For the 29th consecutive year, the Corvallis School District Finance and Operations Department has been awarded the highest recognition for the 2016-17 comprehensive financial report (CAFR). The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, awarded by the Government Finance Officers Association of the United States and Canada.
Each year, the Corvallis School District hires an external third party auditing firm, as required by state law. Additionally, the district creates a comprehensive annual financial report (CAFR) and submits to the Government Finance Officers Association. “This award represents a significant accomplishment,” notes Finance and Operations Director Olivia Meyers Buch. “The CAFR award indicates that the Corvallis School District meets high standards including demonstrating the highest quality of accounting and it strengthens the district’s reputation, providing the best options for bond and borrowing rates.”
School finance is complicated and includes an array of laws, funding sources and expenditures. One important way that parents and community members can stay informed is through a review of the district’s statement of revenues and expenditures. This report is similar to a business income and expense statement and describes the district’s financial activity in the last fiscal year (July 1 – June 30.)
The CAFR has been judged by an impartial panel to meet the high standards of the program, which includes demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story and motivate potential users and user groups to read the CAFR. The district’s CAFR is available on the district website at the following link https://tinyurl.com/2016-17-CSD-CAFR
Congratulations to our Finance and Operations Department for this recognition of excellence!