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Annual Comprehensive Financial Reports ACFR

Annual Comprehensive Financial Report (ACFR)

What is the Annual Comprehensive Financial Report?

The Annual Comprehensive Financial Report (ACFR) is a set of financial statements that provide a thorough and detailed presentation of a school district's financial condition and goes beyond the minimum information necessary for fair presentation in conformity with generally accepted accounting principles (GAAP)

The Annual Comprehensive Financial Report contains, at a minimum, three sections: 1) introductory, 2) financial, and 3) statistical. The financial section provides information on each individual fund and component unit. The statistical section is an important source of information regarding a school district's economic condition; many schedules include 10 years of data to allow for broader context evaluation. 


Awards:

Association of School Business Officials (ASBO) Certificate

For over 40 years, ASBO International has honored school districts with the Certificate of Excellence in Financial Reporting (COE) for transparency, fiscal accountability, and best practices in financial reporting.  The Fairbanks North Star Borough School District has been a recipient of this award since Fiscal Year 1993.

Government Finance Officers Association (GFOA) Certificate

The GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure and then to recognize individual governments that succeed in achieving that goal.  The Fairbanks North Star Borough School District has been a recipient of this award since Fiscal Year 1993.

Popular Annual Financial Report (PAFR)

What is the Popular Annual Financial Report?

The Popular Annual Financial Report( (PAFR) is encouraged by the Government Finance Officers Association (GFOA) for government entities to extract information from their annual comprehensive financial report to produce high-quality PAFR specifically designed to be readily accessible and easily understandable to the general public and other interested parties without a background in public finance.