GRDA Annual Report: Continued “excellence in financial reporting”

Power for Progress…
A weekly column from the Grand River Dam Authority

 

Certificate for GRDA’s 2011 Comprehensive Annual Financial Report. The 2011 Annual Report is one of a string of 11 consecutive GRDA annual reports (2000 – 2010) to be recognized for “excellence in financial reporting.”

Like other state and government entities, the Grand River Dam Authority issues a comprehensive annual financial report (CAFR) every year. While the report primarily contains information about GRDA’s financial situation, activities and status, it also contains statistical information about operations and the customer base. The findings of an annual financial audit, conducted by an outside auditing firm, are also contained in each GRDA CAFR.

An Oklahoma state agency, GRDA operates on a calendar year and its CAFR is typically released during the second quarter. While hardcopies are available, GRDA has also been posting its CAFR to its website for several years. Currently, visitors to grda.com can view GRDA CAFRs dating all the way back to 2004. The 2011 CAFR – entitled Grand Expectations – is the most recent addition to the website.

Several employees in GRDA’s Finance and Corporate Communications departments are responsible for preparing the annual reports, and those preparations are always a high priority. As proof, look no further than the “Certification of Achievement for Excellence In Financial Reporting.” It is recognition that is handed down annually by the Government Finance Officers Association when CAFRs “achieve the highest standards in governmental accounting and financial reporting.” GRDA has been recognized for meeting the highest standards for 11 straight years now.

In order to be awarded a Certificate of Achievement, governmental agencies like GRDA must publish an easily readable and efficiently organized CAFR. Also, the report must satisfy both generally accepted accounting principles and applicable legal requirements.

“While GRDA is pleased to have a continuing record of achievement in financial reporting, we still strive to exceed the standards when preparing all our reports,” said GRDA Chief Financial Officer Carolyn Dougherty. “It’s important for our customers and the people of Oklahoma to know that our team works very hard in the area of financial reporting and compliance.”

Headquartered in Vinita, GRDA is Oklahoma’s state-owned electric utility; fully funded by revenues from electric and water sales instead of taxes. Directly or indirectly, GRDA’s low-cost, reliable; electricity serves nearly 500,000 homes in Oklahoma and stretches into 75 of 77 counties in the state. At no cost to Oklahoma taxpayers, GRDA also manages 70,000 surface acres of lakes in the state, including Grand Lake, Lake Hudson and the W.R. Holway Reservoir. Today, GRDA’s 500 employees continue to produce the same “power for progress” that has benefited the state for 75 years.

               – Justin Alberty
               GRDA Corporate Communications Director

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