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Not all communities issue a Comprehensive Annual Financial Report , and even less receive the Certificate of Achievement for Excellence in Financial Reporting from the GFOA. The Certificate Program was established by the GFOA in 1945. It was instituted to encourage all governments to prepare and publish an easily readable and understandable Comprehensive Annual Financial Report . The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by the township and its management.
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This report presents two types of statements: one focusing on the township as a whole (government-wide) and one focusing on the fund financial statements. The government-wide financial statements provide both short-term and long- term information about the township's overall financial status. The fund financials focus on individual funds and report the source, use and balance of current financial resources. This report is audited by an independent auditing firm as well as the Government Finance Officers Association (GFOA). In addition to financial statements prepared in accordance with generally accepted accounting principles (GAAP), the Comprehensive Annual Finance Report provides readers with a wide variety of statistics on Canton Township.
Canton has issued a comprehensive annual financial report since 1991. Each of our Comprehensive Annual Financial Reports has been awarded the Certificate of Achievement for Excellence in Financial Reporting.