For the fifth year in a row, the Rhode Island Public Transit Authority (RIPTA) has received a certificate for excellence in financial reporting from the Government Finance Officers Association (GFOA). The professional association notified RIPTA recently that the Authority’s Comprehensive Annual Financial Report for the 2016 Fiscal Year qualifies for the GFOA’s Certificate of Achievement for Excellence in Financial Reporting. The certificate is “the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management,” the association stated in its letter to RIPTA.
The association said that in order to receive the certificate for excellence, Comprehensive Annual Financial Reports are judged by an impartial panel to determine that they meet the high standards of the professional organization, including the demonstration of a constructive “spirit of full disclosure” and a commitment to clearly communicating a government or government agency’s financial story. Raymond Studley, RIPTA’s Chief Executive Officer, said that the certificate of excellence speaks to the dedication of the Authority’s Finance Department and to the Board of Director’s support for “maintaining the highest standards of professionalism in the management of RIPTA’s finances.”