WVU-A&FS-6 POLICY

West Virginia University Policy
Division of Administration and Finance

WVU-A&FS-6

RECONCILIATION OF FUNDS POLICY

PURPOSE

To establish a policy for periodic reconciliation of Oracle funds by University departments.

SCOPE

This Policy applies to all WVU units, including those on the regional campuses (Potomac State College of WVU, WVU at Parkersburg, 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).

POLICY

An Oracle fund represents ownership of assets, liabilities and fund balance by a University department. Ownership of the fund also determines accountability for the reconciliation of that fund. Fund owners should perform periodic reconciliations of their funds and monitor them for reasonableness. Any unreconciled or unsubstantiated amounts should be investigated and resolved in a timely manner. This is essential for ensuring the accuracy of management and financial reports. Departments should provide such reconciliations to central Accounting for review.

PROCEDURE

Accounting & Financial Systems is responsible for procedure development.

RESPONSIBILITY

The responsibility for implementation and interpretation of this policy rests with Accounting & Financial Systems.

RELATED DOCUMENTS AND POLICIES

None.

Approved:	Scott C. Kelley	7/1/03
	Vice President for Administration, Finance & HR	Date

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