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Ironhouse Sanitary District received its second Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada (GFOA). This time the award was given for the District's 2017-18 fiscal year Comprehensive Annual Financial Report (CAFR). Previously the District received the award for the first CAFR it completed. That CAFR was for the 2016-17 fiscal year.
"This Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment for Ironhouse and its management," said Michele Mark Levine, director of Technical Servicers Center for the GFOA.
The District prepares a Comprehensive Annual Financial Report (CAFR) to summarize and explain the initiatives, accomplishments and financial activities during each fiscal year. The District’s annual audit report is also included in each CAFR. The audit includes the Management's Discussion and Analysis, a Statement of Net Assets, a Statement of Revenues, Expenses, and Changes in Net Assets, a Statement of Cash Flows and a Notes to Financial Statements. There are also a series of charts and graphs that explain the financial information added to the audit.
The GFOA works with an impartial panel of judges that determine whether or not the CAFR meets the high standards of the program, which includes demonstrating a constructive "spirit of full disclosure" to clearly communicate its financial story and motivate potential users and user groups to read the CAFR.
The GOFA is a major professional association servicing the needs of over 20,000 appointed and elected local, state, and provincial-level government officials and other finance practitioners. It provides top-quality publications, training programs, services and products designed to enhance the skills and performance of those responsible for government finance policy and management. The Association is headquartered in Chicago, Il., with offices in Washington D.C.