East St. Louis, IL
United States
Bank reconciliations are complete by the 30th day of the month following the statement period, in accordance with LOLLA’s policy.
All bank reconciliations are legibly dated by the preparer, and the individual who performs the review fully documents their review with signature and date.
LOLLA resolves all checks outstanding more than 120 days in accordance with their policies and Illinois’s unclaimed property laws.
They document their review of bank statements for all accounts.
The maintenance of segregation of duties so that the individual responsible for performing bank reconciliations does not have access to cash or the cash receipts log and does not perform journal entries.
Appropriate staff conduct a physical inventory and reconcile the results to the property records at least once every two years, in accordance with LSC criteria and LOLLA’s policies.
The resolution of discrepancies identified between fixed asset records and the assets in LOLLA’s possession.
Those responsible for approving purchases adequately document their approval, with a signature and date, in accordance with LOLLA’s written policies and procedures, and LSC guidance.
All authorized card holders sign credit card user agreements in accordance with LOLLA’s policies and LSC criteria.
Documentation is submitted and filed to support all credit card charges, in accordance with LOLLA’s policies and procedures.
Appropriate staff document their approval, including signature and date, prior to incurring credit card charges and paying card statements.
Management reporting policies and procedures are updated to comply with LSC requirements.
LOLLA’s Executive Management Team continues to review monthly reports and provide the monthly reports to the Financial Oversight Committee and Board of Directors for review.
Contracts are written and maintained in a central file for all business arrangements. The contracts should document the statement of work, the agreed upon costs, and payment terms.
Contract competition documents, including evaluation of bids, sole source justifications, and rationale for vendor selection are maintained in a central file.
Staff continues the recently implemented practice to enter derivative income into the accounting system with proper coding.
Staff perform client trust reconciliations monthly and send the completed reconciliations to management by the 15th of the month following the reconciliation month.
Dates are included with signed client trust reconciliation approvals.