Lottery Receives Award for Excellence in Financial Reporting
For the 12th consecutive year, the Louisiana Lottery Corporation has received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA) of the United States and Canada. The Lottery's Basic, Supplemental, & Optional Savings Retirement Plans were also honored with an Excellence in Financial Reporting award for the second year in a row.
According to the GFOA, the Certificate of Achievement represents the highest form of recognition in the area of governmental accounting and financial reporting. It is considered a significant accomplishment by a government entity and its management. The Lottery's Accounting Department prepared the comprehensive annual financial reports, which were judged based on full disclosure and the ability to motivate potential users to read the reports.
The GFOA is a non-profit organization with offices in Chicago and Washington D.C. The association serves approximately 17,500 government finance professionals.
The Louisiana Lottery Corporation was established in 1991 as a quasi-state entity, with the purpose of generating revenue for the state. Each year, 35 percent of all Lottery revenue is transferred to the state treasury to fund public education. Current financial statements are available on the Lottery's website.