Mason PUD 3 Receives International Recognition for Financial Reporting - Fourteenth Consecutive Honor

Mason PUD 3 Receives International Recognition for Financial Reporting - Fourteenth Consecutive Honor

by Mason PUD 3 on

March 06, 2019

Award shows commitment to high level of expertise, and excellent financial management.

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Finance Staff, L-R: Stephanie Schuffenhauer, Dani Leboki, Sherry Speaks, Dawn Myers, Sara Montalto.

(SHELTON, WA) – Mason PUD 3 was presented with its fourteenth consecutive international recognition for the quality and completeness of its financial reporting.

PUD 3 received the Certificate of Excellence in Financial Reporting for its 2017 Comprehensive Annual Financial Report by the International Government Finance Officers Association (GFOA) of the United States and Canada. The PUD is one of only three public utility districts in Washington State to apply for association recognition for its financial reporting.

In addition to 14 consecutive GFOA awards, the utility’s operations are inspected annually by the Washington State Auditor’s Office. The PUD has not been subject to a finding in over 39 years.

In the letter announcing the award, Michele Mark Levine, GFOA’s director of technical services, said “the Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting. Its attainment represents a significant accomplishment by a governmental entity and its management. We hope that your example will encourage others in their efforts to achieve and maintain an appropriate standard of excellence in financial reporting.”

The program recognizes organizations that go beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports. The program specifically celebrates those participants that show a spirit of transparency and full disclosure.

The theme of the PUD’s 2017 annual report was “all hands on deck.” Annette Creekpaum, PUD 3 manager noted, “The electric utility industry has traditionally been a simplistic and non-adaptive system that operated well for nearly a century. However, with new technologies, shifting customer expectations, increasing mandates, and security threats, the ‘future utility’ looks much different. The old way of doing business is no longer compatible with new expectations. It requires ‘all hands on deck’ attitude to build infrastructure and implement many policies that place the utility on the right path for the future.”

The PUD has a Diamond Level designation as one of the nation’s Reliable Public Power Providers, the highest designation from the American Public Power Association.

Mason PUD 3 includes about 600 square miles of service territory, with nearly 34,000 electricity customers. PUD 3 also operates a wholesale fiber optic telecommunications network, which supports the operation of its electric distribution services.

The International Government Finance Officers Association is an international nonprofit professional association serving more than 20,000 government financial professionals.