District 25 Business Department awarded a Certificate of Excellence

For the 23rd year in a row, District 25's Business Department is being honored for going above and beyond with their financial reporting by preparing a Comprehensive Annual Financial Report (CAFR).

The Association of School Business Officials International awarded District 25 its Certificate of Excellence in Financial Reporting for having met or exceeded the program's high standards for financial reporting and accountability.

The report was prepared by the district business office staff under the direction of Stacey Mallek, assistant superintendent for Business/CSBO.

"The award is the highest form of recognition in governmental accounting and financial reporting " Mallek said, "and I think winning it 23 years in a row demonstrates our district's spirit of full disclosure to clearly communicate our financial story.

"This recognition speaks volumes to the commitment of our business office, district leadership team and board of education in providing financial reports that meet the highest standards of communication and accountability to the public."

Transparency and trust are not the only benefits to applying for and winning this honor. This process and accolade is also highly regarded by bond rating agencies, which helps the district receive a better bond rating.

Putting together the comprehensive report that goes beyond the minimum requirements of generally accepted accounting principles, and then applying to be judged at the international level by independent professionals, including certified public accountants, is not required by law.

It is something District 25's Business Department does, every year to go above and beyond in financial reporting.

"The goal is to be completely transparent," Mallek said. "This report is another method that holds us accountable to our constituents and helps instill trust that the business office is putting out financial information at the same high level that private sector organization's do. We have highly qualified people working here in District 25, and the business office is no exception."

This report contains the district's audited financial data with supplementary and statistical information, which is then interpreted by Mallek. It is a public document and can be viewed on our website.

District 25's financial profile is in the highest category of financial standing with the Illinois State Board of Education (ISBE).