TOMS RIVER – The Toms River Regional Schools has been awarded the Certificate of Excellence in Financial Reporting for its fourth consecutive year. The award is presented by The Association of School Business Officials International.
The award is for the district’s 2017 fiscal year. It’s given to districts that embrace financial transparency. Their books are reviewed by auditors, who then either make suggestions for improvement or award the certificate.
ASBO’s Manager of Recognition Programs Susan G. Lambert wrote, “Your participation in the COE program for the past 4 years is a testament to your district’s commitment to transparency and high-quality financial reporting.”
“It is fast becoming an annual ritual to announce this prestigious award, and I will certainly never tire of doing so,” Toms River Schools Superintendent David Healy said. “Our business office deserves to be commended– Mr. Doering, Board Secretary and Director of Accounting Wendy Saxton, and their teams continue to do an outstanding job of tracking and reporting on every dollar that passes through this district. We pride ourselves on being excellent and responsible stewards of public funding, and this award is proof positive that we are achieving that goal each and every year.”
“This school district, our school district, has come a long way from the financial scandals of the past which so damaged the public’s trust. This recognition and award is a testimony to the value of having independent, ‘outside eyes’ review our current financial policies and practices. It is continuing testimony also to Superintendent Healy, Mr. Doering, and the Administration and Business Office’s tireless effort to get it right,” School Board President Russell Corby said.
By participating in the COE program, school districts demonstrate their commitment to financial transparency. Applicants submit their CAFR for review by a team of professional auditors, who provide feedback to improve future documents. If the CAFR meets the requirements of the program, the document may receive the Certificate of Excellence. A district’s participation in the
COE program can facilitate bond rating and continuing bond disclosure processes.
“The COE’s mission is to promote and recognize excellence in financial reporting, specifically through a district’s CAFR,” ASBO International Executive Director John Musso said. “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.”