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, 2/21/25
Last Date Board Approved: 5/20/25

Review of Lake Michigan College’s (the College) financial information will be performed on a regular and timely basis by individuals with the requisite knowledge to do so.  

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

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