District 214 gets financial reporting honor

Northwest Suburban High School District 214 has received the Association of School Business Officials International’s Certificate of Excellence in Financial Reporting Award.

The award was presented for having met or exceeded the ASBO’s high standards for financial reporting and accountability in the fiscal year ending 2012. This is the fourth consecutive year that District 214 has received this distinction having first applied with the preparation of the 2008-09 fiscal year Comprehensive Annual Financial Report.

“The COE award validates the school district’s fiscal integrity and high-quality financial reporting,” explained Debra Parenti, associate superintendent for finance and operations. “It demonstrates District 214’s transparency and responsible fiscal spending in a volatile economic climate.”

While the school district is required to prepare an audit in accordance with Generally Accepted Accounting Principles, the CAFR goes above and beyond the GAAP requirements by preparing fiscal year-end financial statements for users that details all assets, liabilities, revenues and expenditures.

“A properly prepared CAFR shows our community that the district is maximizing resources to meet our students’ educational needs,” Parenti said.

The COE award is sponsored by Valic, a longtime supporter of school business. Valic was the first company to enroll a K-12 public school district in a 403(b) plan more than 50 years ago.

The Association of School Business Officials International, founded in 1910, is a professional association of more than 5,000 members that provides programs and services to promote the highest standards of school business management practices, professional growth, and the effective use of educational resources.