(A) I.C. 5-11-1-27(j) requires that erroneous or irregular material variance, losses, shortages, or thefts of political subdivision funds or property, shall be reported immediately. State Board of Accounts Examiner Directive 2015-06 directs each political subdivision (Town of Monon) to determine its own policy on materiality; and in compliance with such directives the Monon Town Council has implemented the following:
(1) The Monon Town Council calls upon the Clerk-Treasurer and all town officials, employees, and agents to enforce and comply with the policy on materiality and process for reporting material items and to report noteworthy items to the Town Council and to report the same to the State Board of Accounts. The Monon Town Council of directs that the Town Council, town employees and agents, and the Clerk-Treasurer shall monitor compliance with the policy on materiality at the regularly scheduled Town Council meeting after the discovery of any violation of said materiality policy and shall continue to monitor the compliance until such violation is rectified.
(2) The Clerk-Treasurer shall, when an irregular variance, loss, shortage, or theft is determined material according to the town's policy on materiality, report the incident to the State Board of Accounts.
(Ord. 2022-13, passed 12-21-2022)