§ 35.07  MATERIALITY THRESHOLD POLICY.
   (A)   It will be the policy of the City Clerk-Treasurer to report to the State Board of Accounts any erroneous or irregular variances, losses, shortages, or thefts of cash in excess of $500. In. addition, all erroneous or irregular variances, losses, shortages, or thefts of cash which occur more than one time in a month and which the aggregate total is $500 or more shall be reported immediately to the State Board of Accounts. Exceptions shall be made for inadvertent clerical errors that are identified timely and promptly corrected with no loss to the City of Vincennes.
   (B)   It will be the policy of the City Clerk-Treasurer to report promptly to the State Board of Accounts any erroneous or irregular variances, losses, shortages, or thefts of non-cash items in excess of $5,000, estimated market value, except for those resulting from inadvertent clerical errors or misplacements that are identified timely and promptly corrected with no loss to the City of Vincennes, and except for losses from genuine accidents.
   (C)   All erroneous or irregular variances, losses, shortages, or thefts shall be reported immediately to the City Clerk-Treasurer. The City Clerk-Treasurer shall maintain records and documentation concerning erroneous or irregular variances, losses, shortages, or thefts in accordance with generally accepted accounting principles and the internal control standards provided by the Indiana State Board of Accounts.
   (D)   The City of Vincennes shall investigate all erroneous or irregular variances, losses, shortages or thefts, regardless of whether they meet the materiality threshold established by this section. Upon conclusion of each such investigation, the city shall:
      (1)   Implement procedures designed to prevent the recurrence of such incidents; and
      (2)   Take appropriate disciplinary action against the employee responsible for the incident.
   (E)   All city elected officials and all city employees and agents are directed to comply with this materiality policy.
(Ord. 58-2016, passed 12-12-16)