Outreach & Policy Efforts

Operations Leader & Manager in

Chief

Lead, Inspire & Engage

Model & Ensure High Standards

BOARD

CEO/STAFF

BOARD

CEO/STAFF

BOARDCEO/STAFF

BOARDCEO/STAFF

ViceChair

Chair

Secretary

Treasurer CC

Super.Com.Chair

Com./Task ForceChair

Com./Task ForceChair

Mem.Com.Chair

B

B

B

B

B

B

At Large Board

Members

Model Credit UnionBoard Structure

CCC

Membership Com.

C

Governance Com.

C C

C

B

Sup. Com.

Finance Com.

KEY:B = Board Member

C = Committee Member (not member of Board)

Com. = Committee

= Members of Executive Committee (Board Officers + Chairs of Committees & Task Forces

= Officers of the Board

= Committee & Task Force Chairs

© 2005, Michael G. Daigneault

C

C

Genesis of “Governance Committees”

Nominations Committee• Fill Board Openings

Nominations Committee• Fill Board Openings

Board Development Committee• Fill Board Openings

• Orient Board Members• Educate & Develop Board Members

Board Development Committee• Fill Board Openings

• Orient Board Members• Educate & Develop Board Members

Governance Committee• Board Roles & Responsibilities

• Board Composition• Board Knowledge•Board Effectiveness• Board Leadership

Governance Committee• Board Roles & Responsibilities

• Board Composition• Board Knowledge•Board Effectiveness• Board Leadership

Power Point TitleSubtitleThe Unique Role of Credit Union

Supervisory & Audit Committees

Module 4.

Central Principles, Goals and Responsibilities

• Monitor Management Activities• Annual Audit• Verification of Members Accounts• Handling of Member Complaints

The Annual Audit

Requirements• Annual audit required

• Once every calendar year

• Covering period elapsed since the last audit period

Types• Financial statement audit, according to generally accepted auditing standards by an independent, state‐licensed person

• Supervisory committee audit options

Audit Options

• Balance Sheet Audit. Performed by a state licensed person.

• Report on Examination of Internal Controls. Tests the effectiveness of management assertions about internal controls. Performed by state‐licensed person.

• Audit per Supervisory Committee Guide. Performed by the Supervisory committee, internal auditor or certified public accountants (CPA) (or other qualified person). If a CPA, must be state licensed.

Audit Types & OptionsType of Charter Asset Size Minimum Audit

RequiredNCUA Reg. Citation

Federal charter $500 million or more

Financial statement audit

715.5

Federal charter Between $10 and $500 million

Either financial statement audit or other supervisory committee options

715.5

Federal charter Less than $10 million

Supervisory committee options

715.5

State charter $500 million or more

Financial statement audit

715.6

State charter Less than $500 million

Either of supervisory committee options unless state law is more stringent

715.6

Core Audit Responsibilities

• Supervisory Committee hires the external auditor, but the Board authorizes the budget

• Be sure to obtain an engagement letter– Signed by a member of the supervisory committee– Terms, conditions and objectives– Basis of accounting– Rate or fee– Report delivery terms and target date– Work papers retained for three years and available to NCUA for review

Questions to Ask

Auditor• Audit scope• Adequacy of internal

controls• Adequacy of computer

systems and security• Discuss significant

findings and management’s response

• Effects of any regulatory compliance issues

• Significant risk exposures

Management• Risks and management’s

steps to minimize• Significant audit findings

and management’s response

• Quality of earnings from an objective point of view

• NCUA regulatory examinations or issues

• Evaluation of compliance with laws and regulations

Internal vs. External Audits

Internal Audit

• Done by CU staff or third party

• Supervised by Supervisory Committee

• External auditor make rely on work, but should not also do external audit

External Audit

• Done by independent licensed CPA firm or other licensed third party

• Should not also do internal audit

Credit Union Financial Statements

Refer to sample financial statements in your handout materials

Verification of Member Accounts

• Required every two years• Negative confirmation of account balances• Send to all members• Update bad or no addresses• Verification of closed accounts• Retain records

Member Relations

• Respond to any member complaints• Investigate• Written response• Copy to NCUA

Monitoring Management Activities

• Do so on a regular basis• Safeguard member assets• Board functions in best interest of membership

• Verifies management carries out approved policies

• Verifies compliance with applicable laws and regulations

Monitoring Management Activities (2)

• SC should develop an work plan• Report findings to the Board• Monitor to ensure staff follows up on findings• Operating independently• Attending BOD meetings• Report on annual audit and NCUA exam• Ensure internal controls are in place and operating effectively

• Anti‐fraud measures are in place

Enterprise Risk Management (ERM)

"Enterprise risk management is a process, effected by an entity’s board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives."

A Formal Definition

COSO’s Enterprise Risk Management –Integrated Framework (2004)

Committee of Sponsoring Organizations of the Treadway Commission (COSO)

COSO is a voluntary private‐sector organization dedicated to guiding executive management and governance participants towards the establishment of more effective, efficient, and ethical business operations on a global basis. It sponsors and disseminates frameworks and guidance based on in‐depth research, analysis, and best practices.

The Scope & Importance of ERM Efforts

"To successfully manage risk, an ERM initiative must be enterprise wide and viewed as an important and strategic effort. In the aftermath of the financial crisis of 2008, there has been a growing emphasis on the board’s responsibilities for overseeing an organization’s risk management activities. For example, the corporate governance rules of the New York Stock Exchange require audit committees of listed corporations to discuss the risk assessment and risk management policies of their organizations."

COSO ‐ Embracing Enterprise Risk Management: Practical Approaches for Getting Started

The COSO ERM Framework

The COSO ERM framework is geared to help assist in achieving an entity’s objectives, set forth in four basic categories:

• Strategic – high‐level goals, aligned with and supporting its mission

• Operations – effective and efficient use of its resources• Reporting – reliability of reporting• Compliance – compliance with applicable laws and

regulations

COSO’s Enterprise Risk Management –Integrated Framework (2004)

Enterprise Risk

Management

Audit+

Audit

A New Trend: The EmergingRole of the Supervisory Committee


HomeworkAssignment

Final Thoughts

&

Module 5.


What did you

Module 6.

Module 7.The HypotheticalExercise…

1. Please read through the hypothetical with us.

2. Thinking as a "Supervisory/Audit Committee," please identify the key questions and issues the situation presents you and your colleagues.

3. Discuss – and try to develop a consensus on – how an effective Supervisory/Audit Committee should address (or not address!) the key questions or issues you have identified.

A Challenging Meeting!

Power Point TitleSubtitleCredit Union Accounting

Regulatory Fundamentals

Module 8.


What does theNCUA expect

from a Credit UnionSupervisory Committee?

What Are They Looking For?

• Record keeping• Committee size and independence• NCUA Exam• Work Plan• Minutes of Meetings• Charter• Member Complaints Handled• Audit Monitored• Verification of Member Accounts

Appoint a committee secretary and keep meeting minutes, records of

audits, meetings with management, and meetings with NCUA.

Size & Independence

• The Committee should be 3 or 5 members• One member can/should be a Board Member• It should be independent and without conflict

NCUA Exam

• Meet examiner and identify exam schedule• Exit conference at conclusion of fieldwork• Review report• Arrange for report to be given to Board• Identify action steps• Ensure follow‐up on action steps• Document of resolution (DOR)• CAMEL rating• Examiner’s guide

The Work Plan

• Monthly or quarterly work plan• Board meetings• Work activities• Meet with the internal auditor• Meet with the external auditor• Review and assessment of Internal Controls

Minutes & Meetings

• Meet regularly, at least quarterly• Keep written minutes of meetings • Make the minutes available to NCUA

Committee Charter

• Have a charter or statement of goals and mission

• Address:– Meetings– Members– Chair & Secretary– Role of the CEO– Charge of the Committee

• Quantum Governance is providing sample

Member Verification

• Done every two years• Written report• Follow up by management

Monitor the Annual Audit

• Ensure annual audit • Completed timely 120 days after year‐end• Meet with auditors

Address Member Complaints

• Handle complaints independent of management

• Respond in writing• Copy to NCUA, if the complaint came through NCUA

Today’s Regulatory Environment

Regulators: Who are they?

Risk based capital issues Current & Proposed Rules

Secondary capital issues What is secondary Capital? How much is allowed by NCUA? What are the rules?

Cyber threats

• NCUA• State Regulatory

Agencies• CFPB

• Federal Reserve• OFAC

• NACHA


The Committee of the

Module 9.

Fundamental or “transformational” changes…and not just

incremental improvements… are needed to overcome

the challenges that we face to craftthe exceptional

credit union of the future!

Power Point TitleSubtitleThese 6 Key

Ask Yourselves

Questions!

1. What is our Com's role?

3. How should we be composedand structured?

5. Are w

e as

king th

erigh

t que

stions

?

6. ULTIMATELY – HOW SHOULDWE THINK & ACT DIFFERENTLY?

2. What should we FOCUS on?

4. How are we consistently learning and improving?


How would YOU change the

Charter?

Power Point TitleSubtitleCredit Union Supervisory

& Audit Committees “Grab Bag” Topics!

Module 10.


Your FinalThoughts

Module 11.


Michael G. DaigneaultChief Executive Officer

Quantum Governance, [email protected]

Business Cell: 703‐801‐7580quantumgovernance.net

© 2016, Quantum Governance, L3C and DeLeon and Stang

Thank You…

Allen P. Deleon, CPA, PFSFounding PartnerDeLeon & Stang [email protected]: 301‐948‐9825deleonandstang.com

Additional Resources…

• DeLeon & Stang, CPAS and Advisors – Credit Union newsletter

www.deleonandsang.com/news‐articles/credit‐union‐edge• Federal Credit Union handbookwww.ncua.gov/legal/GuidesEct/GuidesManuals/fcu_handbook.pdf• Quantum Governancewww.quantumgovernance.net• Supervisory Committee Guidewww.ncua.gov/legal/GuidesEct/GuidesManuals/supcomm.pdf

Additional Resources…• Opinion Audit Report (30‐50 Pages) + Management Letter• Supervisory Committee Audit (AUP) Agreed Upon

Procedures (15‐20 Pages)• Resources Guide

– NCUA Examiner Guide (Free)– NCUA Supervisory Committee Guide (Free)– Supervisory Committee Handbook (Free)– Federal Credit Union Handbook (Free)– Articles by CU Management, DeLeon & Stang and Others (Free)– NCUA Accounting Manual (Free)– NCUA Newsletter (Free)– NCUA Letters/Alerts (Free)

• Quantum Governance Supervisory Committee Charter (Free)

Economy & Finance

Final power point slides for sup com presentation [repaired] 1