ROSEMOUNT, Minn. -- For the 10th consecutive year, District 196 was selected to receive the Certificate of Excellence in Financial Reporting from the Association of School Business Officials (ASBO) International. This year's award recognizes excellence in the preparation and issuance of the district's Comprehensive Annual Financial Report for fiscal year 2011.
The Certificate of Excellence is the highest recognition of school district financial operations offered by ASBO, a professional organization with more than 6,000 members. In a notification letter to the district, ASBO Executive Director John Musso wrote: "This award represents a very significant achievement and reflects your commitment to the highest standards of school system financial reporting."
The nationally recognized Certificate of Excellence program reviews and critiques district accounting practices as represented in the Comprehensive Annual Financial Report, and recognizes school districts that adhere to sound principles and reporting procedures. Since its inception in 1972, the program has gained the distinction of being a prestigious national award recognized by accounting professionals, underwriters, securities analysts, bond-rating agencies, state and federal agencies, and education, teacher and citizen groups. Receiving the award has meant stronger investor confidence and a positive impact on debt issuance for many school districts.
Only approximately 400 school districts nationally apply for the Certificate of Excellence each year based on the minimum criteria. The District 196 Finance Department has received the award in each of the 10 years it has applied.
Superintendent Jane K. Berenz commended members of the Finance Department for their diligence in managing the district's finances and transparency in reporting financial information to the public. The 2011 Comprehensive Annual Financial Report was approved by the School Board in November 2011. The district's Finance Department website has financial information dating back to fiscal year 2003.