GRDA honored for excellence in financial reporting

Vinita —

GRDA's 2010 Comprehensive Annual Financial Report recently earned GRDA a "certificate of achievement for excellence in financial reporting" from the Government Finance Officers Association (GFOA).

Once again, the Grand River Dam Authority has been recognized for its financial reporting efforts.

In late January, the utility learned that its 2010 Comprehensive Annual Financial Report entitled Looking To The Future, Celebrating the Past, earned honors from the Government Finance Officers Association (GFOA) of the United States and Canada. In fact, the “Certificate of Achievement For Excellence In Financial Reporting” is the highest form of recognition in the area of governmental accounting and financial reporting. Its attainment “represents a significant accomplishment by a government and its management,” according to GFOA’s Stephen Gauthier.

The annual report is developed in-house by the GRDA Finance and Corporate Communications Departments; those departments have helped GRDA attain the award for every annual report since 2000.

“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 great recognition for our dedicated team but I also think 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.”

Though GRDA is currently working on the 2011 annual report, Dougherty added that the award-winning 2010 report can be viewed online at grda.com. The 2011 report should be online by late April.

“We encourage the public to take a look at it and learn more about GRDA,” she said.

With offices in Chicago and Washington, D.C., the GFOA is a nonprofit professional association serving approximately 17,500 government finance professionals.

Headquartered in Vinita, Oklahoma, 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.

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