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ORDINANCE NO. <br />AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, <br />INDIANA, ESTABLISHING INTERNAL CONTROL STANDARDS AND <br />ESTABLISHING A MATERIALITY THRESHOLD. <br />STATEMENT OF PURPOSE AND INTENT <br />Indiana Code § 5- 11 -1 -27 requires all Indiana political subdivisions to adopt <br />minimum levels of internal control standards developed by the State Board of Accounts <br />as published in the Uniform Internal Control Standards for Indiana Political Subdivisions; <br />and <br />The City Controller has reviewed and recommends adoption of the proposed <br />internal control standards and materiality threshold. <br />NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of <br />South Bend, Indiana, that: <br />Section I. The City of South Bend, Indiana hereby adopts the Internal Control <br />Policy attached hereto and incorporated herein as Exhibit A. <br />Section II. The City Controller is directed to ensure that all personnel receive <br />training concerning the internal control procedures adopted and approved herein. <br />Section III. For reporting to the State Board of Accounts, the City of South <br />Bend, Indiana hereby adopts a materiality threshold of $10,000 for cash and $10,000 for <br />assets other than cash, for the internal control procedures adopted and approved herein. <br />All instances of suspected employee theft must be immediately reported to the State <br />Board of Accounts regardless of the dollar amount. There is no materiality threshold for <br />theft. Significant variances less than $10,000 will be investigated internally by the staff of <br />the City of South Bend. <br />Section IV. This ordinance shall be in full force and effect from and after its <br />passage by the Common Council and approval of the Mayor. <br />Member of the Common Council <br />Attest: <br />City Clerk <br />Presented by me to the Mayor of the City of South Bend, Indiana, on the <br />_ day of , 2016 at o'clock _ . m. <br />