NWTC wins national award for financial transparency

Thursday June 23, 2016
NWTC has been recognized as a national leader in financial transparency. The College recently received the Certificate of Achievement for Excellence in Financial Reporting.
Government Finance Officers Association logoThe Government Finance Officers Association of the United States and Canada (GFOA) announced the award, which it described as “the highest form of recognition in the area of governmental accounting and financial reporting…its attainment represents a significant accomplishment by a government and its management.”
Bob Mathews, NWTC Vice President of Business & Finance, said the award shows that the College is a good steward of the public’s investment. “The Certificate of Achievement Award for the second year reflects the soundness of our financial practices and should provide public confidence that we are delivering our commitment to student success in a financially responsible manner.  We are proud that both years we applied for the award we were recognized for the Certificate of Achievement.”
NWTC earned the certification with its second annual comprehensive annual financial report, or CAFR. The College received the same award in 2015 for its first CAFR. NWTC applied for the award and GFOA reviewed it using a 72-page set of criteria. NWTC Finance Office staff begin assembling the data in February and largely finish in December.
“This awards means a lot to me and it’s huge for the College,” said Accounting Specialist Eric Derenne, who was part of the team that created the CAFR.  “It is a true reflection and testament to all the hard work that the Finance Department team produces for the College.  This reflects our passion to see the our students succeed.”
Although producing a CAFR is not a legal requirement, it is considered a best practice by the GFOA. Materials include an introductory section with strategic plan, accomplishments, a map of the taxing district, district history and profile, organizational chart, and board membership and structure. It includes a financial section and 10 years of statistical data.
According to the GFOA, “The CAFR has been judged by an impartial panel to meet the high standards of the program including demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story and motivate potential users and user groups to read the CAFR.”
GFOA is a nonprofit professional association serving 17,500 government finance professionals. It has offices in Chicago, Ill., and Washington, D.C.

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