The Government Finance Officers Association of the United States and Canada (GFOA) has awarded Delaware its Certificate of Achievement for Excellence in Financial Reporting for the State’s fiscal year 2019 comprehensive annual financial report (CAFR). This is the 25th consecutive year the State has received this award, which 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.

“To have earned this award for 25 consecutive years is both a remarkable accomplishment and a testament to the professionalism of financial personnel throughout State agencies,” said Governor John Carney. “I am proud that our Administration has continued to build upon and strengthen Delaware’s commitment to meeting the highest standards for fiscal disclosure and transparency.”

“The Department of Finance is committed to providing Delaware’s citizens, taxpayers and investors concise and accurate information about our state’s financial health,” said Secretary of Finance Rick Geisenberger. “Being recognized for a clear and thorough presentation of the state’s financial condition is the culmination of hard work throughout the year by hundreds of state financial staff and officers responsible for handling taxpayer funds with diligence and integrity.”

“The Division of Accounting’s Financial Accounting and Reporting Section (FARS), along with fiscal employees throughout State agencies and school districts have proven their dedication to releasing timely and accurate reporting, as well as their commitment to continuous accountability and transparency in our state government,” said Division of Accounting Director Jane Cole.

The FY2019 CAFR was judged by an impartial panel 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. The GFOA is a nonprofit professional association serving approximately 17,500 government finance professionals with offices in Chicago, IL, and Washington, D.C. Visit http://www.gfoa.org/ for more information.

The CAFR is available to the public at https://accountingfiles.delaware.gov/docs/2019cafr.pdf.

Secretary of Finance Rick Geisenberger is pleased to announce the appointment of Jane L. Cole, CPA, as the new Director of Delaware’s Division of Accounting. The appointment became effective Monday, May 15th.

Ms. Cole most recently served as the State’s Manager of Financial Reporting and Internal Control, overseeing the creation of Delaware’s award-winning Comprehensive Annual Financial Report (CAFR), which ensures the completeness and accuracy of work submitted to the State’s auditors. She was also responsible for implementation of all new Governmental Accounting Standards Board (GASB) pronouncements; ensuring the State’s financial reporting adheres to the highest-quality standards. Her responsibilities included overseeing the staff responsible for reviewing the internal control policies for all State organizations.

The Division of Accounting provides financial and technical accounting services and support to state organizations, establishes the State’s internal control structure, and promotes consistent, reliable, and transparent financial information to the public. “Jane is an accomplished financial professional and manager, and she possesses a wealth of expertise in governmental accounting standards and systems,” said Secretary Geisenberger. “I am pleased that she will be overseeing the very capable staff of our Accounting Division and working with agencies throughout State government to boost efficiency, internal controls, and transparency in our accounting and management of revenues and expenditures.”

Before joining State government in 2013, Ms. Cole had 20 years of private sector experience in public accounting and financial management – most recently as Senior Manager of Accounting and Audit at Herbein + Company, Inc., a leading regional CPA firm headquartered in Reading, Pennsylvania. There she oversaw audits for scores of governmental and non-profit organizations, as well as 990 tax compliance for the firm’s tax-exempt clientele. Her responsibilities included supervision and training of audit staff and clients in governmental accounting standards, regulations, and compliance matters.

Ms. Cole holds a Bachelor of Science degree in Social Work, an Accounting Certificate, and has been a Certified Public Accountant since 1999. She is a member of the American Institute of Certified Public Accountants, the Association of Government Accountants, and the Government Financial Officers Association. From 2004 to 2013, she served as a member and then Chair of the Not-for-Profit Committee of the Pennsylvania Institute of Certified Public Accountants.