Members of the Commonwealth Government Employees' Credit Union who have been waiting for refunds will have to wait a little longer as the audit on the agency has yet to be completed.
Press secretary Angel A. Demapan disclosed that Deloitte & Touche's audit on the credit union is not complete but the company may have information next week as to when it may conclude the process.
“The CGECU is currently being audited by Deloitte pursuant to a contract awarded them by the Office of the Public Auditor. The auditors have been combing through pertinent documents of the credit union over the past couple of weeks. We anticipate that sometime this week or next week, the auditors will be able to give the credit union a projected timeframe for the completion of the audit,” said Demapan.
Many union members filed requests to withdraw their monies last year. The credit union was last audited in fiscal year 2008.
Demapan said that once this long awaited audit is completed, the union will then address the members' requests.
The union is a member-owned, nonprofit cooperative formed to allow members to pool their savings, lend them to one another, and own the organization where they save, borrow, and obtain related financial services.
It was formed in February 1995 and is administered by a five-member board.
Demapan said the board is functioning because it has the required quorum.