Ga. Comp. R. & Regs. R. 80-2-1-.02 - Minimum Requirements for Books and Records
(1) In addition to the requirements otherwise
set forth herein, the following subsidiary records must be maintained:
(a) Securities Register - shall contain a
record of all securities, certificates of deposit, commercial paper,
acceptances, and other investments bought or sold, showing date of transaction,
proper name of the security, interest rate, maturity date, par value, purchase
price, book value, schedule of amortization of premium and accretion of
discounts, and location where the security is held.
(b) Loan Ledgers -
1. credit unions shall maintain a record of
the direct and indirect liability of each member;
2. where a credit union elects to maintain
installment loans separately from other direct loans of a borrower and does not
include them on the Liability Ledger above, they may be maintained in a
separate ledger with payments being posted directly thereto. Such ledger must
reflect any and all modifications to the terms of the original note contract
which may be granted from time to time, i.e., adjustments of the due date or
amount of payments;
3. such record
may be maintained in whatever order desired by management, i.e., alphabetical,
numerical, class of loan, except where they are not maintained alphabetically,
a cross-reference file must be maintained.
(c) Deposit Ledgers - credit unions must
maintain separate deposit records for each general ledger segregation of
deposits. Such record must contain a continuing itemized record of all deposits
and withdrawals. Deposits will be segregated into no fewer than the following
categories: Transaction or Share Draft Accounts, Savings Deposits, Christmas
Savings, and Member Deposit Certificates. Deposit records must be posted daily
wherever the credit union offers transaction or share draft accounts; provided,
a credit union may defer business conducted on Saturday for posting on the next
business day. Such record may be maintained in whatever order desired by
management; i.e., alphabetical, numerical, class of deposit, except where they
are not maintained alphabetically, a cross-reference file must be
maintained.
(d) Income and Expense
Register - a detailed record of income and expenses must be maintained.
Expenses are to be recorded in such detail as to clearly describe each expense;
i.e., supplies, rent, salaries, etc.
(e) Cash Items Register - a daily listing
must be maintained of all cash items held which shows the maker on the item,
last endorser, date acquired, amount, and reason held. The register may be
maintained on a decentralized basis at each of the credit union's operating
offices. The current register shall be reviewed by the Board of Directors at
least monthly. For purposes of this Rule, Cash Items shall include any item
received by a credit union and paid but for which reimbursement by the maker or
endorser is not made before the end of the next business day following the date
in which the item is received, except such items as are customarily held by the
credit union for settlement with its member, whether maker or endorser on the
item, not less frequently than weekly. Where the item is held beyond the
regular settlement date, it shall be considered as a Cash Item within the
definition of this Rule. In addition to the foregoing, Cash Items and the
register thereof shall include such other items as the Board of Directors shall
from time to time determine.
(f)
Charged-Off Assets - all charge-offs, including loans, must be approved by the
Board of Directors and such approvals recorded in the minute book. A permanent
record of all charge-offs and recoveries thereon must be maintained. When a
recovery is made on an asset that has been charged off, the funds are to be
credited to the regular reserve and applied to the account that was charged
off.
(g) Safekeeping Register - a
register must be maintained of all items held for safekeeping by a credit union
for its members other than items maintained in a safe deposit box under the
sole control of the member. The register should describe the item fully, show
the name of the owner, date received, and the number of the receipt given to
the member. When the item is returned to the member, the receipt must be
secured by the credit union, signed by the member stating that he has received
the item that was held for safekeeping. The receipt must then be maintained
with the safekeeping register.
(h)
Reconcilement Records - the Audit Committee shall reconcile correspondent
account statements monthly or shall verify for accuracy reconcilements made by
others. A copy of each reconcilement shall be filed in chronological order and
kept as a record. The Audit Committee may delegate this responsibility to an
internal auditor provided such person has no authority to sign on the account
or to initiate or post entries to the general ledger.
(i) Overdrafts - a record of all overdrawn
deposit accounts shall be maintained. Such record shall contain the name of the
account holder, the amount of the overdraft, and the date the overdraft
originated. The most current record shall be approved by the Credit Committee
or, in lieu thereof, by the board of directors of the credit union at least
monthly, and such approval shall be recorded in the minutes of the meeting at
which the action was taken. Overdrafts of less than $1,000, other than
overdrafts on the accounts of officers, and directors may be aggregated and
reported in lump sum.
(2)
All subsidiary records maintained in support of General Ledger accounts must be
balanced back to the General Ledger control balance at least monthly. After
balancing at the end of each month on all accounts segregated in the general
ledger, the balances and the amounts shown in the general ledger of those
accounts and the reconcilement of differences, if any, must be recorded in the
Trial Balance Log. The date and the initials of the person running the trial
balance must be entered in the log.
(3) Information required to be maintained
pursuant to this Rule may be in written form or available subject to access
upon computer query. If available, subject to query access, a written record of
such information shall be produced at least monthly.
(4) Where a credit union has net worth of
$5,000,000 or more, review by the Board of Directors as required in paragraphs
(1)(e), (1)(f), and (1)(i) above, may be delegated to a specific officer or
department of the credit union where such delegation is recorded in the minutes
of the Board of Directors. A properly constituted member of the Board of
Directors may perform this function for the full Board of Directors regardless
of the size of the credit union.
Notes
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