The Annual Comprehensive Financial Report (ACFR) is presented in three sections: Introductory, Financial, and Statistical. The introductory section includes the transmittal letter, the Certificate of Achievement for Excellence in Financial Reporting, the Village's organizational chart and a list of principal officials. The Financial section includes the MD&A, the basic financial statements and the combining and individual fund financial statements and schedules, as well as the independent auditor's report on the financial statements and schedules. The Statistical section includes selected financial and demographic information, generally presented on a multi-year basis.
State law and local ordinance requires the Village to complete a set of financial statements which are presented in conformity with generally accepted accounting principles (GAAP) within six months following the close of the fiscal year. These financial statements are audited by a licensed certified public accounting firm in accordance with generally accepted auditing standards. The Village’s fiscal year runs May 1st through April 30th.
Beginning on January 1, 2015, Public Act 098-0738 requires municipalities to publish the auditor’s communication to the Board of Trustees (Management Letter) on the Municipal website.
Certificate of Achievement
The GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure and then to recognize individual governments that succeed in achieving that goal. The Village of East Dundee has received the Certificate of Achievement for Excellence in Financial Reporting award from the Government Finance Officers Association each year since 2010.
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