19
December
2023
|
16:14 PM
America/Chicago

STC finance team earns national distinction for fiscal reporting, stability

Summary

The Government Finance Officers Association (GFOA) recently awarded STC with a Certificate of Achievement for Excellence in Financial Reporting for its 2022 fiscal year Annual Comprehensive Financial Report.

Twenty years and counting – South Texas College was once again presented with one of the highest forms of recognition in the areas of governmental accounting and financial reporting.

The Government Finance Officers Association (GFOA) recently awarded STC with a Certificate of Achievement for Excellence in Financial Reporting for its 2022 fiscal year Annual Comprehensive Financial Report.

The GFOA advances excellence in government finance by providing best practices, professional development, resources and practical research for more than 21,000 members and the communities it serves in the United States and Canada.

STC Vice President for Finance and Administrative Services Mary Elizondo said this award demonstrates STC’s comprehensive report to have a spirit of “full disclosure” by communicating its financial story and motivating stakeholders and taxpayers to read it.

“This prestigious award is a testament to our transparent financial reporting,” said Elizondo. “It brings a clout of trust to STC’s financial reporting and proves that our finance department upholds the highest standards in accounting and internal controls. And as we celebrate 30 years as a college, this award continues to prove that STC has ensured responsible and consistent financial stability and stewardship of resources.”

This prestigious award is a testament to our transparent financial reporting. It brings a clout of trust to STC’s financial reporting and proves that our finance department upholds the highest standards in accounting and internal controls. And as we celebrate 30 years as a college, this award continues to prove that STC has ensured responsible and consistent financial stability and stewardship of resources.

Vice President of Finance and Administrative Services Mary Elizondo

The college’s first Certificate of Achievement for Excellence in Financial Reporting, which began an STC Excellence in Financial Reporting legacy, was awarded in 2003, a decade after the establishment of the college in 1993.

To be considered for a GFOA certificate of achievement, an institution must first collect and present 10 years’ worth of financial data and reporting.

Elizondo said it takes an extensive amount of work behind the scenes from the college’s Business Office to prepare the 200-page report annually and to meet all the requirements set forth by the Texas Higher Education Coordinating Board and the GFOA.

“It’s a rigorous process, but our Business Office led by STC Comptroller Myriam Lopez, is always up for the challenge,” she said. “I’m very proud of our team for receiving this award year after year. Our financial team really does do a wonderful job and goes above and beyond to ensure STC remains steadfast in transparency when it comes to its financial reporting.”

STC President Ricardo J. Solis, Ph.D., said 20 consecutive years is impressive and it’s all about having the right team in place.

“On behalf of our Administration and the Board of Trustees, congratulations to our finance team for two decades of financial reporting excellence. This is a testament to STC’s commitment and dedication to fiscal responsibility. We are very proud of their continued success.”