Click to review the below policies related to account reconciliation:

FIN-ACC-290: Treatment of Year-End Reverting Funds

Click the above link to review the Indiana University policy on the treatment of year-end reverting funds. The policy outlines that all year-end unencumbered balances in general-fund accounts are available to executive leadership for reallocation to the various responsibility centers and support units in accordance with campus policy. Such reallocations are subject to review and approval by specific executive leaders or their delegates.

FIN-ACC-500: Write-Off Accounts

Click the above link to review the Indiana University policy on write-off accounts. This policy outlines that accounts receivable balances over 12 months old lacking current productive activity are to be written-off. Debts may be written-off prior to 12 months if they are coded as deceased, bankrupt, or if collection efforts have been exhausted. It is encouraged that delinquent non-student accounts be turned over to external collection agencies after all collection efforts have been exhausted by the department and by any respective campus office charged with collecting delinquent accounts. The purpose of this policy is to ensure that uncollectible monies are written-off in a timely and expeditious fashion. This policy applies to all auxiliary enterprises, student, and non-student receivable accounts. This policy specifically excludes accounts being administered by the Student Loan Administration.

FIN-PAY-030: Timing of Payments and Off-Cycle Payroll

Click the above link to review the Indiana University policy on the timing of payments and off-cycle payroll. This policy establishes university payroll responsibility for the development of payroll schedules, as well as sets conditions when payroll payments submitted for off-cycle payrolls will be paid, to comply with applicable regulations and to strengthen internal controls. The purpose of this policy is to establish controls around payroll. This is necessary because federal and state authorities regulate the timing of payroll payments. To meet its obligations, the university must develop payroll calendars. Additionally, it is necessary to provide mechanisms to pay employees outside the on-cycle payroll schedule, when, due to errors or omissions, employees are not paid the full amount due them. Review this policy for additional details, specific procedures surrounding the payroll cycle, common definitions related to payroll, and to access contact information for additional questions.

FIN-BUD-4: General Fund Year-End Balances

Click the above link to review the Indiana University policy on general fund year-end balances. This policy explains that the Finance and Audit Committee of the University Trustees will receive periodic reports from the executive team on the projected general fund year-end reserves by campus. As part of the year-end financial report, the Committee will receive reports of actual June 30 balances in general fund year-end reserves by campus and individual responsibility center in centers with balances higher than a predetermine threshold. Review this policy for additional details, including the scope of the policy, reasoning for the policy, and the history of the policy.

FIN-BUD-20: Review of Fiscal Activities

Click the above link to review the Indiana University policy on the review of fiscal activities. This policy explains that fiscal managers will review, on a regular basis, the financial activities for which they are responsible to ensure that these activities are carried out properly and in a manner that is consistent with and contributes to the overall plans and goals of Indiana University. This policy was created to emphasize the need for review as a most important aspect of ensuring fiscal responsibility. Review this policy for additional details, including the scope of the policy, reasoning for the policy, and the history of the policy.