District Recognized for Financial Reporting Excellence

The Maricopa Community Colleges has once again received recognition for its financial reporting. It is the 17th straight year the District has been recognized. The Certificate of Achievement for Excellence in Financial Reporting, awarded by the Government Finance Officers Association of the United States and Canada (GFOA), represents a significant accomplishment by a governmental entity and its management.

Maricopa’s 2007 financial report was reviewed by an impartial panel and was determined to meet the highest standards of financial reporting, demonstrating a constructive "spirit of full disclosure" to clearly communicate its financial story. The report, known as a Comprehensive Annual Financial Report, or CAFR, describes the District’s overall financial circumstances and provides a picture of the District’s financial condition at the end of the fiscal year.

“This award is further testament to the District’s strong financial systems, commitment to excellence, and dedication to public stewardship,” said Dr. Rufus Glasper, Chancellor of the Maricopa Community Colleges. Dr. Glasper served as the District’s Chief Financial Officer for more than seven years prior to becoming the Chancellor.

Debra Thompson, Vice Chancellor of Business Services, expressed appreciation to the District’s Controller’s Office as well as the college business offices for again earning the mark of excellence. “It takes teamwork to reach these high standards and it simply wouldn’t be possible to attain this certificate year after year without the contributions of so many,” said Thompson. “Our employees, our students, and our taxpayers can all be proud of this accomplishment.”

To attain the certificate, a governmental entity must publish an easily readable and efficiently organized comprehensive annual financial report and meet rigorous standards that satisfy both generally accepted accounting principles and applicable legal regulations. 

Three national bond ratings agencies, Standard & Poor’s Ratings Services (S&P), Moody’s Investors Service and Fitch Ratings, awarded their highest “Triple A” ratings for the District’s general obligation bonds last year.  Like the Certificate of Achievement from GFOA, the ratings from the independent agencies reflect the quality of Maricopa’s financial management systems.  The District is one of only two community college districts in the United States to have achieved the highest ratings from all three agencies.