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Commonwealth of Massachusetts awarded Certificate of Achievement for Excellence in Financial Reporting

A certificate reading "Certificate of Achievement for Excellence in Financial Reporting Award" issued by the GFOA

Today, Comptroller of the Commonwealth William McNamara is pleased to announce that the Commonwealth of Massachusetts has been awarded the Certificate of Achievement for Excellence in Financial Reporting.  This certificate, awarded by the Government Finance Officers Association of the United States and Canada (GFOA) is the highest form of recognition in governmental accounting, and “its attainment represents a significant accomplishment by a government and its management”.  

 The Commonwealth of Massachusetts received this award based on the Annual Comprehensive Financial Report (ACFR) for the previous fiscal year (Fiscal Year ended June 30, 2021), filed and submitted by the Office of the Comptroller on April 29, 2022. 

 According to the GFOA, the Annual Comprehensive Financial Report has been judged by an impartial panel to meet the high standards of the program, which include demonstrating 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. 

 This is the 32nd consecutive year that the Commonwealth of Massachusetts has received this prestigious award. 

 “The Office of the Comptroller is dedicated to year-in, year-out transparency and professionalism in financial reporting,” Comptroller McNamara said. “I thank the Government Finance Officers Association for their review and recognition of our commitment to a fair, accurate, and thorough illustration of the finances of the Commonwealth of Massachusetts.” 

 Members of GFOA staff and the GFOA’s Special Review Committee reviewed the report using a checklist to determine compliance with both generally accepted accounting principles (GAAP) and program policy as established by the GFOA’s Special Review Executive Committee and the GFOA Executive Board. 

 “I thank Assistant Comptroller and Chief Financial Reporting Officer Pauline Lieu, Assistant Comptroller and Chief Accounting Officer Kristin Lacroix, and Senior Advisor Howard Merkowitz for their leadership in achieving this long record of success,” said Comptroller McNamara.   “The dedicated financial professionals on our Statewide Financial Reporting and Statewide General Accounting Teams are a credit to the Commonwealth, as this award testifies.” 

 About the Annual Comprehensive Financial Report 

The Annual Comprehensive Financial Report is prepared by the Office of the Comptroller, audited by Independent Certified Public Accountants and published annually for the year ended on June 30. The Annual Report reports activity according to Generally Accepted Accounting Principles (GAAP). 

 About the Office of the Comptroller 

The Office of the Comptroller of the Commonwealth of Massachusetts (CTR) is an independent and apolitical agency charged with overseeing the Commonwealth’s financial systems, preparing the annual financial reporting, and managing the external single audit process.  In Fiscal Year 2021, CTR oversaw approximately $95 billion in spending.  In addition, CTR oversees the Commonwealth’s general ledger, payroll and vendor management, trains state employees on risk mitigation, and operates the Commonwealth’s financial system.   

As stewards of the public trust, CTR aspires to inspire confidence by maintaining our core principles: clarity, integrity, and accountability.  The powers and obligations of the Office of the Comptroller are generally dictated by M.G.L. c. 7A.