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LSCS wins financial reporting award for excellence

HOUSTON (Sept. 29, 2011) – Lone Star College System has been awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada.

This is the seventh consecutive year that LSCS and its Administration and Finance Department was recognized with this prestigious award, which was given to the college system for its comprehensive annual financial report issued in August, 2010.

The Administration and Finance Department at LSCS is no stranger to awards. Earlier this year, Cynthia Gilliam, Lone Star College chief financial officer, was recognized by the Houston Business Journal as the 2011 Best CFO in the large nonprofit category.

In addition, the department is a critical component in helping the college system maintain its AAA rating from Standard and Poors Ratings service, which recognizes outstanding management practices in place and the consistent and responsible operations. The AAA bond ratings – and lower interest rates available for the bonds because of this top rating – help to save the college system and its taxpayers millions of dollars in interest charges.

“The continued accomplishments of this department reflect the consistency, dedication and commitment of its staff members to being fiscally responsible. We are very proud of their work,” said Dr. Richard Carpenter, LSCS chancellor.

The excellence award from this association is the highest honor conferred to a government entity in the area of accounting and financial reporting. According to a GFOA assessment of the LSCS annual financial report, the attainment of this award represents a “significant accomplishment by a government and its management.”

The organization pointed out that the LSCS financial report, which was judged by an impartial panel to meet the high standards of the program, demonstrated a constructive “spirit of full disclosure” to clearly communicate the LSCS financial story and to motivate potential users and user groups to read the report.

The GFOA is a nonprofit professional association serving approximately 17,500 government financial professionals, with offices in Chicago and Washington, D.C.

With more than 69,000 students in credit classes for spring 2011, and a total enrollment of more than 85,000, Lone Star College System is the largest institution of higher education in the Houston area, and the fastest-growing community college system in Texas. Dr. Richard Carpenter is the chancellor of LSCS, which consists of five colleges including LSC-CyFair, LSC-Kingwood, LSC-Montgomery, LSC-North Harris, and LSC-Tomball, six centers, LSC-University Park, LSC-University Center at Montgomery, LSC-University Center at University Park, Lone Star Corporate College, and LSC-Online. To learn more visit http://www.lonestar.edu/.