The Chagrin Falls Exempted Village School District has been honored with the Certificate of Excellence in Financial Reporting (COE) by the Association of School Business Officials International (ASBO) for its outstanding financial reporting and transparency.
The District received this recognition for its Annual Comprehensive Financial Report (ACFR) covering the fiscal year that ended in 2023. This award highlights the District's commitment to maintaining high standards in financial management and clear communication with stakeholders.
ASBO International's Executive Director, Jim Rowan, CAE, SFO, emphasized the significance of this achievement, stating, "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."
Rowan further explained the importance of financial transparency in building community trust: "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."
This accolade not only recognizes the District's financial team for their exceptional work but also assures the Chagrin Falls community of the school system's dedication to responsible fiscal management and open communication.
“The Certificate of Excellence is a testament to the District's ongoing efforts to maintain financial integrity and provide clear, comprehensive financial information to its stakeholders, including parents, staff, and community members,” said Superintendent Dr. Jennifer Penczarski.
In addition, on August 6, a representative from the Auditor of State presented the District with the Auditor of State Award with Distinction. Kathryn Semo, Northeast Regional Liaison for the Ohio Auditor of State's Office, shared, “only about 4% of entities audited receive this award.”
Eligible entities that receive this Auditor of State award meet the following criteria of a “clean” audit report:
The entity must file financial reports with the Auditor of State’s Office by the statutory due date, without extension, via the Hinkle System, on the Generally Accepted Accounting Principles (GAAP) accounting basis, and prepare an ACFR (Annual Comprehensive Financial Report).
The audit report does not contain any findings for recovery, material citations, material weaknesses, significant deficiencies, Uniform Guidance (Single Audit) findings, or questioned costs, with the opinion dated within six months of the entity’s year-end.
The entity’s management letter contains no comments related to:
Ethics referrals
Questioned costs less than the threshold per Uniform Guidance
Lack of timely annual financial report submission
Bank reconciliation issues
Failure to obtain a timely Single Audit in accordance with Uniform Guidance
Findings for recovery less than $500
Public meetings or public records issues
The entity has no other financial or other concerns.