4.4. SR 03-16-1998 - Laserfiche WebLink

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CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING 1996 RESULTS The Certificate of Achievement for Excellence in Financial Reporting (Certificate of Achievement) is an award designed to recognize and encourage excellence in financial reporting by state and local governments. The attainment of a Certificate of Achievement represents a significant accomplishment for a government and its management. The Certificate of Achievement for Excellence in Financial Reporting Program (Certificate Program) was established by the Government Finance Officers Association (GFOA) in 1945. Currently, the GFOA is celebrating the fiftieth anniversary of the Certificate Program. The GFOA instituted the program to encourage all government units to prepare and publish an easily readable and understandable comprehensive annual financial report (CAFR) covering all funds and financial transactions of the government during the fiscal year. The GFOA believes that governments have a special responsibility to provide the public with a fair presentation of their financial affairs. CAFRs go beyond the requirements of generally accepted accounting principles (GAAP) to provide the many users of government financial statements with a wide variety of information useful in evaluating the financial condition ora government. ,'o be eligible for a Certificate of Achievement, a report must be the published CAFR of a unit ofgovemment, a college, a university or a public employee retirement system. Eligible CAFRs must include general purpose financial statements presented in conformity with GAAP. These repons are also required to have been audited in accordance with generally accepted auditing standards, with the auditor taking at least "in relation to" responsibility for combining, individual fund and account group presentations. To earn a Certificate of Achievement, a CAFR should give a clear and thorough view of the government's finances. Award-winning reports should enhance the reader's understanding of the information required by GAAP for fair presentation of the financial statements, be efficiently organized and adhere to certain generally accepted terminology and formatting conventions. The Certificate Program provides participants with extensive technical reference material on governmental accounting and financial reporting theory. This ~naterial provides finance officials with the tools they need to improve their financial reporting techniques. Benefits of the Certificate of Achievement review. The growth in the Certificate Program during its first fifty years has been phenomenal. Based on recent trends, substantial growth is anticipated to continue. More and more governments are recog- nizing the benefits and significance of a program review. Some of the benefits likely to be realized by a government unit which submits its CAFR to the Certificate Program's review process aclu&: Education: Government units participating in the Certificate Program are provided with extensive technical accounting and financial reporting reference materials. Officials submitting CAFRs to the Certificate Program review process also are provided with a confidential list of detailed comments and suggestions for improving their financial reporting techniques. Recognition: The Certificate of Achievement is a nationally recognized award, and its attainment represents a significant accomplishment by a government unit and its management. Securities Marketing A id: Repons qualifying for a Certificate of Achieve- ment provide a detailed vehicle by which market analysts, investors, potential investors and others may assess the relative attractiveness of a government unit's securities compared to alternative investment opportunities. Clarity: CAFRs satisfying the Certificate Program's requirements are likely to be free of ambiguities and potentially misleading presentations. Comparability: Since CAFRs qualifying for a Certificate of Achievement employ standardized terminology and formatting conventions, comparisons from one year to the next and among different government units are facilitated. Completeness: The financial statements, supporting schedules, statistical tables and narrative explanations required for a Certificate of Achievement help to assure that all fiscal data are presented that are needed by the many persons and groups with a legitimate interest in the financial affairs of a government unit. These groups include gov- erning boards, investors and creditors, grantor resource providers, taxpayers and others. To participate in the Certificate Program, government units must complete an application form and submit three copies of their CAFR, with the appropriate fee, to the GFOA for review by the Certificate Program's Special Review Committee. Applications can be obtained from the GFOA's Certificate Program staff in Chicago (312/977-9700). Submissions must be postmarked within six months of the government's fiscal year end. The following list identifies all of the governments that were successful in obtaining a Certificate of Achievement for CAFRs with fiscal years that ended in 1995. The governments currently holding certificates that have been recognized the most times in each state or jurisdiction are italicized and listed first.