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MANCHESTER CO-OPERATIVE CREDIT UNION (1977) LTD.
Deceased Members Policy QUESTIONS & COMMENTS
An audit of Estate Accounts was conducted during Mr. Berresford South said that, based on his
the review period. It revealed general compliance observations and comments at previous
with the established procedures of the Credit meetings, he was happy to observe that
Union. corrective measures were taken to have the
aim and objectives of the Supervisory
Interest Paid on Deposit/Savings Accounts Committee spelt out in the report. The report
stated whether they were accomplished or not
This exercise included the testing of interest paid and that management was communicated
and withholding tax charged for various savings with and their response.
type including Sure Gain, Youth Savers, Voluntary
Shares, Solid Saver and Term Deposit Accounts. On a motion moved by Mrs. Joyce Skeene and
The differences in the interest paid were miniscule seconded by Ms. Joyce Walcott, the report of the
or immaterial. The objective for this audit was Supervisory Committee was adopted.
achieved.
NOMINATING COMMITTEE REPORT
Delinquent Unsecured Loans
Mr. Alfred Daley, Chairman of the Nominating
The audit in this area was conducted to ascertain Committee, referred to the Rules governing the
the reason (s) for delinquency and whether the nomination. The other members of the Committee
necessary steps were taken by the Credit Union were:
to prevent delinquency, as well as to establish
whether the loans were properly assessed and o Mr. George Sloley – Member
granted in accordance with the credit policy. The
audit revealed general compliance with the Credit o Mrs. Margarita Barrett – Member
Policy and Procedures and appropriate actions for o Miss Neleasia Lambert – Staff Liaison
recovery of arrears were taken.
Election of the Board of Directors and
Fixed Assets Committees
It was observed that there was a systematic The election proceedings were handed over to
approach in the management of fixed assets and Miss Jorgette Lewis, representative from the
that there were appropriate safeguards over the Department of Co-operatives & Friendly Societies.
assets. The assets register provided adequate She commended the outgoing Board for the work
details which made it easy to identify the items, that they had been doing. Miss Lewis proceeded
particularly when tracing from source documents. to read the profiles of the persons who were
Documentations to support items procured and nominated to serve as volunteers and introduced
discarded were maintained in an organised them to the membership as follows:
manner.
o Mr. Cleveland Robinson -
Acknowledgement Board of Directors
The Chairman, in her closing remarks, on behalf o Mrs. Helen Campbell-Wint -
of the Supervisory Committee along with the Credit Committee
Audit Team expressed her sincere gratitude to the
Board of Directors, the Credit Committee, There were no nominations from the floor;
Management and Staff for their support and co- therefore, the following persons were elected to
operation. She said their continued dedication serve on the Board of Directors, Credit Committee
and camaraderie had help to make 2016 another and Supervisory Committee for the year 2017 to
successful year. To the fellow members, the 2018:
Committee expressed their profound gratitude for
having allowed them the opportunity to be
stewards of their investments.
*
16 ANNUAL REPORT 2017
