Account Reconciliation

Office of Origin: Financial Services
Date Adopted: 05-13-08
Date Reviewed: 01-15-12, 11-20-17, 1/23/18
Last Date Modified & Approved: 01-15-12, 11-20-17, 1/23/18

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

Financial reports, (e.g., Responsibility Reports, revenue and expense reports, auxiliary financial statements, capital asset reports, payroll reports), will be reviewed for accuracy and completeness upon receipt at the departmental and/or Budget Manager level.

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 and 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 the subsequent 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 College disciplinary procedures.

Responsibility:  Chief Financial Officer