Certificate of Conformance Program for Small Government Annual Financial Reports
|The GFOA Certificate of Conformance Program for Small Government Annual Financial Reports is delighted to announce the program’s first winner of the Certificate of Conformance Award. The Town of Cashion, Oklahoma has demonstrated a high quality of financial reporting on a modified cash basis. Receiving this award demonstrates the exceptional dedication that the Town of Cashion has to transparency, accountability, and financial reporting. All parties involved in attaining this distinction for the town should be commended for their accomplishment. Congratulations!|
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Details on how to become a Participant or Reviewer
The Government Finance Officers Association (GFOA) has announced that it has established a professional recognition program for small governments that prepare their financial reports on a modified cash basis. Letter from GFOA’s Executive Director/CEO
Download a FAQ Sheet on the New Program
Purpose. The new Certificate of Conformance Program for Small Government Annual Financial Reports (Certificate of Conformance Program) aims to improve the quality and consistency of financial reporting for small governments by:
- Providing guidelines to help standardize the format and content of financial reports prepared on a modified cash basis;
- Encouraging governments to follow those guidelines by offering public recognition to those that successfully do so; and
- Assisting governments to implement the guidelines by providing technical materials and training.
The new Certificate of Conformance Program is designed for the thousands of small governments for which financial reporting in conformity with generally accepted accounting principles (GAAP) is not a viable option. For some participants, the program may be a first step toward GAAP financial reporting.
|Eligibility. If the answer to all of the following questions is “yes,” the government is eligible to submit a report to the Certificate of Conformance Program:|
- REVENUE CEILING. Does the government report $25 million or less in revenues for the primary government in its government-wide financial statements (either for the current year or the average of the five most recent fiscal years)?
- NO GAAP FINANCIAL REPORTS ISSUED IN RECENT PAST. In the most recent five years, have all of the government’s financial statements been prepared on a basis other than generally accepted accounting principles (GAAP)?
- CONFORMITY TO PROGRAM REQUIREMENTS. Has the report been prepared using the general guidelines of the Certificate of Conformance Program, which includes the use of the modified cash basis of accounting as defined in the FAQ document listed below. (See program checklists listed below for more detailed information).
Download a complete guide on eligibility.
Applications. The GFOA will accept applications for the Certificate of Conformance Program starting with reports for the fiscal year that ended June 30, 2012. Submissions for that fiscal year must be received by no later than May 31, 2013. The Program is offering a five month deadline allowance to all submissions during its first year. Please refer to the list of deadlines. Download the application to submit a report.
Checklists. All program checklists are now available.
Judging. Reports submitted to the program will be judged by a combination of volunteer reviewers and GFOA professional staff.
To apply to serve as a volunteer reviewer in the program, please fill out the application.
Questions? E-mail sgafr