5.2. SR 11-12-2002 - Laserfiche WebLink

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CERTIFICATE OF ACHIEVEMENT FOR EXCELLED IN FINANCIAL REPORTING 2001 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. 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 rdspon, sibility 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 of a government. Securities Marketing Aid: Clarity: ComparabiliO,: recognized award, and its significant accomplishme] and its management. Reports qualifying for a ( ment provide a detailed ve analysts, investors, potent may assess the relative government unit=s sec alternative investment opl CAFRs satisfying the ( requirements are likely to and potentially misleadin Since CAFRs qualifyint Achievement employ stm and fornaatting conventio one year to the next government units are faci] To be eligible for a Certificate of Achievement, a report must be the published CAFR of a unit of government, a public college or m~iversity, a public employee retirement system, or a governmental investment pool. Eligible CAFRs must include general purpose financial statements presented in conformity with GAAP. These reports are also required to have been audited in accordance with generally accepted auditing standards. 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 infornaation required by GAAP for fair presentation of the financial statements, be efficiently organized and adhere to certain generally accepted temfinology and formatting conventions. The Certificate Program provides participants with extensive technical reference material on govermnental acc.ounting and financial reporting theory. This material provides finance officials with the tools they need to improve their financial reporting techniques. Benefits qf the Certificate qf Achievement review. The ~'owth in the Certificate Program has been substantial. Based on recent trends, steady growth is anticipated to continue. More and more governments are recognizing 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 include: 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's 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 Completeness: The financial statements, statistical tables and n required for a Certificate c assure that all fiscal data needed by the many pers~ legitimate interest in the government unit. These erning boards, investors resource providers, taxpa To participate in the Certificate Program, ~ complete an application form and submit CAFR, with the appropriate fee, to the GF Certificate Program's Special Review Conmn be obtained from the GFOA's Certificate Pr( (312/977-9700) or fi'om the "Forms" sectio at www.gfoa.org. Submissions must be [ months of the government's fiscal year end. The following list identifies all of the go' successful in obtaining a Certificate of Acl with fiscal >,ears that ended in 2000. The t holding certificates that have been recogni: each state or jurisdiction are in bold italics. those governments that prepared a CAFR new financial reporting model establis} Accounting Standards Board Statement No Statements-and Management's Discussion ~ and Local Governments and won the Certific that CAFR. A listing of these governments i list of winners to recognize their accomplis] preceding the government's name indicat GFOA's Distinguished Budget Presentation period beginning in 2000. [CE ittainment represents a ~t by a government unit ertificate of Achieve- hicle by which market al investors and others attractiveness of a Mties compared to ~ortunities. :ertificate Program=s be free of ambiguities presentations. for a Certificate of Jardized ternfinology as, comparisons from tnd among different itated. supporting schedules, ~rrative explanations fAchievement help to are presented that are ~ns and groups with a financial affairs of a groups include gov- ~nd creditors, grantor 'ers and others. overnment units must three copies of their DA for review by the ittee. Applications can ,gram Staff in Chicago a of GFOA's website .ostmarked within six ,ernments that were tievement for CAFRs ;overnments cmTently :ed the most times in ~ecial note is given to accordance with the ',d by Governmental 34, Basic Financial !nd Analysis-for State ~te of Achievement for )recedes the complete tment. Also, a # sign ~s they received the Award for their fiscal