July 23, 2024-- On its Twitter/X account, way back in 2020, Toms River Regional Schools began retweeting the news of achieving the Certificate of Excellence in Financial Reporting. At that time, the district had received the honor for the sixth consecutive year.

As of yesterday, make it ten.

It's officially a decade-long run, and counting, of earning this distinction from the Association of School Business Officials International, or ASBO. 

ASBO International’s COE recognizes districts that have met the program’s high standards for financial reporting and transparency. The school district earned the latest Certificate of Excellence for its Annual Comprehensive Financial Report (ACFR) for the fiscal year 2023.

“For over half a century, ASBO International’s Certificate of Excellence in Financial Reporting has been the gold standard in promoting and recognizing excellence in financial reporting,” said ASBO International Executive Director Jim Rowan, CAE, SFO. “Communicating the financial and economic state of a district is so important when engaging with the school community and building their trust. Districts that receive the COE Award have demonstrated their ability to do that at the highest level.”

Attaining "the highest level" for 10 straight years is an extraordinary accomplishment for the district, and particularly for Business Administrator William Doering-- who is responsible for completing and filing the ACFR and who facilitates TRRS’s participation in the COE program-- and Board Secretary and Director of Accounting Wendy Saxton.

“Like anything achieved within a district this size, this is a true team effort, and to be honest I was caught off guard by how incredibly proud I feel on behalf of everyone here about this latest distinction,” said Doering. “Ten years in a row is a remarkable demonstration of consistency, transparency, and completeness in our financial reporting. This, despite the fiscal challenges we have faced over that same 10-year period.”

Indeed, Toms River’s COE run began shortly after Superstorm Sandy, which in addition to its physical impact cost the district millions in tax ratables. That thoroughness in financial reporting has persisted throughout State Bill S2, which has cost Toms River Schools $137 million cumulatively in state aid since its passage in 2017.

“We’ve maintained throughout this ordeal that we’re going to keep doing what we’re doing, the best way we know how,” said Superintendent Michael Citta. “It’s no surprise to me—yet well worth celebrating—that Bill and Wendy and our team here have continued to exemplify transparency and efficiency for a literal decade, even as we demand, to no avail yet, those same virtues from the powers that be, and even as we confront the financial obstacles placed before us. I couldn’t be more proud.”

By participating in the COE program, school districts demonstrate their commitment to financial transparency. Applicants submit their ACFR for review by a team of financial professionals who provide feedback to improve future documents. If the report meets the requirements of the program, it may receive the Certificate of Excellence. A district’s participation in the COE program can facilitate bond rating and continuing bond disclosure processes.

About ASBO International

Founded in 1910, the Association of School Business Officials International (ASBO) is a nonprofit organization that, through its members and affiliates, represents approximately 30,000 school business professionals worldwide. ASBO International is committed to providing programs, services, and a global network that promotes the highest standards in school business. Its members support student achievement through effective resource management in various areas ranging from finance and operations to food services and transportation. Learn more at asbointl.org.