Company: CMTV
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000534
Chunk: 30

Company: COMMUNITY BANCORP /VT
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 30
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 arm’s length terms, during 2024. Director James Wheeler, Jr. is a member of the law firm Downs Rachlin Martin PLLC, which performed various legal services for the Company and the Bank, on arm’s length terms, during 2024. Some of the Company’s directors and executive officers, and some of the corporations and firms with which these individuals are associated, are deposit customers of Community National Bank in the ordinary course of business, or have loans outstanding from the Bank, and it is anticipated that they will continue to be customers of and indebted to the Bank in the future. All such loans were made in the ordinary course of business and do not involve more than normal risk of collectability or present other unfavorable features, and were made on substantially the same terms, including interest rates and collateral, as those prevailing at the same time for comparable Bank transactions with unaffiliated persons, although directors were generally allowed the lowest interest rate given to others on comparable loans. AUDIT COMMITTEE REPORT The Audit Committee consists of six Directors, each of whom meets applicable NASDAQ standards for independence. The Audit Committee’s primary responsibility is to oversee the Company’s financial reporting process and to report the results of its activities to the Board. Management is responsible for preparing the Company’s financial statements and the independent registered public accounting firm is responsible for auditing those statements. Among other things, the responsibilities of the Audit Committee include selecting an accounting firm to be engaged as the Company’s independent auditors. Additionally, and as appropriate, the Audit Committee reviews and evaluates, discusses and consults with the Company’s management, the Company’s internal auditor and its independent registered public accounting firm, regarding the following matters:

| ● | the plan and budget for, and the independent auditors’      
 report on, the audit of the Company’s financial statements; |

| ● | the Company’s financial disclosure documents, including                      
 financial statements and reports filed with the SEC or sent to shareholders; |

| ● | changes in the Company’s auditing and accounting practices,                      
 principles, controls or methodologies, or in the Company’s financial statements; |

| ● | significant developments in auditing and accounting rules; |

| ● | the adequacy of the Company’s internal auditing controls, 
 and its accounting, financial and auditing personnel; and |

| ● | the establishment and maintenance of an environment within the Company that promotes and encourages quality 
 financial reporting, sound business risk practices and ethical behavior.                                    |

The committee evaluates the services provided by BerryDunn and may from time to time solicit bids for multi