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 > Newsroom
 > 2016 News
 > VRS Awarded GFOA Certificate for Excellence in Financial Reporting

VRS Awarded GFOA Certificate for Excellence in Financial Reporting

RICHMOND, August 8, 2016 — 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 2015 Comprehensive Annual Financial Report (CAFR). It is the 34th consecutive GFOA award recognizing VRS' accomplishments in governmental accounting and financial reporting.

GFOA commended VRS' demonstration of a "constructive spirit of full disclosure" in communicating its financial story and motivating potential users and groups to read the report.

"It's truly an honor to receive this award for 34 successive years, affirming our commitment to transparency as we serve VRS members, retirees and participating employers across Virginia," said VRS Director Patricia S. Bishop. "Our agency continues to focus on providing effective and efficient service while being accountable stewards of the funds in our care.

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. An impartial panel judged the VRS CAFR as meeting GFOA's high standards for the award.

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

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