January 20, 2006

Fifth straight year to receive the award ...

GRDA recognized for excellence in financial reporting

Vinita -- For the fifth straight year, the Government Finance Officers Association (GFOA) is honoring the Grand River Dam Authority (GRDA) with its highest recognition for governmental accounting and financial reporting: the GFOA Certificate of Achievement. The GFOA announced last week that GRDA is receiving the honor for its 2004 comprehensive financial annual report. Every GRDA annual report since 2000 has received this honor from GFOA.

“This certificate of achievement is the highest form of recognition in governmental accounting and financial reporting,” states GFOA Director Stephen J. Gauthier in a letter announcing the GRDA recognition. “We hope that your example will encourage other government officials in their efforts to achieve and maintain an appropriate standard of excellence in financial reporting.”

“This is a significant honor for GRDA and we are proud our financial reporting continues to meet the highest standards in the industry,” said GRDA Chief Executive Officer Kevin Easley. “Meeting those high standards has always been, and always will be GRDA’s goal.”

GRDA compiles its annual reports based on Governmental Accounting Standards Board (GASB) guidelines, said GRDA Chief Financial Officer Carolyn Dougherty. GASB is an independent organization that establishes and improves standards of financial accounting and reporting for state and local governments. In the accounting industry, GASB is recognized as the official source of generally accepted accounting principles for state and local governments.

According to GFOA, the GRDA annual report was judged by an impartial panel and found to meet "the high standards of the program including demonstrating a constructive ‘spirit of full disclosure’ to clearly communicate its financial story and motivate potential users and user groups to read the CAFR."

"This honor from GFOA is important because it is based on the highest standards for financial reporting and the recognition comes from our peers in the accounting industry,” said Dougherty. "Receiving the honor for a fifth straight year is a significant accomplishment for us, but that’s what we strive for every year."

Dougherty said the 2004 GRDA Annual Report consists of three sections: an introductory section covering the financial and operational highlights of 2004; a financial section, including the independent auditor’s report, and a statistical section including tables detailing GRDA debt coverage, power sales, resources and other relevant information. The report can be viewed online at www.grda.com.

Headquartered in Vinita, Oklahoma, GRDA is a self-supporting state agency, funded by the revenues from the sale of electricity instead of taxes. GRDA transmits and delivers electricity across its 24-county service area via a sophisticated energy delivery system that includes 2,000 miles of transmission line. GRDA sells wholesale electricity to three customer classes: municipals, electric cooperatives, and industries. GRDA also owns and manages 70,000 acres of water along the Grand River system, including Grand Lake and Lake Hudson.