Gladstone School District’s finance department recently received the Certificate of Excellence in Financial Reporting from the Association of School Business Officials International, which is the second time in 2024 this nonprofit organization has awarded Gladstone with a national recognition.
ASBO International’s certificate recognizes districts that have met the program’s high standards for financial reporting and transparency. Earlier this year, Gladstone was among five school districts in Oregon to receive a Meritorious Budget Award, reaffirming our commitment to providing a high-quality budget that is accessible, accurate and easy to understand.
Our school district earned the Certificate of Excellence for our annual comprehensive financial report for the fiscal year ended 2023, which puts us among only 12 national COE recipients in Oregon. Earning the certificate required our finance team to research and gather 10 years of local and regional statistical data to build a new section for our annual financial report.
Gladstone Chief Financial Officer Rachel Lopez Hopper said that we additionally had to meet the requirements of a 41-page checklist to receive an award for financial reporting. Hopper shared credit for the success of this project with Gladstone Accountant Nuthathai Nicolaescu, who provided time and assistance with statistical research for this project, and David Bledsoe of the district's audit firm (Pauly Rogers and Co PC) who provided feedback, support and review comments throughout the project.
“The goal was to make the report more comprehensive and to communicate historic district, community and county economic, debt and tax activity that impacts our school district,” Hopper said.
Association of School Business Officials International Executive Director Jim Rowan said the organization was pleased to award this certificate to Gladstone. Founded in 1910, the nonprofit organization, through its members and affiliates, represents approximately 30,000 school business professionals worldwide.
“For over half a century, ASBO International’s Certificate of Excellence in Financial Reporting has been the gold standard in promoting and recognizing excellence in financial reporting,” Rowan said. “Communicating the financial and economic state of a district is so important when engaging with the school community and building their trust. Districts that receive the COE Award have demonstrated their ability to do that at the highest level.”
By participating in the COE program, school districts demonstrate their commitment to financial transparency. Applicants submit their financial reports for review by a team of financial professionals who provide feedback to improve future documents. If the report meets the requirements of the program, a school district may receive the Certificate of Excellence.
According to the Association of School Business Officials, a school district’s participation in the program can build trust and clearly communicate with stakeholders. GSD’s finance office will continue to produce this higher level of annual financial report, and we plan to submit annually for Certificate of Excellence consideration.