Once again, El Paso Community College (EPCC) was awarded the Certificate of Achievement for Excellence in Financial Reporting for the Government Finance Officers Association of the United States and Canada (GFOA) for fiscal year ending August 31, 2016.
This is the 21st year that the College receives this award which is the highest form of recognition in governmental accounting and financial reporting.
(L-R) Fernando Flores, Associate Vice President of Budget and Financial Services, Josette Shaughnessy,
Vice President of Financial and Administrative Operations and Dr. William Serrata, President.
This award established by GFOA in 1945 recognizes state and local governments that go beyond the minimum requirements of generally accepted accounting principles by preparing comprehensive annual financial reports (CAFR) that evidence transparency and full disclosure.
The EPCC CAFR undergoes extensive scrutiny for compliance with strict accounting standards by a committee that reviews the report and rotates with new members every year to provide a different perspective at every review.
So the award is not a given on an annual basis and requires from the EPCC Budget and Financial Services’ team consistent commitment in adhering to any new reporting standards that are mandated by GFOA in pursuing this award.
EPCC’s CAFR highlights not only the College’s financial results but also its achievements in every area of the District such as any new initiatives related to student success, technology and the various services provided to the El Paso community.
The CAFR also provides a wealth of information to the Federal, State and local agencies, the bond rating agencies, and the College’s accrediting bodies about the College’s vital role in the local, state and national economy.
Several areas in Budget and Financial Services contribute to the preparation of the CAFR by virtue of their crucial involvement in the preparation of the audit report to include Accounting Services under the leadership of Fernando Flores, Associate Vice President, Budget and Financial Services.
The final report is compiled in the office of Josette Shaughnessy, Vice President of Financial and Administrative Operations, with the assistance of Sandra McHale, Executive Office Manager, whose role is essential in compiling the report in the format prescribed by Government Finance Officers Association of the United States and Canada.
EPCC is now gearing up for the submission of the FY 2016-2017 CAFR that includes the FY 2016-2017 Audit Report presented by the College’s external auditors at the January 25 Board of Trustees meeting.
The audit firm of Pena Briones McDaniel & Co. reported on the College’s financial statements with an unmodified (clean) opinion and no audits findings or issues.
The 2015-2016 CAFR for EPCC is available to the public on the College’s Financial Transparency website at: www.epcc.edu/FinancialTransparency/