Posted: Thursday, January 28, 2010, 9:27 am
Worthington Libraries recently learned that its 2008 Comprehensive Annual Financial Report (CAFR) was recognized with a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA), as well as the State Auditor's "Making Your Tax Dollars Count" award.
"This award recognizes those that place a high priority on financial accountability," State Auditor Mary Taylor said. "Worthington Library officials have demonstrated their commitment to properly account for taxpayer dollars and I am pleased to be able to recognize that commitment."
Less than 10 percent of government entities in the United States, and only five library systems in Ohio, prepare an annual CAFR. It is prepared using generally accepted accounting principles for governments and contains financial statements and other financial and statistical data that provide complete and full disclosure of all material financial aspects of Worthington Libraries. The complete CAFR document is available for public review online.
The GFOA is a national organization that presents the Certificate of Achievement for Excellence in Financial Reporting award after the CAFR has been reviewed by three financial professionals from various parts of the country. It is awarded to government units (cities, counties, libraries, etc.) whose CAFR achieves the highest standards in government accounting and financial reporting. A government entity in Ohio must receive the GFOA award before it can be considered for the State Auditor's "Making Your Tax Dollars Count" award. It is possible for a government entity in Ohio to receive the GFOA award and still have some audit issues that prevent it from receiving the State Auditor's award.
Receiving both of these awards places Worthington Libraries in very elite company. Less than five percent of government agencies nationally receive the GFOA award and fewer than five percent of all government agencies in Ohio receive the State Auditor's award.