For the fifth year in a row, the Government Finance Officers Association (GFOA) has awarded the Village of Woodridge a Certificate of Achievement for Excellence in Financial Reporting for its comprehensive annual financial report (CAFR). The report consists of information related to the village’s financial position, and is generated in response to local ordinances and state statutes.
The CAFR is judged by an impartial review panel to meet the high standards of the program including demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story and motivate individuals to read the report.
In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently organized comprehensive annual financial report. The contents of the report must also conform to the program standards, and it must satisfy both accounting principles generally accepted in the United States of America and applicable legal requirements.
The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting. The GFOA is a nonprofit professional association serving approximately 17,500 government finance professionals with offices in Chicago, IL, and Washington, D.C.