The Government Finance Officers Association of the United States and Canada (GFOA) has revealed that the West Virginia Lottery has been awarded the Certificate of Achievement for Excellence in Financial Reporting.
The award which has been given to the operator as a result of its comprehensive annual financial report (CAFR) for the fiscal year ended June 30, 2019, marks the 23rd year in a row that the West Virginia Lottery has received the title.
The CAFR was judged by an impartial panel in order to ensure that the high standards of the program were met. These standards include demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial story and motivate potential users and user groups to read the CAFR.
West Virginia Lottery Director John Myers said: “I want to thank all of our employees who work hard every day to make sure our Lottery operates with the highest level of integrity. Earning this distinction for 23 straight years is a testament to the West Virginia Lottery’s long-standing commitment to transparency and the public trust.”
The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.
The GFOA established the CAFR Program back in 1945 in order to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure.