Concord, NH
United States
Ensure that LSC unallowable costs are charged to funding sources other than LSC.
Ensure that adequate documentation for all expenses is retained for the recommended seven years in accordance with Appendix II of the LSC Accounting Guide.
Ensure that approvals for all disbursements are documented by an authorized individual prior to payment.
Ensure that contracts are written and maintained for all business arrangements. The contracts should document the statement of work, the agreed upon terms, costs, and payments terms, and should be reviewed periodically to ensure that written terms are…
Ensures that sole source justifications are fully documented, and thedocumentation is maintained with the contract files.
Ensures contracts are only entered into by authorized and appropriate individuals.
Ensures contracts are re-bid or re-evaluated every three years.
Ensure that all fixed assets are tagged for easy identification in thefixed asset records.
Ensure that a physical inventory is taken of all LARC fixed assetsand results reconciled with the property records.
Update the LARC Depreciation Schedule to include accurate andcomplete information as required by the Fundamental Criteria or Board approved LARCAccounting Manual.
Ensure that LARC property records include elements as requiredby the Fundamental Criteria.
Ensure that no one employee can initiate and authorize payment of electronic banking transactions and that the individual responsible for reconciling bank accounts cannot authorize electronic banking transactions.
Ensure that journal entries are approved by an authorized individual before being posted to the general ledger.
Ensure that the individual opening the mail and recording cash/check receipts is independent of accounting functions and does not prepare the bank deposit.
Ensure that all fields in the cash receipts log are properly documented by the individual opening the mail.
Ensure that bank reconciliations are approved and evidenced by dated signatures in accordance with the policies outlined in the LARC Accounting Manual and the Accounting Guide.
Ensure that bank reconciliations are performed within 14 days of receipt of the monthly bank statements, as outlined in the LARC Accounting Manual.
Ensure that current authorized salary and wage rates are maintained in employees’ personnel files and signed by both the Executive Director and employee.
Ensure that employee timesheets are obtained before processing payroll for payment, and that the timesheets are maintained for at least four years (after termination) as required by the LSC Accounting Guide (unless state law requires retention for a…
Ensure that appropriate supervisory approvals are obtained on all timesheets as required by LSC Fundamental Criteria.
Ensure that the new process for approving employee timecards is formally documented in the Accounting Manual and approved by the Board.
Ensure written policies and procedures for budgeting are included in the grantee's Accounting Manual, adequately describe the processes and controls in sufficient detail, and are in accordance with LSC's Accounting Guide, regulations, and…
Ensure that monthly statements are reviewed by the ExecutiveDirector prior to distribution to the Executive and Finance Committees every month and that approvals are documented when the monthly statements are finalized and reviewed by all parties.
Ensure that special grant terms and conditions are followed, and quarterly reports are submitted within 10 days after the end of the calendar quarter.