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CHANGE COUNTY 003 <br /> BOW CF CaOff CKM Action Agenda <br /> C.`P <br /> ACTION AGSM rM AB HtA Item No. El <br /> Meeting Date: SMWIM 3, 1985 <br /> SU&7H(.fi: PRES ICATE OF CONFOSMAWE IN FINANCIAL RE'!'ING <br /> DBpA Nl': Obi MAHk=R F MPM G: Yes X No <br /> ATrLWA*Mff CS): INL CIKMC N CONZ WT: MANAMI S <br /> OFFICE, X501 <br /> PLAQUE (TO BE PRESE MED) <br /> CERTIFICATE MTJWEKZZ NUMER: <br /> Hillsborough - 732-8181 <br /> Chapel Hill - 968-4501 <br /> Mebane - 227-2031 <br /> Durham 688-7331 <br /> PURPOSE: To present to Orange County the Certificate of Conformance in <br /> Financial Reporting and the Award of Financial Reporting <br /> Achievement. <br /> The Certificate of Conformance Program is a program of education <br /> and recognition of excellence in govenmental financial report- <br /> ing. It was begun by the Municipal Finance Officers Association <br /> in 1945 to emphasize the importance of the need for every <br /> governmental unit to prepare and publish an easily readable and <br /> understandable Canprehensive Aruuml Financial Report. The <br /> Certificate of Conformance is generally acknowledged as the <br /> highest form of recognition in the area of governmental account- <br /> ing and financial reporting and its attairn=nt represents a <br /> significant accoanplishment by an entity and its manageAent. The <br /> benefits of obtaining the Certificate are: <br /> I. Comparability: Reports qualifying for Certificates employ <br /> standardized terminology and formatting conventions, and <br /> facilitate comparisons from one year to the next and among <br /> different entities. <br /> 2. 1 Completeness: The financial statements, supporting <br /> schedules, statistical tables, and narrative explanations <br /> required for a Certificate help to assure that all fiscal <br /> data are presented that are needed by the many persons and <br /> groups having interest in the financial affairs of Orange <br /> County. <br /> 3. Clarity: The report is to be free of ambiguities and <br /> misleading inferences. <br /> 4. Bond Marketing Aid: Reports qualifying for a Certificate <br /> Of Conformance provide a detailed vehicle by which market <br /> analysts, investors, potential investors and others may <br /> assess the relative attractiveness of a government's <br /> securities compared to alternative investment possibilities <br /> When a Certificate of Conformance is awarded to a government, an <br /> Award of Financial Reporting Achievement is also presented to <br /> the individual designated by the goverimwat as primarily respon- <br /> sible for its having earned the Certificate. This amrd is <br /> Presented to former Finance Director, Wallace Harding, and the <br /> Finance Department staff. <br />