Laketran has been recognized for excellence in financial management and fiscal accountability with the Auditor of State Award with Distinction, presented by Tina Ludwig, Northeast Ohio Regional Liaison for Auditor of State Keith Faber, during Laketran’s most recent August Board of Trustees meeting.
The award places Laketran among an elite group of Ohio public agencies recognized for achieving the highest standards of financial reporting and accountability. The Auditor of State’s Office conducts more than 4,200 audits of approximately 6,000 clients statewide each year, with only 4% of audited organizations qualifying for the Award with Distinction, according to Ludwig.
“I’m here on behalf of Auditor Faber to present the Auditor of State Award with Distinction to Laketran,” said Ludwig at Laketran’s most recent open public meeting. “This award represents the hard work of all of Laketran’s staff and employees who make every effort each day to attain financial excellence. What this truly means is that across the entire organization you have the people and processes in place that understand fiscal accountability.”
To qualify for the Award with Distinction, an organization must complete a “clean” financial audit meeting standards established by the Auditor of State’s Office. Among the requirements, the entity must file its financial reports by the statutory deadline, without extension, on a Generally Accepted Accounting Principles basis and prepare an Annual Comprehensive Financial Report.
The audit also must contain no findings for recovery, material citations, material weaknesses, significant deficiencies, Uniform Guidance findings or questioned costs. In addition, the organization’s management letter must contain no comments related to ethics referrals, untimely reports, bank reconciliation issues, Single Audit compliance, certain findings for recovery, or public meetings and public records issues.
Ludwig specifically recognized Laketran’s Board, Administration and Finance Department for their commitment to financial stewardship and accountability.
“We’d like to recognize the Board, Administration and Finance Department that have done an outstanding job watching over every dollar,” Ludwig said. “This award represents the hard work of all of Laketran’s staff and employees.”
Ludwig also recognized Matthew Clarke, Laketran’s Director of Finance, for his leadership, professionalism and commitment to fiscal integrity.
Laketran Board President Brian Falkowski said the award is a testament to the leadership of Clarke and the entire Finance Department.
“This is a tremendous accomplishment for Laketran and a recognition that our entire organization should be proud of,” said Falkowski. “Our team does an exceptional job managing the finances of Laketran, STS and Geauga Transit and ensuring we are good stewards of every public dollar. This award also reflects the commitment of our Board and staff to maintain strong financial practices that allow Laketran to continue investing in our community and our services.”
The Auditor of State Award with Distinction adds to Laketran’s strong record of financial and operational accountability. The agency has received over 30 clean audits and recently received a perfect Federal Transit Administration Triennial Review with no deficiencies.
The recognition comes as Laketran continues to expand transportation services and make significant investments in its fleet, facilities, technology and services while maintaining a strong focus on fiscal responsibility.