The Village of Grafton’s Annual Financial Report is prepared by the Department of Administrative Services, Finance Division, in conformance with the standards set by the Government Finance Officers Association (GFOA). GFOA standards require statements to present the financial position of the Village that provide sufficient information to permit the assessment of stewardship and accountability, demonstrate legal compliance, and provide management control and the results of financial operations fairly, and in accordance with Generally Accepted Accounting Principles (GAAP).