For the 25th consecutive year, the Association of School Business Officials International has recognized Osseo Area Schools’ business services department with a Certificate of Excellence in Financial Reporting. This award recognizes the district’s high-quality financial reporting to the community through an exceptional comprehensive annual financial report that demonstrates credibility, confidence, and transparency.
According to the district’s Director of Business Services Kelly Benusa, Osseo Area Schools has benefited from participation in the Certificate of Excellence program in numerous ways.
“By including more financial aspects in the report, we have increased transparency with our board and community. It has improved our credibility by validating our commitment to fiscal integrity,” said Benusa. “It enhances our board and community’s confidence in the high-quality of our financial reporting and transparency in sharing financial information above and beyond what General Accepted Accounting Principles (GAAP) requires.”
The Certificate of Excellence program provides bond-rating agencies with a similar format to be used in its review process, as well as, confidence that the program’s required information is included in the annual financial statement.
“This translates into savings for our district, because a higher bond rating means savings when issuing bonds at the lowest rate available to us,” stated Benusa.
“This is also an opportunity to shine a light on the high quality and dedicated work of our Business Services staff, which do not seek and rarely receive recognition for their efforts. It is an expectation of our Business Services Department to continually strive to provide our community with an understandable financial statement that clearly articulates the state of the school district’s financial position.”
-Published Oct. 26, 2014