The Government Finance Officers Association of the United States and Canada (GFOA) has awarded the Certificate of Achievement for Excellence in Financial Reporting to the Michigan Education Trust (MET) for its Annual Comprehensive Financial Report (AFCR) for the fiscal year that ended on Sept. 30, 2023.
"This award is a testament to the hard work of our MET accountants," said Robin Lott, who oversees Treasury’s Office of Postsecondary Financial Planning. "Our staff puts in a lot of time and effort into the annual audit, building the report and managing daily operations to ensure fiscal integrity.
“Michiganders can be assured that MET employees are working hard to encourage families to take advantage of the opportunity to motivate and position students for successful careers by saving for higher education tuition."
The AFCR was judged by an impartial panel to meet the high standards of the program, which includes demonstrating a constructive "spirit of full disclosure" to clearly communicate its financial story and motivate potential users and user groups to read the ACFR.
The MET ACFR was completed in January 2024. GFOA awarded the Certificate of Achievement this fall after a thorough review.
The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.
MET is Michigan’s Section 529 prepaid tuition program that locks future tuition at any of the state’s public universities and colleges at today’s rates. The total contract price is eligible for a state tax deduction and earnings are tax-exempt if used for qualified higher education expenses.
MET funds can be used to pay out-of-state and Michigan private college and university tuition or MET credits can be transferred to other eligible family members.
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