District receives eighth Certificate of Excellence in Financial Reporting
Broken Arrow Public Schools’ finance department was recently honored with its eighth 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 Annual Comprehensive Financial Report for the fiscal year ending 2021.
Broken Arrow Public Schools is one of three districts in the state to successfully complete the financial report.
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 the financial report is that the audit shows a single year of financial transactions, while the Annual Comprehensive Financial Report contains the results of the period with historical information. This financial report adheres to the most rigorous federal standards set by the Governmental Accounting Standards Board.
“The Annual Comprehensive Financial Report 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 financial report is available to any individual or organization wishing to compare the district’s financial state to other schools or businesses that complete a financial report.
For more information about the award, please visit ASBO’s website at www.asbointl.org/COE.