Tri-C Wins Financial 'Triple Crown' 

CLEVELAND – Cuyahoga Community College (Tri-C®) recently received the Government Finance Officers Association’s (GFOA) Outstanding Achievement in Popular Annual Financial Reporting (PAFR), its third major award this year, following the receipt of the Distinguished Budget Award and the Comprehensive Annual Financial Report (CAFR) award.   

Tri-C is the first higher education institution in Ohio to obtain these awards from the GFOA and the first in the country to receive all three in the same year.  Obtaining these awards was part of the goals for administration and finance in FY09.  Dr. Craig Foltin stated, “We are really excited to receive these three awards on our first attempt.  This is a real testament to the commitment and dedication of the budget and the accounting and financial operations teams. I would also like to thank the workforce development and academic and student affairs areas for their cooperation throughout this process.”

The purpose of the GFOA is to enhance and promote the professional management of governments for the public benefit by identifying and developing financial policies and practices and promoting them through education, training and leadership.

The Distinguished Budget Presentation Awards Program encourages and assists state and local governments in preparing budget documents of the very highest quality.  The Certificate of Achievement for Excellence in Financial Reporting Program (CAFR Program) encourages and assists state and local governments in going beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure.

The GFOA launched its Popular Annual Financial Reporting Awards Program in 1991 to encourage governments to prepare and issue high quality popular annual financial reports. These reports play an important role in making financial information accessible to ordinary citizens and other interested parties who may not be interested in the more detailed, traditional financial reports.

Governments that prepare a popular annual financial report have chosen to take their financial reporting responsibilities a step beyond the preparation of the comprehensive annual financial report. By presenting the key financial information from the detailed CAFR in a straightforward, easy-to-read report aimed at a generalist audience, a government demonstrates a high level of commitment to its stewardship role in effectively and efficiently managing taxpayer dollars.

To earn the Award for Outstanding Achievement in Popular Annual Financial Reporting, Tri-C had to submit its popular report for review in four specific categories: reader appeal, understandability, distribution methods, and creativity or notable achievement.  Program reviewers also evaluated the popular report’s overall quality and usefulness.

The GFOA hopes that by receiving these three awards, Tri-C will serve as an example and encourage other higher education organizations to strive for the same commitment to the communication of financial information to all citizens.