Cary Community Consolidated School District 26 has been recognized for outstanding financial reporting and accountability of its funds.
District 26 has received the Association of School Business Officials International’s (ASBO) Certificate of Excellence in Financial Reporting award. The award is given to school districts that have met or exceeded the program’s high standards for financial reporting and accountability of its Comprehensive Annual Financial Report (CAFR) for the fiscal year ending 2012, according to a press release.
The award represents a significant achievement and is especially noteworthy because this was the district's first CAFR and first submission for the award.
A CAFR goes beyond the minimum requirements of generally accepted accounting principles to provide additional information of great practical benefit such as trend and demographic information and an overview of the government and its operations that highlights key financial developments of the current year, according to the release.
It also serves as critical link between the accounting data and the district's taxpayers, citizens, legislative bodies, investors and creditors, by assisting them in evaluating the operating results and in assessing the district's ability to meet its obligations.
District 26 School Board member Scott Coffey, who also serves as the Finance Committee chairperson said the recognition reflects the hard work by the finance staff in maintaining transparency of District 26's finances and moving toward financial recovery.
“This award recognizes the hard work and dedication the finance staff displays every day in ensuring the district's financial statements and records are accurate and comprehensive," Coffey said in the release.
"The integrity and transparency of the District's financial data has been critical in the decision-making processes in helping drive the District's financial recovery.”
Four years ago, Cary District 26 had negative fund balances and was facing the potential of state takeover. Since that time, the district has passed a referendum and balanced its budgets. It has since been removed from the state’s watch list and is on the path towards financial recovery, the release stated.
T. Ferrier, director of Finance and Operations for District 26 said the honor reflects administrators commitment to financial recovery.
“After some of the toughest years in our district’s history, we are finally turning the corner and District 26 is on the way back," Ferrier stated in the release.
"Our finances have begun to stabilize, class sizes are decreasing, and we are beginning to incorporate much needed technology and capital items into the budget. Receiving the Certificate of Excellence award is confirmation of our commitment to financial recovery, accountability, and transparency.”
For more information on the COE award, visit ASBO’s Website