Lottery Receives Award for Excellence in Financial Reporting
For the 13th 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. In 2011, the Lottery was recognized for its fiscal year 2010 comprehensive annual financial report (CAFR), and its Basic, Supplemental & Optional Savings Retirement Plans 2010 report.
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. Reports are judged based on their providing full disclosure and the ability to motivate potential users to read them.
"This recent honor by GFOA is another example of the Lottery's commitment to upholding the highest standards of integrity," said Lottery President Rose Hudson. "I am very pleased with the Lottery's accounting personnel whose pursuit of excellence prompted this recognition."
The GFOA is a non-profit organization serving approximately 17,500 government finance professionals with offices in Chicago and Washington D.C.
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.