12/29/2008 - 10:53 AM
Lottery Receives Certificate of Achievement for Excellence in Financial Reporting
President Rose Hudson announced the Louisiana Lottery Corporation has received the Certificate of Achievement for Excellence in Financial Reporting in recognition of the Lottery's Basic, Supplemental and Optional Savings Retirement Plans by the Government Finance Officers Association of the United States and Canada (GFOA).
"This is a tremendous accomplishment for a corporation that has built its foundation on maintaining public trust and integrity," said Hudson. "I sincerely appreciate the Lottery's accounting team for continuing to reach these high standards of excellence."
According to the GFOA, the Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting. This recognition represents a significant accomplishment by a government entity and its management.
The association is a nonprofit group with offices in Chicago and Washington, D.C., and serves about 16,000 government financial professionals.
The Louisiana Lottery Corporation was created in 1991 as a quasi-state entity to generate revenue for the state through the sale of a variety of entertaining lottery products. According to the Louisiana constitution, 35 percent of all sales are transferred to the state treasury to be used for the Minimum Foundation Program that funds public education in Louisiana. The Lottery's 2008 fiscal year revenue topped $376.7 million with more than $131.8 million transferred to the state. Current financial statements are available on the Lottery's Web site, www.louisianalottery.com.