Financial reporting honor for SOU

SOU earns state recognition for financial reporting

SOU was notified recently that it has received the Oregon Department of Administrative Services’ Gold Star Award for the 2021 fiscal year – at least the fifth consecutive year the university has received the state’s top financial reporting honor under former Director of Business Services Steve Larvick, who retired from that position in June.

“Steve, our rock star, was instrumental in receiving another Gold Star rating,” said Greg Perkinson, SOU’s vice president for finance and administration, in an email announcing the accomplishment.

Larvick retired June 30 after 40 years of service at SOU but was hired back to serve as controller until his successor, Agnes Maina, began work in late October. Larvick is continuing to help with the university’s transition to the Workday core information system.

The state’s Administrative Service Department lists 13 criteria – ranging from verifying funding techniques to preparing and submitting audited annual financial reports – that must be accomplished by specific dates each year for a state agency or university to earn the Gold Star Award.

“Clearly, the Gold Star is a challenge to earn, and its achievement is due primarily to your agency’s diligent efforts to maintain accurate and complete accounting records throughout the year,” said George Naughton, the Administrative Services Department’s Chief Financial Officer, in an email announcing SOU’s most recent award.

The Gold Star Award is Oregon’s equivalent to the nationally recognized Certificate of Achievement for Excellence in Financial Reporting, issued each year by the Government Finance Officers Association. Oregon has earned the GFOA certificate every year since 1992, in large part because of the efforts of state agencies to earn Gold Star recognition, Naughton said.