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BOGALUSA, La. – The City of Bogalusa School Board has earned the Certificate of Excellence in Financial Reporting (COE) from the Association of School Business Officials International (ASBO). The group, founded in 1910, is a nonprofit organization that provides an array of services aimed at promoting high standards for school business, according to a press release.

“This is a great accomplishment, and as the leader of this district I have to make sure we are good stewards of taxpayers’ dollars,” Byron Hurst, Superintendent of the Bogalusa City School District said. “I would have to give credit to Deloris Walker and her team for their hard work to ensure that we are fiscally transparent.”

Going above the minimum requirements for financial reporting is an important step in obtaining this certificate, as well as preparing the districts annual financial statements as described in the generally accepted accounting principles (GAAP).

The Chief Operations Officer for ASBO, Siobhan McMahon said that the mission of the certificate is to “…recognize excellence in financial reporting.” McMahon continued “The Annual Comprehensive Financial Report (ACFR)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.”

School districts that participate in the COE program show a commitment to financial transparency by providing their ACFR for review and in return accepting feeding that will help to improve the document in the future.

“A district’s participation in the COE program can facilitate bond rating and continuing bond disclosure processes,” spokeswoman for the ASBO Susan Lambert said. “The COE is proudly sponsored by ASBO International Strategic Partner American Fidelity.”