The Government Finance Officers Association of the United States and Canada (GFOA) has again awarded the Certificate of Achievement for Excellence in Financial Reporting to Spring Independent School District, in recognition of Spring ISD’s Comprehensive Annual Financial Report for the fiscal year ended June 30, 2020.
The report was judged by an impartial panel to meet the high standards of the program, including demonstrating a constructive “spirit of full disclosure” to clearly communicate the district’s financial story and motivate stakeholders to read the report.
“The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting,” according to a GFOA news release announcing the award, “and its attainment represents a significant accomplishment by a government and its management.”
The Comprehensive Annual Financial Report, together with the shorter and more user-friendly Popular Annual Financial Report, is designed to fulfill important annual financial reporting requirements while also supporting the district’s ongoing commitment to accountability and overall transparency. Links to current copies of both reports – as well as archived copies of previous years’ reports – can be found on the district’s Financial Transparency webpage.
“We’re pleased as a district to be recipients of the Certificate of Achievement for Excellence in Financial Reporting again this year, and we’re proud of what the award stands for,” said Spring ISD Chief Financial Officer Ann Westbrooks. “The program encourages us to be careful stewards of the resources entrusted to the district and to continue to follow stringent guidelines in how we report each year on the district’s finances.”
The Comprehensive Annual Financial Report is the official report of district financial operations to the Spring ISD Board of Trustees, local taxpayers, grantor agencies, employees, the Texas Education Agency, and other interested parties. The annual report is prepared by the district’s Office of Financial Services in accordance with generally accepted accounting principles (GAAP) and reporting standards as promulgated by the Governmental Accounting Standards Board.
The GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program in 1945 to encourage and assist state and local governments to go beyond the minimum GAAP requirements to prepare comprehensive annual financial reports that display a spirit of transparency and full disclosure.