BANK RECONCILIATIONS

Policy

* All bank accounts should be reconciled within fifteen business days of receipt
of the monthly/quarterly Credit Union account reports.

* The reconciliation will be done by the Treasurer or the Executive Director and
both will review all account reconciliations together quarterly.

* As we grow a staff reconciliations should be done by individuals who do not
participate in the receipt or disbursement of cash.

* All checks outstanding for over ninety days should be investigated.

Procedures

Bank Reconciliation Record

When a bank statement is received, complete the following for reconciliation
using the Peachtree software program: Checking Account (1000M00), Savings
Account (1005M00), T-shirt Sales Account (1005M02), and Petty Cash Account (1080M00).

Performing the Bank Reconciliation

Procedure yet to be illustrated.

Print a detailed report

* Print the report and attach to the bank statement. This will be illustrated soon.

Management Review and Approval

* Quarterly reconciliation printouts are filed in the Credit Union folder.

* Copies of the bank reconciliation is provided to the finance committee for
review at quarterly meetings. The original Credit Union statements and
reconciliation reports are filed in the Credit Union files for each fiscal year.

Manual Contents Page

Uptown Multi-Cultural Art Center (UM-CAC). Click here for contact Info or to E-mail UM-CAC at umcac@art-teez.org click here. Ph.773/561-7676

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