Commonwealth of Massachusetts Achieves 35th Consecutive Certificate of Achievement for Excellence in Financial Reporting
The Office of the Comptroller is pleased to announce that the Commonwealth of Massachusetts has been awarded the Certificate of Achievement (COA) for Excellence in Financial Reporting by the Government Finance Officers Association (GFOA) of the United States and Canada. The Certificate is presented annually and is the highest award in the field of governmental accounting and government financial reporting. This award recognizes the Commonwealth’s Annual Comprehensive Financial Report for the Fiscal Year ended June 30, 2024.
When a COA is awarded to a government entity, an Award of Financial Reporting Achievement (AFRA) is also presented to the individual(s) or department designated by the government as primarily responsible for its having earned the Certificate. This AFRA is presented to the Statewide Financial Reporting Team within the Office of the Comptroller, led by Assistant Comptroller and Chief Financial Reporting Officer Pauline Lieu.
This marks the 35th consecutive year in which the Commonwealth of Massachusetts has received a COA for Excellence in Financial Reporting.
“This 35th consecutive Certificate of Achievement for Excellence in Financial Reporting reflects the extraordinary professionalism and dedication of our Statewide Financial Reporting Team under the leadership of Pauline Lieu,” Comptroller William McNamara said. “Their expertise and commitment to transparent, accurate financial reporting represent the highest standards of public service. I’m thankful for their tireless work and proud of what we’ve achieved together in service to the Commonwealth.”
“I am deeply grateful to the Government Finance Officers Association for this prestigious recognition. This honor reflects the exceptional talent and dedication of our Statewide Financial Reporting team. I am proud that their work on the Fiscal Year 2024 Annual Comprehensive Financial Report has earned this acknowledgment, and we remain steadfast in our commitment to providing transparent, accurate financial reporting for the Commonwealth of Massachusetts,” added Assistant Comptroller Lieu.
The GFOA established the COA for Excellence in Financial Reporting Program in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare annual comprehensive 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.
According to the GFOA, the Fiscal Year 2024 Annual Comprehensive Financial Report has been judged by an impartial panel to meet the standards of a constructive “spirit of full disclosure” to clearly communicate the Commonwealth’s financial story and motivate potential users and user groups to read the report.
The attainment of the COA in Financial Reporting represents a significant accomplishment by a government and its management.