(A) Designation of Oversight Committee. The Town Council President will serve on the Internal Control Oversight Committee (the "Oversight Committee") for the year 2017. Other committee members will include the Clerk-Treasurer and the Town Manager. The Town Council delegates all of its internal control authority and responsibilities to the Oversight Committee, subject to action by the full Town Council, provided the Oversight Committee shall promptly report to the full Town Council any weaknesses or failures in internal accounting control that come to its attention. The Oversight Committee is appointed to serve for the current calendar year and until its successor has been appointed.
(B) Adoption of internal control policy. The town hereby adopts the internal control policy attached hereto and incorporated herein as “Exhibit A,” as set forth in the Indiana State Board of Accounts Uniform Internal Control Standards for Indiana Political Subdivisions (September 2015).
(C) Establish materiality threshold. The town hereby adopts a materiality threshold of $1,000 for cash items and $5,000 for noncash items for purposes of the internal control procedures adopted and approved herein.
(D) Personnel training. The personnel of the town whose official duties include receiving, processing, depositing, disbursing, or otherwise having access to funds that belong to the town, Federal government, state government, a political subdivision, or another governmental entity shall be trained at least once during a calendar year, and annually thereafter, unless on administrative leave status, on the minimum internal control standards and procedures determined necessary by the town and shall cooperate with the Clerk-Treasurer so that the Clerk-Treasurer can timely certify to the State Board of Accounts that the training as received annually by those personnel as required by law.
(E) Elected and appointed officials and employees of the town. All elected and appointed officials and employees of the town are hereby directed to abide by and to cooperate fully in the implementation of the internal control policy of the town.
(F) Reports on compliance of Clerk-Treasurer. At least annually, the Clerk-Treasurer shall provide a written report to the Town Council and the Town Manager regarding the status of the implementation of the internal control policy, including, but not limited to, the appropriate training and monitoring, any incidents of significant non-compliance with the policy and any disciplinary action imposed as a result thereof, and any financial losses due to employee misconduct, including, but not limited to, failure to comply with the policy.
(Ord. 2016-28, passed 12-27-16)