Purpose

The accounting, auditing and financial reporting policies are designed to maintain a system of financial monitoring, control and reporting for all operations and funds in order to provide effective means of ensuring that overall Township goals and objectives will be met and to assure the Township’s residents and investors that the Township is well managed and fiscally sound.

Policy

The Township will adhere to a policy of full and open public discourse of all financial activity.  The proposed budget will be prepared in a manner to maximize its understanding by citizens and elected officials.  Copies of financial documents will be made available to all interested parties.  Opportunities will be provided for full citizen participation prior to adopting the budget.

The Township will maintain its accounting records and report on its financial condition and results of operations in accordance with Township, State and Federal law and regulations, and Generally Accepted Accounting Principals (GAAP), and standards established by the Governmental Accounting Standard Board (GASB).  Budgetary reporting will be in accordance with Township and State budget laws.

An independent firm of certified public accountants will annually perform a financial and compliance audit of the Township’s financial statements.  Their opinions will be contained in the Township’s Comprehensive Annual Financial Report (CAFR).

As an additional independent confirmation of the quality of the Township’s financial reporting, the Township will annually seek to obtain the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting.  The CAFR will be presented in a way designed to communicate with citizens about the financial affairs of the Township.