View our financial reports
CSC financial records are maintained in such a manner as to facilitate audits in accordance with 2 CFR 200 Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, Governmental Accounting & Auditing Standards (GAAS), Oregon Municipal Audit Requirements, and the American Institute of Certified Public Accountants Audit Guide for State and Local Governments.
CSC leverages program dollars to reduce the costs of program administration, overhead (indirect) and salaries in all of its programs. Over the past several years, CSC’s indirect costs have been five percent or less of total direct costs. Because CSC is able to merge approximately 190-200 grants, each grant’s share of indirect costs is reduced. Each new grant provides an opportunity to leverage more resources for administrative services because costs attributable to indirect do not increase proportionately and each grant’s share is reduced accordingly as our indirect costs are spread across a variety of other programs.
CSC operates on a modified accrual basis that recognizes revenues when they become both measurable and available to the agency and that records expenditures when the liability is incurred. The general ledger is closed on the 15th working day of each month for the prior month, including all payroll and accounts payable for that month. This allows for the most accurate financial reporting to funding sources.
The Government Finance Officers Association of the United States and Canada (GFOA) has regularly awarded a Certificate of Achievement for Excellence in Financial Reporting (CAFR) to CSC for its Comprehensive Annual Financial Report for the fiscal years ending June 30, 1992 through 2016. The Certificate of Achievement is a prestigious national award recognizing conformance with the highest standards for preparation of state and local financial reports.