July 12, 2018-- The Association of School Business Officials International (ASBO) has awarded Toms River Regional Schools with the Certificate of Excellence in Financial Reporting (COE). ASBO International’s COE recognizes districts that have met the program’s high standards for financial reporting and accountability. The school district earned the Certificate of Excellence for its Comprehensive Annual Financial Report (CAFR) for the fiscal year ended 2017.
This marks the fourth consecutive year the district has been awarded the COE.
In its congratulatory message to TRRS and Business Administrator William Doering, 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.”
Such transparency was identified as a priority following a school board-issued community survey in 2013, and administrators have since made it the district’s mission to improve and perfect its fiscal reporting.
“It is fast becoming an annual ritual to announce this prestigious award, and I will certainly never tire of doing so,” said Superintendent David Healy. “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.”
School Board President Russell Corby added “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.”
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.”
The COE is proudly sponsored by ASBO International Strategic Partner VALIC, a division of the American International Group, Inc. (AIG). Learn more about ASBO’s COE program at asbointl.org/COE.