Comprehensive Annual Financial Report (CAFR)
Prepared by the Business Office
A Comprehensive Annual Financial Report (CAFR) is a set of government financial statements comprising the financial report of the School District that complies with the accounting requirements—generally accepted accounting principles (GAAP)—promulgated by the Financial Accounting Standards Board (FASB).
A CAFR is "compiled" by the District accounting staff and "audited" by an external (AICPA) certified accounting firm utilizing FASB requirements. It is composed of three sections: Introductory, Financial and Statistical.
The CAFR is presented to the Governmental Finance Officer’s Association (GFOA), which conducts each year a review of applicant local government CAFRs and upon review awards their Certificate of Achievement Award for Excellence in Financial Reporting to those local governments that are in compliance with their CAFR accounting standards of preparation.