CHARLESTON, W.Va. – The Certificate of Achievement for Excellence in Financial Reporting has been awarded to the West Virginia Lottery by the Government Finance Officers Association of the United States and Canada (GFOA) for its comprehensive annual financial report (CAFR) for the 22nd consecutive year.
“Earning this honor for 22 consecutive years is a testament to the West Virginia Lottery’s long-standing commitment to the public’s trust,” West Virginia Lottery Director John Myers said. “Our mission is to generate proceeds that benefit the people of West Virginia and our staff takes great pride in the quality, transparency, and accuracy of our financial reporting to those we serve.”
The GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program (CAFR Program) in 1945 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 and then to recognize individual governments that succeed in achieving that goal. The goal of the program is not to assess the financial health of participating governments, but rather to ensure that users of their financial statements have the information they need to do so themselves.
Reports submitted to the CAFR program are reviewed by selected members of the GFOA professional staff and the GFOA Special Review Committee (SRC), which comprises individuals with expertise in public sector financial reporting and includes financial statement preparers, independent auditors, academics, and other finance professionals.
The West Virginia Lottery operates as a business enterprise within the framework of State laws, rules and regulations. Its mission is to generate revenue to fund programs benefiting education, senior citizens, tourism and other programs the West Virginia Legislature may determine. Since its establishment in 1986, the West Virginia Lottery has produced more than $10 billion in proceeds for the People of West Virginia.