Community Consolidated School District 181 was awarded the Certificate of Excellence in Financial Reporting from the International Association of School Business Officials (ASBO). It is the 16th year that the District has received the award.
This means that the District has met ASBO's program of high standards for financial reporting and accountability in preparing its Comprehensive Annual Financial Report (CAFR).
"The CAFR is an important communications tool for building trust and engaging with the school community as well as communicating the District's financial status to all constituents," said District 181 Chief Financial Officer Mohsin Dada.
By participating in the program, school districts demonstrate their commitment to financial transparency, according to ASBO. Applicants submit their CAFR for review by a team of professional auditors, who provide feedback to improve future documents. If the CAFR meets the requirements of the program, the document may be eligible to receive the Certificate of Excellence. A district's participation in the program can facilitate bond rating and continuing bond disclosure processes.