NN School Board receives GFOA Certificate of Achievement for Excellence in Financial Reporting
Posted: November 8, 2023
Government Finance Officers Association of the United States and Canada (GFOA) has awarded the Certificate of Achievement for Excellence in Financial Reporting to the Newport News School Board for its annual comprehensive financial report for the fiscal year that ended June 30, 2022. This marks the 22nd time the board has received this award.
The report was judged by an impartial panel to meet the high standards of the program, which include demonstrating a constructive "spirit of full disclosure" to clearly communicate its financial story and motivate potential users and user groups to read the report, according to GFOA. 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 and its management.
The NNPS Finance Department, which includes Budget and Accounting staff, has received the GFOA Certificate of Achievement for Excellence in Financial Reporting every year since 2001, which was the first year it prepared one.
"The GFOA's Certificate of Achievement for Excellence in Financial Reporting has a comprehensive checklist used to review the submitter's financial report to determine compliance with both generally accepted accounting principles and program policy as established by GFOA's Special Review and Executive Committee," said Scarlett Minto, NNPS chief financial officer.
"A certificate is awarded only if there is consensus among reviewers that an annual comprehensive financial report substantially complies with both generally accepted accounting principles and program policy. Our director of finance and the supervisor of accounting ensure the proper recording of all financial transactions and the accurate reporting of these transactions and balances for all the School Board funds. They are also responsible for submitting the board's Annual Comprehensive Financial Report to GFOA for this award consideration."