STC finance team recognized for transparency and fiscal stability
STC, for the 19th consecutive year, was recently awarded with a GFOA Certificate of Achievement for Excellence in Financial Reporting for its 2021 fiscal year Annual Comprehensive Financial Report.
For the 19th consecutive year, South Texas College was presented with one of the highest forms of recognition in the area of governmental accounting and financial reporting by the Government Finance Officers Association (GFOA).
The GFOA awarded STC with a Certificate of Achievement for Excellence in Financial Reporting for its 2021 fiscal year Annual Comprehensive Financial Report.
“The STC Board of Trustees and Administration are so proud of the recognition for everything that was done behind the scenes to achieve this distinction. This validates the fact that STC takes its fiscal responsibility very seriously,” said STC President Ricardo J. Solis.
The GFOA represents public finance officials through the United States and Canada and introduced the distinguished designation to encourage and assist state and local governments to excel in government finance by providing best practices, professional development, resources and practical research.
The STC Board of Trustees and Administration are so proud of the recognition for everything that was done behind the scenes to achieve this distinction. This validates the fact that STC takes its fiscal responsibility very seriously.
STC Vice President for Finance and Administrative Services Mary Elizondo said this award and its prestige brings with it a clout of trust in its financial reporting for STC’s stakeholders and taxpayers.
“The college is very proud of the Business Office for obtaining this prestigious award year after year, and for upholding the highest standards in accounting, internal controls and financial reporting that ensures the college’s consistent excellent fiscal stability and stewardship of its resources,” said Elizondo.
In a statement made by the GFOA, STC’s financial reporting “demonstrates a constructive spirit of full disclosure to clearly communicate its financial story and motivate potential users and user groups to read the report.”
The report is at least 200 pages long and is a year in the making, according to Elizondo. The team is now working on submitting its 2022 fiscal year report.
“We operate under full transparency, and this is evidence,” said Elizondo. “The Business Office, led by STC Comptroller Myriam Lopez, work diligently to close the accounting every year and to complete the rigorous process to not only conform with the requirements set forth by the Texas Higher Education Coordinating Board, but also with the GFOA’s extensive requirements.”
The college’s first Certificate of Achievement was awarded in 2003, a decade after STC’s establishment.
To be considered for a Certificate of Achievement for Excellence in Financial Reporting, an institution must first compile and present 10 years’ worth of financial data and reporting; this began STC’s Excellence in Financial Reporting legacy.
“This award is an award worth celebrating, but it’s not all about it,” said Elizondo. “This really gives STC credibility when it comes to its financial reporting and transparency. We want people to know how we’re handling funds. This is a testament to the great work our financial teams do daily. They really go above and beyond.”