7 6 5 4 3 2 1 8 - Elevations Credit Union

The Supervisory Committee ensures that the Credit Union adheres to established
policies and conducts business in the members’ best interest. All internal and independent audits
are reported to this Committee. In addition, the Committee maintains a confi dential relationship with
members as their independent representatives at the Credit Union. The volunteer representatives
of the Committee are: Steve Newell, Havish Vinnakota, Tom Hall, Brad Jones, Bob Jobin and
Meow Tan.
The Supervisory Committee’s responsibility is to verify that records are accurately maintained and
to review Credit Union internal controls. This allows the Committee to determine that management
activities are carried out in accordance with Credit Union policy and Federal and State Regulations.
To meet Federal and State guidelines as specifi ed by the National Credit Union Administration and
the State Department of Regulatory Agencies, we have retained the services of McGladrey and
Pullen, Certifi ed Public Accountants, to perform an audit of the Credit Union’s fi nancial statements
as of December 31, 2008. McGladrey and Pullen was selected because of their reputation and
experience in auditing similar large credit unions in our asset category.
The Supervisory Committee will continue to work diligently with management and staff to minimize
any fi nancial or fraud risk.
This Committee retains two full-time internal auditors: Ed Gross and Joelle Botello. Their jobs are to
perform operational and fi nancial audits and to evaluate effectiveness of our internal controls, which
includes reviewing the organization’s compliance with Credit Union policies and procedures. Ed
and Joelle also plan, organize and complete audits of departments and branches, preparing audit
reports for this Committee, the CEO and the executive management team.
Based upon these fi ndings, the Supervisory Committee is satisfi ed that the records accurately
refl ect Elevations Credit Union’s fi nancial condition and that its operations are handled in
accordance with Credit Union policies and procedures.
ELEVATIONS CU Credit 2008 Union annual 2008 report annual report 7
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