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Account Reconciliation

LMC Revised Date

Office of Origin: Finance
Responsibility: Executive Director, Finance
Date Adopted: 5/13/08
Dates Reviewed: 1/15/12, 11/20/17, 1/23/18, 3/24/21(C)
Last Date Board Approved: 1/23/18


Review of Lake Michigan College’s (the College) financial information will be performed on a regular and timely basis.

Financial reports will be reviewed for completeness and accuracy upon receipt at the departmental and/or Budget Manager level. Financial reports include Responsibility Reports, auxiliary financial statements, capital asset reports, payroll reports, etc.

Procedures must be in place in each department and accountability assigned to ensure that such a review occurs by an individual with the requisite knowledge of departmental operations, revenues, expenses, and anticipated financial outcomes. In addition, inaccurate or incomplete information identified during the review process must be reported to the Finance Department in a timely manner.

Significant balance sheet accounts must be reconciled at least quarterly by Finance Department staff. Materiality, compliance risk, transaction detail volume, knowledge, and experience of personnel should be considered in the design and implementation of account reconciliation and related review processes.

Employees who fail to comply with this policy may be subject to disciplinary action ranging from required training to reprimand to loss of Budget Manager role to discharge. The nature and severity of the disciplinary action will be consistent with established disciplinary procedures.

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