District receives award for superior financial reporting
The finance department at Broken Arrow Public Schools was recently honored with an award for completing the Comprehensive Annual Financial Report (CAFR) for the fiscal year ending 2018.
The Government Finance Officers Association of the United States and Canada (GFOA) awarded the district with the Certificate of Achievement for Excellence in Financial Reporting, which is the highest form of recognition in the area of governmental accounting and financial reporting.
“Being one of only three Oklahoma school districts to successfully complete the Comprehensive Annual Financial Report speaks volumes about our finance department,” Superintendent Dr. Janet Dunlop said.
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.”
Established in 1945, GFOA’s Certificate of Achievement for Excellence in Financial Reporting Program encourages state and local governments to go beyond the minimum requirements of generally accepted accounting principles and prepare comprehensive annual financial reports, and those that do are recognized for successfully achieving that goal, according to the GFOA website.
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 the GFOA website at www.gfoa.org.