No Findings In Comptroller's Audit Of Lottery
Thursday, November 19, 2020 10:35 am
The Tennessee State Comptroller's annual financial and compliance audit of the Tennessee Education Lottery Corporation (TEL), a quasi-public instrumentality, contains no findings for the 16th year in row.
"For the sixteenth year in a row the TEL has received a clean audit report from state auditors, and, as board chair, I want to thank the TEL's leadership team and dedicated staff for their work on behalf of the State of Tennessee," TEL Board of Directors Chairman Susan Lanigan said. "The Lottery has generated more than $5.6 billion for education in Tennessee, and these results show it has done so in an efficient and effective manner."
The audit covers the period from July 1, 2019 through June 30, 2020. The complete FY20 Audit Report is posted at: https://comptroller.tn.gov/content/dam/cot/sa/advanced-search/disclaimer/2020/ag20103.pdf.
The audit states: "In our opinion, the financial statements...present fairly, in all material respects, the financial position of the Tennessee Education Lottery Corporation as of June 30, 2020, and June 30, 2019, and the changes in financial position and cash flows thereof for the years then ended in accordance with accounting principles generally accepted in the United States of America."