TOMS RIVER – Toms River Regional Schools have come out on top for the fifth consecutive year, when it comes to excellence in financial reporting. The school district was recently awarded the Certificate of Excellence in Financial Reporting (COE) for the fifth time by The Association of School Business Officials International (ASBO).
“On behalf of the Association of School Business Officials (ASBO) International, I am pleased to inform you that Toms River Regional School District has received ASBO’s Certificate of Excellence in Financial Reporting for the fiscal year ended 2018,” wrote ASBO Executive Director David J. Lewis to Business Administrator William Doering in a letter received July 23. “This award represents a significant achievement and reflects your commitment to transparency and high-quality financial reporting.”
The COE program encourages school districts to demonstrate their commitment to financial transparency. Applicants submit a Comprehensive Annual Financial Report (CAFR) for review by a team of professional auditors, who then provide feedback to improve future documents. If the district’s CAFR meets the program requirements, it is awarded the Certificate of Excellence. A district’s participation in the COE program can facilitate bond rating and continuing bond disclosure processes.
“We are honored to receive this recognition for the fifth year in a row,” said Doering. “This award demonstrates our focus on solid and transparent financial reporting, which certainly contributed to the district maintaining our excellent credit rating and saved us millions when issuing our referendum bonds in the middle of 2019. It is truly a team effort and our district, board and community should be proud of this award.”
By earning the COE, yet again, Toms River Regional Schools have proven their ability to meet the program’s high standards for financial reporting and accountability.
“The COE’s mission is to promote and recognize excellence in financial reporting, specifically through a district’s CAFR,” said ASBO International Director of Recognition Programs Molly Barrie. “The CAFR informs parents and other stakeholders about the financial and economic state of the district, making it an important communications tool for building trust and engaging with the school community.”