Ga. Comp. R. & Regs. R. 80-2-1-.01 - General Requirements for Accounting Procedures

(1) A credit union is required to maintain its books of account in accordance with Generally Accepted Accounting Principles, including a complete and accurate account of:

(a) All of its assets, whether in its name or in the name of another person;

(b) All of its liabilities, its borrowings, and any security interests in its assets; and

(c) All of its income, expenses, capital gains and losses.

(2) Each credit union shall, by the end of each month, prepare a financial statement reflecting its position and operations of the preceding month. This statement, to be prepared from the accounts of the general ledger of the credit union, shall include a complete report of the credit union's earnings, setting forth in detail all items of income and expense. In the event the credit union shall become aware of a misstatement in a financial statement, then the credit union must amend the financial statement in a timely manner. A notice, which the credit union shall at all times display, shall be posted in a public area of its main office and each branch office as well as any credit union website, informing its members that the monthly financial statement may be examined, upon request of a member, at each office of the credit union and/or on the credit union's website. The notice shall include at a minimum, directions as to who to contact to view the statement.

(3) Each credit union shall file with the Department a complete report of its condition as of the last business day in March, June, September and December of each calendar year and at such other dates as the Commissioner may determine. Such reports shall be filed no more than thirty (30) days after the close of the applicable accounting period. Each such report shall be on forms required by the Department and shall be attested as provided on the form.

Notes

Ga. Comp. R. & Regs. R. 80-2-1-.01

O.C.G.A. §§ 7-1-61, 7-1-663.

Original Rule entitled "Retention of Records of Credit Unions" adopted. F. and eff. June 30, 1965. Repealed: New Rule entitled "General Requirements for Accounting Procedures" adopted. F. June 17, 1976; eff. July 7, 1976. Amended: F. July 13, 1981; eff. August 2, 1981. Amended: F. Aug. 17, 1983; eff. Sept. 6, 1983. Repealed: New Rule of same title adopted. F. Oct. 12, 1989; eff. Nov. 1, 1989. Amended: F. July 28, 2003; eff. August 17, 2003. Amended: F. June 27, 2018; eff. July 17, 2018. Amended: F. July 7, 2023; eff. July 27, 2023.