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Procedure: 1-3

Effective: May 1, 2003

Owner: University Comptroller

Latest Revision:

Requesting an Alternate Reconciliation Schedule

Procedure Steps

Scope | System References | Policy | Responsibility | Distribution | Ownership

Scope

This procedure covers seeking approval of a schedule for reconciling projects and awards which varies from the stated deadlines stipulated in Financial and Administrative Policy II.B.2

This procedure does not cover the actual procedure for performing a reconciliation as detailed in Financial and Administrative Procedure 1-4

System References [Top]

Policy [Top]

Financial and Administrative Policy II.B.2

Responsibility [Top]

The Dean or Department Head is responsible for requesting approval of a reconciliation schedule that meets the proceesing needs of the business unit according to the criteria outlined below.

Distribution [Top]

Department Heads
Department Business Managers
Fiscal Administrators

Ownership [Top]

The University Comptroller is responsible for ensuring that this procedure is necessary, reflects actual practice, and supports University policy.

Activity Preface

This actvity is performed whenever a business unit of the University believes that their circumstances justify requesting an exemption from the general rule that all projects and awards must have their monthly activity reconciled within 10 working days of the succeeding month.

Department Head

1. Prepare a justification based on the criteria below. The request may propose either a fixed number of days beyond the 10 day limit by which all projects and awards will be reconciled, or a schedule of staggered due dates based on the type of project or award.

2. The criteria which may be used are:

  • An unusually high volume of activity per month as represented by:
    • a large number of transactions per month
    • a large number of projects or awards to review per month
    • a complex set of project-award combinations and links
  • The complex nature of the transactions that must be reviewed as represented by:
    • Non-standard payroll transactions (e.g. on-call, overtime, etc.)
    • Multiple outside sources of funding or data (e.g. HSF, etc.)
    • A significant volume of recoveries by an Internal Service Provider
    • A significant number of non-standard employees (e.g. UVa Temps, Work Study, etc)
  • The unit has a personnel situation where the person responsible for reconciliations has conflicting deadlines (e.g. payroll, budget, scholarships, etc.) and needs to schedule work throughout the month.

3. Submit the justification and proposal as an attachment to the Internal Controls Questionnaire.

University Comptroller

4. Review the request as part of the review of the responses to the Internal Control Questionnaire and make reconmmendation to the Director of Audits.

Director of Audits

5. Review the request and notify requestor of approval, disapproval or suggested changes.

6. File approved schedule with work papers for the requesting department and use as a guide when conducting subsequent audits of the department.

Department Head

7. Implement approved reconciliation plan.

End of Activity

 


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