July 24, 2019-- Toms River Regional Schools’ run of excellence in financial reporting has reached the half-decade mark. The Association of School Business Officials International (ASBO) has awarded the district the Certificate of Excellence in Financial Reporting (COE) a fifth straight year.
“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.”
By participating in the COE program, school districts demonstrate their commitment to financial transparency. Applicants submit their Comprehensive Annual Financial Report (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.
“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.”
In bestowing its COE, ASBO International recognizes that TRRS has met the program’s high standards for financial reporting and accountability. The school district earned the Certificate of Excellence—which it has now every year since 2014—for its CAFR for the fiscal year ended 2018.
“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.”