For the 33rd consecutive year, Clarendon Hills has received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada.
The most recent award was given for the village’s Annual Comprehensive Financial Report for reporting in the calendar year 2021
The Certificate of Achievement for Excellence in Financial Reporting program sets specific standards for state and local governments to follow when preparing comprehensive annual financial reports, including:
• A “spirit of full disclosure” to clearly communicate the financial story of the government
• The report must demonstrate transparency in the financial reporting process, which includes presenting financial data in a clear, concise, and understandable manner
• The report must comply with generally accepted accounting principles as well as applicable legal requirements and guidelines issued by regulatory bodies.
• The report must present information in a way that enhances the reader’s understanding of the financial information and the overall financial health of the government.
• The report must provide information on the government’s financial history as well as its current financial status and future outlook.
Clarendon Hills received the Certificate of Achievement for Excellence in Financial Reporting because its Annual Comprehensive Financial Report met all of the above standards set forth by the Government Finance Officers Association, said Clarendon Hills Finance Director Maureen Potema.
“The report has been judged by an impartial panel to meet the high standards of the program, which includes a constructive ‘spirit of full disclosure’ to clearly communicate its financial story and motivate potential users and user groups to read the report,” a release from the Government Finance Officers Association stated.