Supervisory Audit Committee Report

The Supervisory Audit Committee is appointed by the board of directors to represent the members. It is charged with the responsibilities of reviewing policies and procedures in terms of their effect on the quality of service to members and safety of the members’ funds.

During 2007, performed random cash counts of the teller stations and the vault. The accounting firm of Lillie & Company, Inc. reviewed loan files, accounting practices and performed the members’ account verification.

Based on our audits and those of Lillie & Company, it is the opinion of the Supervisory Audit Committee that the financial condition of School Employees Lorain County Credit Union, Inc. is strong and its policies and procedures are effective.

Respectfully,

Kathy Horwedel
Kathy Horwedel
Chairperson, Supervisory Audit Committee