The finance department at Broken Arrow Public Schools was recently honored with an award for its annual comprehensive financial report for the fiscal year ending June 30, 2024.
The Association of School Business Officials International awarded the district with the Certificate of Excellence in Financial Reporting, which represents a significant achievement and reflects a commitment to transparency and high-quality financial reporting.
“The annual comprehensive financial report is a culmination of the district’s financial reporting and annual audit, which allows the community to assess the overall financial health of the district and understand where their tax dollars are spent,” Chief Financial Officer Natalie Eneff said.
State law mandates that school districts must undergo an annual audit and publish financial statements presented in conformity with accounting principles, while it is considered optional to complete the annual comprehensive financial report.
The primary difference between a typical audit and the comprehensive financial report is that the audit shows a single year of financial transactions, and the comprehensive financial report contains the results of the period with historical information. The financial report adheres to the most rigorous federal standards set by the Governmental Accounting Standards Board.
Established in 1910, the Association of School Business Officials International is a dynamic nonprofit organization that unites, through its members and affiliates, a global network of approximately 30,000 school business professionals. ASBO International empowers its members with cutting-edge programs, resources, and connections designed to set the standard for excellence in school business management.
At the heart of ASBO’s mission is a commitment to success—its members play a vital role in shaping education by expertly managing resources that directly impact school systems. Learn more at asbointl.org.