SAFE'S BOARD OF DIRECTORS

2009-2010 Board of Directors

Kay Oldhouser Davis - Chair

Kay Oldhouser Davis
Chair

Kenneth PriVette - Vice Chair

Kenneth PriVette
Vice Chair

Helen Smith - Secretary

Helen Smith
Secretary

Vern Disney - Treasurer

Vern Disney
Treasurer

Fred Hilley - Director

Fred Hilley
Director

Paul Holder - Director

Paul Holder
Director

James R. King - Director

James R. King
Director

R.G. Reynolds - Director

R.G. Reynolds
Director

Dave Wagner - Director

Dave Wagner
Director

SAFE'S Supervisory Committee

Helga Hamlin - Chair

Helga Hamlin, Chair

William T. Anderson

William T. Anderson

Melinda Carr

Melinda Carr

The Supervisory Committee is responsible for the continuous independent monitoring and appraisal of all credit union financial activities on behalf of the members. Our goal is to ensure that all of SAFE's operations are performed with 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 pertaining to accounting practices. The opinion of the auditor appears on page 17 of this report; no material adjustments to the financial statements were required. In January the NCUA Examiners performed an extensive examination and made some suggestions to improve operations concerning the Bank Secrecy Act and anti-money laundering. All of the recommendations were approved by the Board ofDirectors and have been completed. They also reviewed previous recommendations made to improve profitability and found the credit union in compliance.

Also, the Internal Audit Department's staff, which reports directly to the committee, is responsible for reviewing the activities of branches and all operations. They assist management in the effective discharge of their responsibilities by furnishing them with 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. Please address your correspondence to:

Supervisory Committee
SAFE Federal Credit Union
P.O. Box 754
Sumter, South Carolina 29151-0754

Helga Hamlin, Chairman Supervisory Committee
Frank Piccolo, Director of Internal Audit

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