1
2
Cash reconciliations
reviewed before posting
in FIMS
Cash reconciled
monthly in FIMS
Finance Assistant
Financial
Close
Internal
Controls
Associate Director
Cleared checks on check
register are compared for
amount & check number
sequence. Voided checks
are investigated
Cash logs compared to
bank statements
Associate Director
Transfers between
accounts verified
Associate Director
Associate Director
3
Trial balance &
financial statement
reviewed monthly
Control Points
1. Accounts reconciled monthly. Access
to reconcile accounts & posting restricted
to finance assistant and associate
director. C,A,V,R,S
2. Cash reconciliations reviewed prior to
posting. C,A,R
3. Trial balance & financial statements
reviewed monthly by associate director.
C,A,V,R
4. Cash reconciliation, trial balance &
financial statements reviewed monthly by
executive director. C,A,V,R
Associate Director
5. Financial statements reviewed
quarterly by audit committee & board of
directors to assess: areas of risk,
significant changes in numbers, and any
new areas requiring monitoring. C,A,V,R
6. Statements distributed quarterly to
donor, if discrepancy donor will
communicate to Community Foundation.
A,R
5
Financial statements
reviewed quarterly
Audit Committee &
Board of Directors
Executive Director
6
Fund statements
distributed to donors
quarterly
7. Annual audit reviewed by audit
committee. Board of directors approve
the annual audit. C,A,V,R
8. Annual Tax Filing is reviewed by audit
committee and approved by each entity’s
board of directors. C,A,V,R
4
Cash reconciliation, trial
balance & financial
statement reviewed
monthly
7
Annual audit performed
Annual audit reviewed
Independent Auditor
Audit Committee
8
8
7
Form 990 approved
Annual audit approved
Form 990 reviewed
Board of Directors
Audit Committee
FIMS: AP, FACTS & GL module- See IT controls
Board of Directors of
Community Foundation
each Supporting
Organization
Control Objectives Legend
C – Completeness: no unrecorded assets, liabilities, transactions, or events or undisclosed
items
A –Accuracy: recorded transactions are input and processed correctly in appropriate
period
V – Validity: transactions and updates are authorized by appropriate personnel and
supported by valid source documents
R – Real: asset or liability exists at a given date, or an event actually took place during
the period
S – Access Restricted: ability to record or modify information is restricted to appropriate
personnel
VISIO Shape Legend
7
Process
Control Point
Document
Connector
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Annotation
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Reference
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Colors represent segregation of duties