SASBO Roundtable

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SASBO Roundtable

• Certificate of Excellence in Financial Reporting
  Insight on Preparation and Award Requirements

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What is a CAFR?

• A Comprehensive Annual Financial Report (CAFR) is
  the governmental entitys official annual report
  that provides financial as well as introductory
  information, schedules necessary to demonstrate
  compliance with legal and contractual provisions,
  and statistical data.

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Why Prepare a CAFR?

• A CAFR enables school business officials to
  educate the school board and public about the
  status of a school systems finances.
• The Governmental Accounting Standards Board
  (GASB) states that every governmental entity
  should prepare and publish, as a matter of public
  record, a CAFR.

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Purpose of the Certificate of Excellence in
Financial Reporting Award Program (ASBO)

• To encourage and recognize excellence in school
  system comprehensive financial reports
• To promote high-quality school system financial
  reporting.
• Increased credibility with the public
• Instills investor and public confidence

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Participation in SASBO States

• This table shows participation levels for SASBO
  states in the ASBO and GFOA CAFR award programs.
• A total of 464 certificates were awarded for the
  2003-2004 fiscal year.

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CAFR Preparation

• Considerations
• Resources Obtain and study GASB 34, related
  pronouncements, and other resource materials
• Who Develop an implementation team
• When Schedule implementation dates and prepare
  plan
• Changes Identify any necessary system,
  accounting and financial reporting changes
• Audit Update the independent audit contract
  CAFR preparation changes the scope and audit
  effort required

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Twelve Steps to CAFR Prep

• Step 1 - Define the Funds
• Step 2 - Calculate Major Funds
• Step 3 - Prepare Two Schedules
• Capital Assets Reconciliation
• Long-Term Liabilities Reconciliation

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Twelve Steps to CAFR Prep

• Step 4 Prepare Fund Financial Statements
• Step 5 Record Conversion Entries
• Step 6 Prepare Net Asset Calculation and
  Reconciliations
• Step 7 Prepare Government Wide Financial
  Statements

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Twelve Steps to CAFR Prep

• Step 8 - Complete Notes to Financial Statements
• Step 9 Draft Managements Discussion and
  Analysis
• Step 10 Prepare transmittal letter
• Step 11 Prepare Statistical Section
• Step 12 Celebrate

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Award Requirements

• Completion of Program Application and Payment of
  Application fee
• Completion of the GASB Self-Evaluation Checklist
• Must have an unqualified opinion
• Items marked by an Asterisk are considered
  critical to receiving an award by the review panel

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Resources

• Resources Available
• ASBO Web Site
• http//asbointl.org/Recognition/index.asp?bid73
• Alpine School District of American Fork, Utah
• http//www.alpine.k12.ut.us/depts/accounting/cafr/
  cafrindex.html
• GASB
• Peers

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Questions?

• Questions?
• Comments?