SAFE FINANCIAL STATEMENTS

The Supervisory Committee is responsible for the continual independent monitoring and appraisal of all credit union financial activities on behalf of its members. Our goal is to ensure that all of SAFE's operations are performed with the highest degree of accuracy and integrity.

In support of this, the committee engaged an independent auditing firm, Orth, Chakler, Murnane and Company, CPAs, to provide an opinion on the soundness and accuracy of the credit union's financial statements, to verify balances on member account statements and to review compliance with federal regulations and Generally Accepted Accounting Principles.

In September, the National Credit Union Administration performed an extensive examination and made some suggestions to improve controls, mitigate risks and improve the monitoring of some activities: real estate loan processing, liquidity ratios, classification of troubled debt, The Bank Secrecy Act and closed accounts procedures.

In December, executive management responded to the NCUA that corrective action was implemented for all of their suggestions and recommendations.

Also, the Internal Audit Department's staff, which reports directly to the committee, is responsible for reviewing the activities of the branches and all operations. They assist management in the effective discharge of their responsibilities by furnishing them with audits, analyses, appraisals, and recommendations concerning the activities reviewed.

It is the opinion of the Supervisory Committee that SAFE is financially sound and operating efficiently and effectively. The financial statements accurately represent its financial condition, and all business activities are handled in accordance with the Board of Directors policies and government regulations.

For any concerns or comments, please address your correspondence to:
Supervisory Committee
SAFE Federal Credit Union
P.O. Box 754
Sumter, South Carolina 29151-0754
Email: supervisory@safefed.org