ASSESSMENT – TO BE COMPLETED
INTERNAL
CONTROLS
IC
SELF-ASSESSMENT
The Internal Controls Self-Assessment for Imprest Checking (Bank)
Accounts was developed as a multipurpose tool to assess a unit’s
compliance with internal controls. Selected departments will be
asked to complete this self-assessment as part of the University-wide
compliance testing program.
Departments should also use the self-assessment as a guide for
managing important financial controls within their units. We
encourage you to review this document periodically to assess your
unit’s compliance with proper internal controls.
IMPREST CHECKING (BANK) ACCOUNTS
An imprest checking account is established at a commercial
financial institution. The base characteristic of an imprest account
is that a fixed amount of money is reserved. Then, when money is
spent, the imprest account is replenished to the original fixed
amount. For example, start-up costs or payments to subjects
participating in a research study might be paid through an imprest
checking account, which would then be reimbursed from the
Office of Sponsored Research or other appropriate funds. The
initial funding for an imprest checking account is from the
University’s unrestricted endowment income pool and must be
returned to the pool when the imprest checking account is closed.
The imprest checking accounts are authorized and established
when timing of disbursements is sensitive and critical to
management objectives.
IC v November 2014
IC
INTERNAL
CONTROLS
INTERNAL
CONTROLS
INTERNAL
CONTROLS
SELFASSESSMENT
FOR IMPREST
CHECKING
(BANK)
ACCOUNTS
The University of North Carolina at Chapel Hill
Internal Controls Self-Assessment
For Imprest Checking (Bank) Accounts
SELF-ASSESSMENT
When your response to a question is either “Not Applicable (NA)” or “No”, it is necessary
to provide a written explanation in the comments field. Please attach additional
comments.
Custodian’s Name:
Department 1XPEHU Department1DPH
Checking Account Number (last four digits):
ConnectCarolina Chartfield String (if known):
Checking Account Number (last four digits):
ConnectCarolina Chartfield String (if known):
Checking Account Number (last four digits):
ConnectCarolina Chartfield String (if known):
Checking Account Number (last four digits):
ConnectCarolina Chartfield String (if known):
IMPREST CHECKING (BANK) ACCOUNTS
The imprest checking accounts are authorized and established when timing of
disbursements is sensitive and critical to management objectives.
1. An imprest checking account has been established by the department.
Yes
No
A yes answer indicates that the department currently has an imprest checking
account. If a no answer, please skip to the certification section found at the end
of this document.
Comments:
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IC v November 2014
The University of North Carolina at Chapel Hill
Internal Controls Self-Assessment
For Imprest Checking (Bank) Accounts
2. Imprest checking accounts have been established per University Policy and the
funds are used only for the University-authorized purpose.
Yes
No
NA
A yes answer indicates that the account was specifically authorized, in writing,
by the Vice Chancellor for Finance and Administration. It also indicates that
imprest funds are not, under any circumstances, used for the payment of
stipends, personal services, payments to vendors, or loans and advances to
employees.
Comments:
3. Imprest checking accounts are replenished at least once a month to its original
account balance when expenditures were recorded during the preceding thirty
days.
Yes
No
NA
A yes answer indicates that at least once a month the account is reimbursed to
its original account balance. It also indicates that proper supporting
documentation for each disbursement is maintained and includes proper
authorization.
Comments:
4. The balance of the imprest checking account is in keeping with the approved
purpose of the account and University policy.
Yes
No
NA
A yes answer means that the balance of the account does not exceed two
months average disbursements from the account and the approved purpose of
the account is still valid.
Comments:
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IC v November 2014
The University of North Carolina at Chapel Hill
Internal Controls Self-Assessment
For Imprest Checking (Bank) Accounts
5. Bank statements are received directly and reconciled with disbursement records
by someone independent of the cashier, payment processing and payment
approval activities. (At a minimum reviewed by another individual.)
Yes
No
NA
A yes answer indicates that all disbursements were approved by an appropriate
signer. In addition, during the reconciliation, the processed check is examined
for alterations and signature validity.
Comments:
6. Checkbooks, deposits slips, bank account numbers, and bank statements are
kept in a secure location.
Yes
No
NA
A yes answer indicates that the above items are in a secure location with
restricted access to authorized personnel only. To protect these items, they
should be stored in an area that is not visible to unauthorized personnel and they
should not be left unattended during the working day. When not being used,
these items must be kept in a secured (locked) storage area, such as a file
cabinet or safe located in an interior locked office.
Comments:
7. Bank accounts are reconciled and reviewed on a monthly basis.
Yes
No
NA
A yes answer indicates that the department has written evidence (check marks
etc.) that bank statements are reconciled and reviewed on a timely basis (within
30 days) by appropriate employees. Receipts and expenditures flowing through
these accounts must be appropriate.
Comments:
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IC v November 2014
The University of North Carolina at Chapel Hill
Internal Controls Self-Assessment
For Imprest Checking (Bank) Accounts
8. The number and scope of department authorized signers are reasonable.
Yes
No
NA
A yes answer indicates that the department has enough authorized signers so
that no one can initiate and approve the same transactions unless a second
individual reviews these or reconciles these transactions.
Comments:
9. Persons authorized to approve expenditures are clearly identified, and all
expenditures are approved in advance by an appropriately authorized person.
Yes
No
NA
A yes answer indicates that the department has written policies and procedures
identifying the individuals authorized to approve expenditures, and the approval
policy is communicated to all appropriate personnel.
Comments:
10. Deposits are processed in a timely manner and sufficiently documented.
Yes
No
NA
A yes answer indicates that the department is in compliance with the Daily
Deposit Act and promptly deposits (within 24 hours). There should be no deposits
to the account other than account replenishment checks or checks issued for
increasing the imprest bank balance.
Comments:
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IC v November 2014
The University of North Carolina at Chapel Hill
Internal Controls Self-Assessment
For Imprest Checking (Bank) Accounts
11. Deposits are kept in a secured location.
Yes
No
NA
A yes answer indicates that the deposits are in a secure location with restricted
access to authorized personnel only. To protect the deposits, they should be
kept in a secured (locked) storage area, such as a file cabinet or safe located in
an interior locked office.
Comments:
12. Checks are restrictively endorsed upon receipt.
Yes
No
NA
A yes answer indicates that the department restrictively endorses checks
(marked “for deposit only) as soon as checks are received.
Comments:
13. The department is aware of record retention requirements.
Yes
No
NA
A yes answer indicates that the department retains all financial and
administrative records per the University’s record retention schedule.
Comments:
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IC v November 2014
The University of North Carolina at Chapel Hill
Internal Controls Self-Assessment
For Imprest Checking (Bank) Accounts
14. The imprest checking account is being used in accordance with University
policy.
Yes
No
NA
A yes answer indicates that the account is used for its approved purpose and
follows the Finance Division Policy 306 – Imprest Checking (Bank) Accounts.
Comments:
UNDERSTANDING OF POLICY
15. Deposits to the imprest checking account should ONLY include;
a. Account replenishment checks
b. Checks issued for increasing the imprest account approved
balance
c. Reimbursement of loans and advances to employees
d. Both a and b
e. All of the above (a, b, & c)
Reference:
Policy 306 – Imprest Checking (Bank) Accounts
16. An overdrawn imprest account will be charged all applicable overdraft fees for
each day the account is overdrawn. Who is responsible for maintaining a
positive cash balance in the account?
a. Accounting Services
b. Department (registered custodian of the account)
c. Controller’s Office
Reference:
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IC v November 2014
Policy 306 – Imprest Checking (Bank) Accounts
The University of North Carolina at Chapel Hill
Internal Controls Self-Assessment
For Imprest Checking (Bank) Accounts
CERTIFICATION
Comments:
Completed by: _________________________________
(signature)
(telephone)
Name & Title:
(please type)
Email:
Date:
Approval of Chair, Dean, or Director: _________________________________________
(signature)
Name & Title:
(please type)
Email:
Date:
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IC v November 2014
Assessment – To Be Completed