1.Statements from custodians of investments are reviewed monthly and reconciled to the general ledger by an individual independent of the cash recording or investment authorization function and are reviewed and approved by an independent person.

2.Adjustments to fair value (unrealized gains and losses) and reconciliations are reviewed monthly by an individual independent of the cash recording or investment authorizationfunction.

3.Management performs monitoring procedures (obtains SAS 70 reports or sample tests individual investments) over investment managers to verify that fair market values, investment gains/losses, and interest and dividend yields reported by the manager are appropriate.

4.A formal policy is in place relative to the accounting and maintenance of pooled investment funds, if applicable.

5.Allocations across pooled investment accounts are computed and recorded and independently reviewed by a supervisory accountant(controller or CFO).

6.Management maintains an investment policy that is reviewed and approved by the board or investment committee. Policy provides guidance on prudent investing and spending (i.e., establishing a spending formula) for investment funds.

7.Management performs monitoring procedures over investment managers to ensure compliance with investment policy.

8.Transfers (including wire transfers) between investments and cash accounts are reviewed and approved before they are executed by an individual independent of the recordingfunction.

9.Appropriate individuals have been authorized to initiate and approve investment transactions with safekeeping agents, including identifying and removing securities from pledgedstatus.

10.Management properly monitors donor restrictions on income and investment gains and losses where such amounts are to be held for temporarily or permanently restricted purposes.

Requirement

Provide at least one assertion addressed by each control.

ssertion odin Description Existence and occurrence EO Recorded transactions and events did occur and do pertain to the entity. Assets, liabilities, and equity interests exist. Disclosed events and transactions have occurred and pertain to th zation. All transactions and events that should have been recorded have been recorded. All assets, liabilities, and equity interests that should have been recorded are recorded. All disclosures that should have been included are included in the financial statements Completeness Rights and obligations ROThe organization holds or controls the rights to assets, and liabilities are true obligations of the o tion. Valuation and allocationVAAssets, liabilities, and equity interests are included in the financial statements at appropriate amounts, and any resulting valuations ofallocation adjustments are a Transactions and events have been recorded in the correct accountingperiod. ately recorded Cutoff CO PC Amounts and other data relating to recorded transactions and Presentation an Classification events have been recorded appropriately. Financial information is appropriately presented and described and disclosures are clearly expressed. Financial and other information is disclosed fairly and at a ate amounts