The Finance team of Bloomfield Hills Schools has been recognized by the Association of School Business Officials (ASBO). The team was awarded the Certificate of Achievement for Excellence in Financial Reporting for their work on the fiscal year 2019 Comprehensive Annual Financial Report (CAFR).
"Congratulations to you, your staff, and your district on receiving ASBO International’s Certificate of Excellence in Financial Reporting Award (COE) for your FYE2019 CAFR! Your participation in the COE program for the past 20 years is a testament to your district’s commitment to transparency and high-quality financial reporting," the Association of School Business Officials International.
"This award represents a very significant achievement and reflects our commitment to the highest standards of school system financial reporting. It takes hard work and dedication from many Bloomfield Hills Schools staff to compile the Comprehensive Annual Financial Report in accordance with ASBO's strict reporting standards. Thank you to all who contributed in leading this successful effort. Everyone's tremendous efforts year-round contributed to receiving this award," expressed Tina Kostiuk, Assistant Superintendent for Finance & Operations.
The CAFR discloses the district's finances in full detail to anyone who wants to review them, from stakeholders to constituents. The CAFR is one of the many ways Bloomfield Hills Schools remains transparent and accountable with students, families, and community stakeholders. The CAFR consists of a set of financial statements prepared in accordance with generally accepted accounting principles, was assessed by an impartial panel of judges from the multi-national association. The organization grades various criteria including the commitment to full disclosure and the ability to clearly communicate the state’s financial story.
ASBO awards the Certificate of Excellence in Financial Reporting to school districts to encourage and assist (them) to go beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure and then to recognize individual districts that succeed in achieving that goal.
To view the fiscal 2019 CAFR, visit www.bloomfield.org, select the Transparency icon and select "Audited Financial Reports."