Government GPS

The Latest Rules and Regulations That Impact Your Government Entity

Who is the GFOA, and What Do They Do?

The Government Finance Officers Association (GFOA) as identified in their mission statement is an organization that was established to assist in the professional management of governments by developing and identifying financial policies and best practices through education, training, facilitation of member leadership and networking.

The objectives of the GFOA are to offer expert knowledge, education, training, leadership development, strategic use of technology, and raise public awareness of sound financial policy and practice.  They do this by being a leading source of information in public financial management from research, practice and policy development and information distribution.   They improve the expertise and professionalism of financial managers and leaders and provide recognition for their achievements.

The GFOA offers five award programs.  The distinguished budget presentation award, certificate of achievement for excellence in financial reporting, Canadian award for financial reporting, popular annual financial reporting, and awards for excellence in government finance.

These programs were created to assist state and local governments to achieve the highest possible quality in reporting.  The budget presentation award was established in 1984 to help prepare budget documents at the highest quality possible that adhere to the National Advisory Council on State and Local Budgeting and GFOA’s best practices.  The Certificate of Achievement for excellence in Financial Reporting Program was created in 1945 to help present the comprehensive financial annual report at standards beyond those set by the generally accepted accounting principles that provide evidence of transparency and full disclosure.  The Canadian award for excellence in financial reporting program was established in 1986 to also go beyond the standards set by the generally accepted accounting principles set by the Public Sector Accounting board of the Canadian Institute of Chartered Accountants.  The Popular Annual Financial reporting awards program was created in 1991 to enhance the quality of popular annual financial reports specifically designed to be readily accessible and understandable to the public.  The GFOA’s awards for excellence in Government finance helps enhance individual categories like accounting, auditing, financial reporting, financial planning, capital finance, debt administration, economic development, capital planning, pensions, and investment management.

To learn more about the GFOA, the award programs, or even best practices, visit their website at www.gfoa.org.

Scott Moglia