Lone Star College System wins 8th financial reporting award for excellence

Published on: December 19, 2012

 

HOUSTON (Dec 19, 2012) – Lone Star College System has again 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 eighth consecutive year that LSCS and its Administration and Finance Department were recognized with this prestigious award, which was given to the college system for its 2011 comprehensive annual financial report.

LSCS ranks in the top 6 percent nationally, since only 69 out of 1,132 community colleges in the country are recognized for this achievement. More than 20 percent of the awards come from the state of Texas. 

In addition to this recognition, the LSCS Administration and Finance Department continues to be a critical component in helping the college system maintain its AAA rating from Standard and Poor’s Ratings service, which recognizes “outstanding management practices in place and consistent and responsible operations.”

The AAA bond ratings – and lower interest rates available for construction bonds because of this top rating – help to save the college system and its taxpayers millions of dollars in interest payments.

“The continued accomplishments of this department reflect the consistency, dedication and commitment of its staff members to being fiscally responsible,” said Dr. Richard Carpenter, LSCS chancellor. “This team is committed to helping LSCS to the best bottom line possible, and not just a financial bottom line but an equally meaningful result – a successful student.”

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 78,000 students in credit classes, and a total enrollment of more than 90,000, Lone Star College System is the largest institution of higher education in the Houston area and the fastest-growing community college system in the nation. Dr. Richard Carpenter is the chancellor of LSCS, which consists of six colleges including LSC-CyFair, LSC-Kingwood, LSC-Montgomery, LSC-North Harris, LSC-Tomball and LSC-University Park, five centers, LSC-University Center at Montgomery, LSC-University Center at University Park, Lone Star Corporate College, and LSC-Online. To learn more visit LoneStar.edu.

 

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