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 > Newsroom
 > 2015 News
 > VRS Awarded GFOA Certificate for Excellence in Financial Reporting

VRS Awarded GFOA Certificate for Excellence in Financial Reporting

RICHMOND, June 19, 2015 — The Government Finance Officers Association of the United States and Canada (GFOA) has recognized the Virginia Retirement System (VRS) with a Certificate of Achievement for Excellence in Financial Reporting for its fiscal year 2014 Comprehensive Annual Financial Report (CAFR). It is the 33rd consecutive year that VRS has earned recognition in governmental accounting and financial reporting.

In awarding the certificate, GFOA commended VRS' efforts to demonstrate a "constructive spirit of full disclosure to clearly communicate its financial story and motivate potential users and user groups to read the CAFR." An impartial panel judged the VRS CAFR as meeting the high standards of GFOA.

"It's truly an honor to receive this award 33 years running, and it affirms our dedication to maintaining a high standard of governmental accounting and financial reporting," said VRS Director Patricia S. Bishop. "Our agency is committed to full disclosure and transparency as we serve VRS members, retirees and participating employers across the commonwealth."

To be awarded the certificate, a government unit must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements.

GFOA is a nonprofit professional association serving approximately 17,500 government finance professionals.

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