Account Reconciliation

Office of Origin: Financial Services
Date Adopted: 05-13-08
Date Reviewed: 01-15-12
Last Date Modified & Approved: 01-15-12

Policy Statement:

This policy governs reconciling, verifying, and substantiating financial information used by Lake Michigan College personnel for administrative and programmatic decision-making.

Review of financial information will be performed on a regular and timely basis.


1. Revenue and expenditure reports, payroll reports, and other financial reports will be verified for accuracy and completeness upon receipt.

2. Controls must be in place to ensure that financial information is complete.

3. Balance sheet accounts must be reconciled monthly.

Procedures must be in place in each department and accountability assigned to ensure that inaccurate or incomplete financial information identified during the reconciliation or verification processes is investigated and corrected in a timely manner.

Materiality, compliance risk, transaction detail volume, knowledge, and experience of personnel performing analyses, and other factors should be considered in the design and implementation of account reconciliation and the subsequent review processes.

Responsibility: Vice President, Financial Services