4.1 Account Reconciliations Policy

POLICY TYPE: 4.0 Financial
EFFECTIVE DATE: 2019-02-21	LAST REVISED: 2025-10-23
THIS POLICY APPLIES TO: Contractors – Individuals engaged to provide services under a contract with SelfDesign Learning Foundation Support Providers – Individuals engaged under a contract or agreement with SelfDesign Learning Foundation to provide services for a specific learner Families – Learners and parents(s)/guardian(s) of learners participating in SelfDesign Learning Foundation’s programs Volunteers – Individuals providing goods/services under the terms of an agreement with SelfDesign Learning Foundation Board Members – Members of the Board of Directors for SelfDesign Learning Foundation and the Foundation for SelfDesign (FSD)

Policy Statement

SelfDesign Learning Foundation (SDLF) is committed to reconciling all bank accounts.

Definitions

None

Policy

SelfDesign Learning Foundation will perform account reconciliations on a monthly basis in accordance with Generally Accepted Accounting Principles. Further, monthly reconciliations will be completed within 10 business days from the last day of the month or period being reconciled. Any discrepancies will be followed up and corrected within 10 business days. All completed reconciliations will be reviewed and approved by the Chief Financial Officer or their designate.

Protocol

Segregation of duties should be considered when determining which individual will complete the bank reconciliations.

Bank Account in the General Ledger

All bank accounts in the general ledger are to be reconciled to the financial institution’s account statement at least monthly and must be completed within 10 business days from the last day of the month or period being reconciled, in order to address any discrepancies in a timely manner.

Accounts Receivable and Accounts Payable Subledgers

Accounts receivable and accounts payable subledgers must be reviewed and reconciled to the general ledger on a monthly basis (at least).

Other Balance Sheet accounts

Other balance sheet accounts are reconciled quarterly or monthly depending on the nature and volume of transactions of the account. They are reconciled by the end of the following month.