Reconciliation of Funds Policy
West Virginia University Policy
Division of Administration and Finance
RECONCILIATION OF FUNDS POLICY
Reason For This Procedure:
- To establish a procedure for periodic reconciliation of Oracle funds by University departments.
To Whom Does This Procedure Apply:
- This Procedure applies to all WVU units, including those on the regional campuses - Potomac State College of WVU, WVU Institute of Technology, Charleston division of the Robert C. Byrd Health Sciences Center, Jackson’s Mill State 4-H Conference Center and Camp, and the WVU Farms – and the West Virginia University Research Corporation.
Represents ownership of assets, liabilities, and net position by a University department.
- Ownership of the fund determines accountability for the reconciliation of that fund.
Fund owners should perform periodic reconciliations of their funds, monitor balances
for reasonableness, and review transactions posted to their funds. Any unreconciled,
unsubstantiated or incorrect transactions or balances should be investigated and
resolved in a timely manner by the fund owner. This is critical to ensure the accuracy
of management and financial reports in addition to the University’s audited financial
statements. Departments should provide such reconciliations to Institutional Accounting,
Reporting and Analysis for review upon request.
- The responsibility for procedure development of this policy rests with Institutional Accounting, Reporting and Analysis.
- The responsibility for implementation of this procedure rests with Institutional Accounting, Reporting and Analysis.
- The responsibility for interpretation of this procedure rests with Institutional Accounting, Reporting and Analysis.
- Additional information or questions regarding this procedure can be obtained by contacting Institutional Accounting, Reporting and Analysis at 304.293.4008.
Originally Issued: July 1, 2010
Updated: February 8, 2016
Approved by: Daniel A. Durbin, Senior Associate Vice President for Finance