TEMPLE, Texas — The Association of School Business Officials International (ASBO) has recognized Temple Independent School District with the organization’s Certificate of Excellence in Financial Reporting (COE). ASBO International’s COE recognizes districts that have met the program’s high standards for financial reporting and transparency. The school district earned the Certificate of Excellence for its Annual Comprehensive Financial Report (ACFR) for the fiscal year ended 2021. This is the third consecutive year TISD has been recognized with the COE.
“Once again TISD is recognized as a leader in financial transparency and accounting practices at the state, national and international levels,” said Dr. Bobby Ott, superintendent of Temple schools. “The combination of having the lowest tax rate of any surrounding school district and providing quality services is recognized for a third year in a row. Taking care of our taxpayers as well as our students is a responsibility that we take very seriously.”
TISD’s AFCR features financial information, schedules, the annual audit report and notes sandwiched between an introductory informational statement describing a wide range of topics and a detailed statistical package that provides background for the financial report. The introductory narrative highlights everything from the district’s successes and major initiatives, to community economic conditions, to access to health care and post-graduate educational opportunities. The statistical section includes information ranging from number of staff, to student population to tax rates and property values covering ten years of financial information for the district. The submission is a collaborative effort by the entire district finance staff with Regenia Rochelle, TISD’s Director of Finance, helping to compile the bulk of the extra information. The staff was presented with the Certificate of Excellence at the TISD school board meeting on Monday (April 11).
“Not only are we providing our students with a great education, this achievement recognizes that we are doing so in a financially efficient and prudent manner,” said Kallen Vaden, chief financial officer for TISD. “This is the third year in a row to be recognized with this distinction, which is especially meaningful because it demonstrates our continued commitment to transparency in all financial matters.”
By participating in the COE program, school districts demonstrate their commitment to financial transparency. Applicants submit their ACFR for review by a team of financial professionals who provide feedback to improve future documents. If the report meets the requirements of the program, it may receive the Certificate of Excellence. A district’s participation in the COE program can facilitate bond rating and continuing bond disclosure processes.
“The COE’s mission is to promote and recognize excellence in financial reporting,” ASBO International Executive Director David Lewis says. “The Annual Comprehensive Financial Report informs stakeholders about the financial and economic state of the district, making it an important communications tool for building trust and engaging with the school community.”