PCC earns 28th straight national financial reporting award
For the 28th consecutive year, Portland Community College has been awarded the Government Finance Officers Association of the United States and Canada (GFOA)’s Certificate of Achievement for Excellence in Financial Reporting.
PCC, which won its first honor in 1992, was recognized for its comprehensive annual financial report (CAFR) for the fiscal year ended June 30, 2019. There are approximately 90,000 state and local governments required to prepare financial reports each year, and only 4,300 of them have received this award.
“Personally, I am gratified for our team to have received the award this year,” said PCC’s Accounting Services Manager Jim Crofts. “There are more than two dozen people at the college who provide the information presented in the financial statements and it’s very satisfying to see them receive this recognition. There is a significant amount of effort that goes into preparing a financial report that meets the criteria for the award, which symbolizes the high standards we place on ourselves to accurately record and report on the financial activities of the college.”
The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management. The CAFR is judged by an impartial panel to meet the high standards of the GFOA, which includes demonstrating a constructive “spirit of full disclosure” to clearly communicate the institution’s financial story and motivate potential users and user groups to read the CAFR.
The GFOA advances excellence in government finance by providing best practices, professional development, resources, and practical research for more than 21,000 members and the communities they serve. It established the CAFR Program in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure and then to recognize individual governments that succeed in achieving that goal.