VLFCU Annual Report

The Supervisory Committee consists of members appointed by the Board of Directors to serve one to three year terms. These volunteers are responsible for assuring the safety of the credit union’s assets and deposits, the soundness of management and compliance with various financial and regulatory requirements. In fulfilling these responsibilities, the Supervisory Committee recommends to the Board of Directors for ratification the appointment of an independent audit firm to annually examine the financial statements of the credit union. An audit of the 2022 financial statements is being conducted by Doeren Mayhew CPAs and Advisors. The 2021 audit report stated that VacationLand Federal Credit Union’s financial statements present fairly, in all material aspects, our statements of financial position, results of operations, and cash flows. The audit report for 2022 will be available on or about April 30, 2023, and you may request a copy of the report from: Matthew D. Stahl, CPA Chief Financial Officer 2911 South Hayes Avenue Sandusky, Ohio 44870 419.609.2718 The National Credit Union Association also conducts periodic examinations of the records, policies, practices and the application of NCUA regulations upon VacationLand Federal Credit Union. VLFCU was examined by the NCUA during 2020 and is pleased to report that we received a favorable report from the NCUA. Just like the Board of Directors, the Supervisory Committee also holds monthly meetings to, among other things, review internal audit services, internal controls and risk management processes, and examinations by regulatory agencies and the independent audit firm. A representative of the Supervisory Committee attends the monthly Board of Directors meetings and shares their findings. To date, the Supervisory Committee has reported that, in their opinion, VacationLand Federal Credit Union has operated in a fiscally safe and sound manner and, in all material aspects, in accordance with applicable accounting, federal, state, and NCUA regulations. 2022 Supervisory Committee members are: William Stauder, Jacquelyn Streng, Christopher Palmer, Lynn Sartor, and Jill Schroeder. Lynn Sartor has been on the Supervisory Committee for over 22 years and has submitted his resignation as of December 31, 2022 and we appreciate his dedication and service to the credit union over this past 22 years. We are hopeful that 2023 will be another good year for VacationLand Federal Credit Union as we all work together to serve you, our members. William Stauder a message from Supervisory Committee Chairman