Lexington-Richland School District Five’s Office of Finance and Operations has been awarded the Certificate of Achievement for Excellence in Financial Reporting by the Association of School Business Officials International (ASBO) for its comprehensive annual financial report (CAFR) for the fiscal year ending in 2018.
“It is an honor for District Five to receive a Certificate of Achievement for Excellence in Financial Reporting by the ASBO,” said District Five Chief Finance Officer Len Richardson. “It takes an entire team effort to prepare our comprehensive annual financial report each year and for our team to be recognized at a national level for the countless hours they put into this means so much.”
“The Certificate of Achievement for Excellence’s mission is to promote and recognize excellence in financial reporting, specifically through a district’s CAFR,” ASBO International Director of Recognition Programs Molly Barrie says. “The CAFR informs parents and other stakeholders about the financial and economic state of the district, making it an important communications tool for building trust and engaging with the school community.”
The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government unit and its management. In order to be awarded a Certificate of Achievement, a government unit must publish an easy readable and efficiently organized CAFR, whose contents conform to program standards. The CAFR must satisfy both generally accepted accounting principles and applicable legal requirements.
By participating in the COE program school districts demonstrate their commitment to financial transparency. Applicants submit their CAFR for review by a team of professional auditors, who provide feedback to improve future documents. If the CAFR meets the requirements of the program, the document may receive the Certificate of Excellence. A district’s participation in the COE program can facilitate bond rating and a continuing bond disclosure processes.
“We congratulate Mr. Richardson and the Office of Finance and Operations for being recognized by the Association of School Business Officials International,” said District Five Superintendent Dr. Christina Melton. “The preparation of the comprehensive annual finance report is completed each year on a timely basis and could not be accomplished without the efficient and dedicated services of the entire staff of the Office of Finance and Operations.”