District receives sixth Certificate of Excellence in Financial Reporting
Broken Arrow Public Schools’ finance department was recently honored with its sixth Certificate of Excellence in Financial Reporting award for exceeding the high standards for financial reporting and accountability.
The district was recognized by the Association of School Business Officials (ASBO) International for completing the Comprehensive Annual Financial Report (CAFR) for the fiscal year ending 2018.
Broken Arrow Public Schools is one of three districts in the state to successfully complete the CAFR.
“This report is an important tool because it shows transparency and full disclosure of the district’s financial transactions,” Superintendent Dr. Janet Dunlop said. “Our financial department does an incredible job, and this award more than proves that.”
State law mandates that school districts undergo an annual audit and publish a complete set of financial statements presented in conformity with accounting principles generally accepted and audited in accordance with auditing standards.
The primary difference between a typical audit and a CAFR is that the audit shows a single year of financial transactions, while the CAFR contains the results of the period with historical information. The CAFR adheres to the most rigorous federal standards set by the Governmental Accounting Standards Board.
“The CAFR is a culmination of the district’s financial reporting and annual audit,” Chief Financial Officer Natalie Eneff said. “It allows the community to assess the overall financial health of the district and understand where their tax dollars are spent.”
The ASBO Certificate of Excellence award confirms the school business office’s commitment to financial responsibility. Recognition through the program strengthens a district’s presentation for bond issuance statements and promotes a high level of financial reporting to the community.
The CAFR report is available to any individual or organization wishing to compare the district’s financial state to other schools or businesses that complete a CAFR.
For more information about the award, please visit ASBO’s website at www.asbointl.org/COE.