Commonwealth of Massachusetts awarded Certificate of Achievement for Excellence in Financial Reporting
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 award, bestowed by the Government Finance Officers Association of the United States and Canada (GFOA), recognizes the Commonwealth’s “spirit of full disclosure to clearly communicate its financial story”.
According to the GFOA, the Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.
“This award is a testament to the commitment and professional expertise of Office of the Comptroller staff, as well as our partners throughout state government who contributed to the accurate and comprehensive report,” Comptroller McNamara remarked. “I thank the Government Finance Officers Association for their thorough review and recognition of the Commonwealth of Massachusetts.”
The Certificate of Achievement is based on the Annual Comprehensive Financial Report for the previous fiscal year (Fiscal Year ended June 30, 2020), filed and submitted by the Office of the Comptroller on March 5, 2021.
Members of the GFOA professional staff, as well as a review committee comprised of public sector reporting experts, independent auditors, academics, and finance professionals, reviewed the Annual Comprehensive Financial Report. The consensus among the reviewers was that the report was in substantial compliance with generally accepted accounting principles (GAAP) and program policy. The review team awarded each of the 17 grading categories with a grade of “Proficient”.
Said Comptroller McNamara, “This report comprises the beginning of the unprecedented effects of the COVID-19 pandemic on state finance. Even during this turbulent period, our staff exhibited professionalism and dedication to an accurate and transparent reporting of state finance. I thank them for their extraordinary efforts to file an accurate and comprehensive report.”
This is the 31st consecutive year in which the Commonwealth of Massachusetts has received this prestigious award.