Reconciling your Trust or Endowment Fund Statement of Operations is an important part of the overall control framework within the University and should be completed on a monthly basis. Monthly reconciliations help ensure that only valid charges have been applied against your account and that transactions you expect have been recorded as anticipated.
Reconciling statements on a monthly basis can be time consuming and a balance between level of effort and level of accuracy is important.
It is the recommendation of the Business Officer Advisory Group that individuals adhere to a reconciliation transaction threshold of $50. Individuals reconciling accounts need not seek additional supporting documentation for unknown transactions of less than $50 unless there is concern of an error.
In support of the community with respect to reconciliations, Financial Services will focus efforts on requests for transactional information above $50, and to those where there is a concern of an error.