NORTH CAROLINA EDUCATION LOTTERY
POPULAR ANNUAL FINANCIAL REPORT
FISCAL YEAR ENDED JUNE 30, 2014
The North Carolina Educa􀆟􉽯on Lo􀆩􊥥ery (NCEL) finance division is proud to present you its Popular
Annual Financial Report (PAFR) for the fiscal year (FY) ended June 30, 2014. This report provides an
overview of the NCEL's financial condi􀆟􉽯on and a brief analysis of where the money comes from and
where those dollars are spent.
Most of the informa􀆟􉽯on in this report is drawn from the financial informa􀆟􉽯on appearing in the
NCEL's FY 2014 Comprehensive Annual Financial Report (CAFR). The CAFR is a more detailed and
complete financial presenta􀆟􉽯on prepared in conformance with Generally Accepted Accoun􀆟􉽮ng
Principals (GAAP) and was audited by an Independent accoun􀆟􉽮ng firm, receiving an unqualified
(clean) opinion. The financial data in this report also conforms with GAAP. The CAFR, PAFR and the
NCEL's Annual Report are available for viewing on the NCEL's website at:
http://www.nc-educationlottery.org/about.aspx
ABOUT THE POPULAR ANNUAL FINANCIAL REPORT
EXECUTIVE DIRECTOR’S NOTE
N.C. Education Lottery sets new record for sales
For the eighth year in a row, the N.C. Educa􀆟􉽯on Lo􀆩􊥥ery
completed its fiscal year by se􀆫􊭮ng a new record for lo􀆩􊥥ery
􀆟􉽣cket sales. The fiscal year ended on June 30, 2014 with $1.84
billion in sales, up 8.8 percent from the previous year.
Our con􀆟􉽮nued success in growing sales demonstrates that
North Carolinians enjoy playing the lo􀆩􊥥ery, winning prizes, and
helping to raise money for a good cause. That success is built
on our lo􀆩􊥥ery con􀆟􉽮nuing to be a well‐run and efficient sales
and marke􀆟􉽮ng organiza􀆟􉽯on.
I am also pleased to report that for the eighth year in a row the
Educa􀆟􉽯on Lo􀆩􊥥ery received a clean opinion in its annual
financial audit by independent auditors. We know that the
people of North Carolina expect their lo􀆩􊥥ery to be accountable
for every dollar it handles. This great record of clean audits
shows our commitment to mee􀆟􉽮ng that expecta􀆟􉽯on.
Highlights of FY14 include:
Surpassing $11.4 billion in total sales since incep􀆟􉽯on.
Se􀆫􊭮ng a new quarterly sales record of $475 million in the
last quarter of FY14, up $12 million from the previous
record set in fourth quarter of FY13.
Achieving for the second year in a row more than $1 billion
in instant sales. The instant product con􀆟􉽮nued to be
the largest revenue source for the lo􀆩􊥥ery, genera􀆟􉽮ng
$1.17 billion in sales. The lo􀆩􊥥ery launched 46 new
instant games during the year.
Growing the membership of the Lucke‐Zone, the lo􀆩􊥥ery’s
players’ club, to 485,270. Members can use the
lo􀆩􊥥ery’s Lucke‐Rewards program to enter non‐winning
instant 􀆟􉽣ckets and all draw 􀆟􉽣ckets for points to use in
weekly and monthly drawings.
Providing $1 million for gambling addic􀆟􉽯on, educa􀆟􉽯on and
treatment.
‐ Alice Garland
Execu􀆟􉽶ve Director,
NC Educa􀆟􉽯on Lo􀆩􊥥ery
2
Benefits of lottery help make North Carolina better
As chairman of the N.C. Educa􀆟􉽯on Lo􀆩􊥥ery, I would like to
report that record sales led to a new record in earnings for
educa􀆟􉽯on in North Carolina, $503.1 million, up 5 percent.
The lo􀆩􊥥ery offers several important benefits to our state. First
and foremost is the raising of money for a great cause,
educa􀆟􉽯on. Lo􀆩􊥥ery funds are benefi􀆟􉽮ng educa􀆟􉽯on programs in
every county in our state. They help pay for teachers’ salaries,
help coun􀆟􉽥es build and repair schools, support the NC Pre‐K
program that provides an academic preschool for at‐risk four‐year‐
olds, and help students pay the costs of going to a state
university or community college.
The economic benefits of the lo􀆩􊥥ery, however, don’t stop
there. If you look at a dollar spent on the lo􀆩􊥥ery, almost all of
it, 95 cents on the dollar ($1.7 billion in FY14), is going right
back into the economy.
North Carolinians who win lo􀆩􊥥ery prizes tell us they use their
winnings in various ways. Prize money is used to pay bills,
saving for re􀆟􉽲rement or college funds, buying houses or cars,
taking vaca􀆟􉽯ons, and making charitable contribu􀆟􉽯ons.
The commissions paid to retailers play an important role in the
local retail sector of the economy.
Here are some of the biggest economic benefits of the lo􀆩􊥥ery
from last year:
Awarding $1.12 billion in prizes to players. Of that,
$8.7 million was collected for state income taxes and
$1.3 million was collected for debts owed to state and
local governments.
Paying $128.5 million in sales commissions to retailers, up
$10 million from the year before. As of June 30th, the
number of lo􀆩􊥥ery retailers in our state stood at 6,802.
$15 million in adver􀆟􉽳sing and $3.6 million in marke􀆟􉽮ng.
‐ Keith Ballen􀆟􉽮ne
Chairman,
NC Educa􀆟􉽯on Lo􀆩􊥥ery
COMMISSION CHAIRMAN’S NOTE
3
County FY14 Cumulative County FY14 Cumulative
Alamance 6,846,106 11,571,176 Johnston 9,075,850 65,857,591
Alexander 1,548,396 3,907,278 Jones 508,235 3,935,649
Alleghany 522,413 10,166,601 Lee 3,229,612 23,921,366
Anson 1,285,053 9,015,696 Lenoir 2,875,020 22,066,319
Ashe 1,212,849 5,905,879 Lincoln 3,279,116 23,876,456
Avery 799,458 15,576,826 Macon 1,400,859 10,476,723
Beaufort 2,115,905 8,285,367 Madison 752,559 5,519,619
Bertie 1,117,995 14,598,782 Martin 1,149,463 8,897,531
Bladen 1,764,051 28,070,330 Mcdowell 1,969,765 13,863,016
Brunswick 4,082,236 58,272,012 Mecklenbu 42,578,813 297,137,141
Buncombe 8,618,638 32,520,360 Mitchell 548,386 4,418,210
Burke 4,120,184 69,842,648 Montgome 1,417,809 11,423,062
Cabarrus 9,978,987 24,634,652 Moore 3,290,293 21,871,501
Caldwell 3,264,232 4,073,875 Nash 4,515,468 35,864,950
Camden 560,267 17,995,477 New Hanov 8,647,354 58,888,138
Carteret 2,659,816 6,626,880 Northampto 868,553 7,511,530
Caswell 791,954 49,927,894 Onslow 8,939,680 55,445,638
Catawba 7,165,515 19,071,167 Orange 5,452,777 38,781,742
Chatham 2,669,496 8,280,016 Pamlico 455,737 3,646,100
Cherokee 1,123,545 5,293,845 Pasquotank 1,849,868 13,193,874
Chowan 667,372 3,280,468 Pender 2,704,274 17,419,174
Clay 431,315 39,660,640 Perquimans 541,867 4,120,235
Cleveland 4,915,715 24,222,779 Person 1,493,070 12,247,066
Columbus 2,923,845 30,516,322 Pitt 7,843,828 55,860,570
Craven 4,548,460 132,887,061 Polk 757,706 6,037,596
Cumberland 17,028,864 7,319,454 Randolph 6,320,394 45,482,944
Currituck 1,115,503 10,365,854 Richmond 2,382,936 19,076,699
Dare 1,481,828 51,543,289 Robeson 8,367,154 63,720,356
Davidson 6,978,212 15,310,291 Rockingha 3,852,036 30,374,758
Davie 2,048,466 21,564,998 Rowan 5,585,530 44,144,383
Duplin 3,135,650 71,069,245 Rutherford 2,816,710 22,203,629
Durham 9,812,040 20,865,212 Sampson 3,691,393 28,084,547
Edgecombe 2,620,551 112,075,791 Scotland 2,203,382 17,423,187
Forsyth 14,999,803 17,421,552 Stanly 2,998,250 23,636,926
Franklin 2,392,444 75,780,031 Stokes 2,020,699 16,656,521
Gaston 10,134,299 4,133,085 Surry 3,422,870 26,265,559
Gates 479,316 3,128,888 Swain 712,124 5,006,317
Graham 423,610 18,201,745 Transylvan 980,652 7,233,901
Granville 2,362,051 7,987,221 Tyrrell 196,864 1,487,467
Greene 973,797 178,232,166 Union 10,671,495 77,441,219
Guilford 24,534,625 19,929,580 Vance 2,098,120 16,354,855
Halifax 2,498,517 40,111,518 Wake 41,462,189 275,103,715
Harnett 5,733,863 15,894,857 Warren 879,562 6,197,622
Haywood 2,264,579 26,971,111 Washingto 620,226 5,161,580
Henderson 3,947,517 9,157,401 Watauga 1,454,920 10,690,609
Hertford 1,187,818 21,907,279 Wayne 6,234,287 48,977,524
Hoke 3,064,928 1,616,182 Wilkes 3,548,689 26,790,261
Hyde 215,625 51,544,634 Wilson 3,632,634 26,627,880
Iredell 7,219,372 8,182,198 Yadkin 1,739,934 13,845,341
Jackson 1,028,901 8,182,198 Yancey 650,669 5,002,267
EDUCATION PROGRAMS RECEIVING LOTTERY DOLLARS
Lo􀆩􊥥ery funds have always supported specific
educa􀆟􉽯on ini􀆟􉽡a􀆟􉽶ves in all North Carolina coun􀆟􉽥es.
Each year in the state budget, our legislature can
adjust how lo􀆩􊥥ery dollars are allocated. Changes for
the fiscal year 2014 budget went into effect on July
1, 2013.
Debi LaVine and Emem Thompson help improve the academic
future of four-year-olds.
“I feel that the North Carolina Educa􀆟􉽯on
Lo􀆩􊥥ery is really the MVP of the NC Pre‐K
program. The funds from the lo􀆩􊥥ery help the
teachers get the training they need, helps
the students a􀆩􊥥end school and helps their
parents get the best resources. It affects
every part of what we do and touches the
schools, the students, their families and the
en􀆟􉽲re community.”
‐ Emem Thompson
N.C. Pre‐K program classroom teacher at the Lord of
Life Preschool and Kindergarten Academy of Garner
SALES
The gross lo􀆩􊥥ery 􀆟􉽣cket sales for fiscal year 2014 totaled $1.839 billion as compared to $1.69 billion for fiscal year 2013 and $1.597
billion in fiscal year 2012. This represents an increase of $149 million from 2013 and $242 million from 2012.
Gross instant 􀆟􉽣cket sales were $1.17 billion for fiscal year 2014 compared with $1.01 billion for fiscal year 2013 and $960 million in
fiscal year 2012, an increase of approximately $158 million from fiscal year 2013 and approximately $210 million from fiscal year
2012. The increase realized during fiscal year 2014 is a􀆩􊥲ributable to several factors. The NCEL launched games with new features
such as the “Green & Gold” with Back Scratch game. It was the first 􀆟􉽭me that the NCEL released a game that offered an addi􀆟􉽯onal
play area on the back of an Instant 􀆟􉽣cket. The game proved so popular that it sold through all orderable inventory in just 10 weeks,
and had average weekly sales of over $1.9 million. The NCEL also released games with different prize structures than had been
seen in the past. “Hit $500” featured a smaller top prize ($500) than a normal $5 Instant 􀆟􉽣cket but, offered significantly more Top
Prizes (2,788 Top Prizes). Players responded very well to the game and it was the second fastest game to sell through orderable
inventory in fiscal year 2014, in just 15 weeks. The NCEL also con􀆟􉽮nued to introduce exci􀆟􉽮ng licensed games. The “Caesars” game
offered 20 second chance trips to Caesars Palace in Las Vegas. Players could also win a trip to Caesars Palace instantly on their 􀆟􉽣ck‐et,
8 total trips offered this way. The trip included Airfare for two, a room at Caesars Palace for five days and four nights, transpor‐ta
􀆟􉽯on, and $1,250 in spending cash. Players responded very well to this game as well, and it became one of the top sellers of the
year.
Draw game sales were $669 million for fiscal year 2014 compared to $678 million for fiscal year 2013 and $637 for fiscal year 2012,
represen􀆟􉽮ng a $9 million decrease from fiscal year 2013 and a $32 million increase from fiscal year 2012. Draw game sales
suffered from a lack of high jackpots in the mul􀆟􉼐‐state game Powerball. The Powerball jackpot reached over $500 million twice
during the fiscal year 2013, which helped increase Powerball sales to $197 million, from $153 million the previous year. During fis‐cal
year 2014, the highest Powerball jackpot was $448 million, resul􀆟􉽮ng in sales of $149 million, a decrease of $48 million from fis‐cal
year 2013. The NCEL’s other mul􀆟􉼐‐state game Mega Millions reached a top jackpot amount for fiscal year 2014 of $636 million,
which helped increase its sales to $74 million from $53 million in fiscal year 2013.
Sales informa􀆟􉽯on by game and region are shown on the table below.
SSAALLEESS B BYY R REEGGIOIONN F FYY 2 2001142
Region Instant Powerball Mega Millions Cash 5 Pick 4 Pick 3 TOTAL
Ashville $ 100,585,758 $ 11,660,708 $ 6,236,448 $ 5,339,186 $ 1,755,795 $ 3,933,507 $ 129,511,401
Greensboro 1 78,168,815 21,667,123 11,470,983 11,033,305 14,447,935 29,059,249 $ 265,847,409
Charlotte 3 16,730,211 44,586,080 20,968,778 18,015,526 17,913,968 38,309,575 $ 456,524,138
Raleigh 4 38,306,150 55,257,945 27,980,966 27,600,941 52,019,992 126,866,412 $ 728,032,406
Greenville 1 36,467,640 15,814,784 7,989,043 8,588,076 27,054,324 62,814,530 $ 258,728,396
Subscription ‐ 228,655 1 63,388 2 23,208 ‐ ‐ $ 615,251
Total $ 1,170,258,574 $ 148,986,640 $ 74,646,218 $ 70,577,034 $ 1 13,192,013 $ 2 60,983,271 $ 1,839,259,001
% of Sales 63.6% 8.1% 4.1% 3.8% 6.2% 14.2% 100.0%
4
*The EZ Match game is an additional add on to the Carolina Cash 5 game, sales for EZ Match have been included with Cash 5 in the
chart.
STATEMENT OF NET POSITION
The Statement of Net Posi􀆟􉽯on presents the NCEL's financial posi􀆟􉽯on from a long‐term perspec􀆟􉽶ve. It reports all of the NCEL's
assets and liabili􀆟􉽥es.
FY 2014 FY 2013 FY 2012
ASSETS
Total current assets $ 51,543 $ 59,643 $ 48,484
Noncurrent assets 56,351 51,605 47,337
Total Assets 107,894 111,248 95,821
LIABILITIES
Total current liabilities 53,210 60,525 49,338
Noncurrent Liabilities 54,684 50,723 46,483
Total Liabilities 107,894 111,248 95,821
NET ASSETS
Invested in capital asset 1,331 897 672
Unrestricted net assets (1,331) (897) (672)
Total Net Assets $ ‐ $ ‐ $ ‐
Condensed Statement of Net Position (in thousands)
A current asset is an asset which can either be converted to cash
or used to pay current liabili􀆟􉽥es within 12 months. The NCEL’s
total current assets mainly consist of total cash, accounts
receivable, investments in annuity contracts, and inventory.
A noncurrent or capital asset is an asset or property which can
not easily converted into cash. The NCEL’s noncurrent assets are
mainly made up of long term investments in annuity contracts,
prepaid items, furniture and equipment.
Total current liabili􀆟􉽥es are what the NCEL currently owes to its
suppliers, winners and the state, all of which are short term
debts to be paid within a year. The NCEL’s total current liabili􀆟􉽥es
are made up of accounts payable, accrued payroll, current
annuity prizes, and due to other funds ("Due to Other Funds"
represents the amount of net revenues for the fiscal year not yet
transferred to the State as of June 30, 2014 but will be
transferred during fiscal year 2015.)
Noncurrent liabili􀆟􉽥es are the NCEL’s long term financial
obliga􀆟􉽯ons that are not due in the present accoun􀆟􉽮ng year. The
majority of the NCEL’s noncurrent liabili􀆟􉽥es consist of long term
annuity prizes and accrued 􀆟􉽭me off.
*Readers wanting more detailed financial information should refer to the NCEL's
FY 2013 Comprehensive Annual Financial Report (CAFR) available on the
NCEL's website at: http://www.nc-educationlottery.org/about.aspx
As required in the Lo􀆩􊥥ery Act, net revenues of the NCEL are transferred four 􀆟􉽭mes a year to the NC Educa􀆟􉽯on Lo􀆩􊥥ery Fund at the
Office of State Budget and Management. At year end, Net Revenues /Assets are zero for the NCEL. There are no changes in the Net
Assets from year to year.
Balance Increase Decrease Balance
Category July 1, 2013 June 30, 2013
Capital assets, depreciable
Furniture $ 46 $ ‐ $ ‐ $ 46
Equipment 3,629 889 (142) 4,376
Motorized equipment 67 ‐ ‐ 67
Total capital assets, depreciable 3,742 889 (142) 4,489
Less accumulated depreciation for
Furniture 31 3 ‐ 34
Equipment 2,746 436 (126) 3,056
Motorized equipment 68 ‐ ‐ 68
Total accumulated depreciation 2,845 439 (126) 3,158
Total capital assets, depreciable net 897 450 (16) 1,331
Capital assets, net $ 897 $ 450 $ (16) $ 1,331
Activity for Capital Assets for Year Ended June 30, 2014 (in thousands)
The majority of capital asset investments were during our first full year of opera􀆟􉽯on in 2007. The investment in capital assets
includes game equipment, data processing equipment, telephone equipment, so􀅌􄱷ware and fixtures. The capitaliza􀆟􉽯on of all items
including equipment, computers, and furniture follows North Carolina’s Office of State Controller’s policies. Capital assets are
reported at their cost, and are depreciated over their es􀆟􉽭mated useful lives.
5
STATEMENT OF ACTIVITIES
This sec􀆟􉽯on reports the fiscal year's financial ac􀆟􉽶vi􀆟􉽥es from a long‐term perspec􀆟􉽶ve. It is designed to provide a
summary of the financial health and stability of the NCEL. Informa􀆟􉽯on in this sec􀆟􉽯on should provide the reader with a general
understanding of how the NCEL's resources are used.
FY 2014 FY 2013 FY 2012
Operating Revenues:
Gross Sales: $ 1,839,259 $ 1,689,803 $ 1,596,693
Less: Prize Tickets and Bad Debt (48) (90) (236)
Fees and Licenses 5,425 5,296 5,381
Total Operating Revenues 1,844,636 1,695,009 1,601,838
Operating Expenses:
Salaries, Wages, and Benefits 18,127 17,540 16,639
Lottery Prizes 1,135,052 1,024,437 961,556
Retailer Commissions 128,551 118,148 111,624
Retailer Incentive 825 781 609
Gaming Systems Services 30,343 27,262 26,031
Advertising 15,238 15,278 14,696
Marketing 3,602 3,540 2,512
Other Services 5,158 4,802 4,634
Furniture, Fixtures, and Equipment 1,323 1,307 762
Depreciation 439 346 457
Other General and Administrative Expenses 2,548 2,484 2,391
Total Operating Expenses 1,341,206 1,215,925 1,141,911
Operating Income 503,430 479,084 459,927
Nonoperating Revenues (Expenses):
Investment Earnings and
Other Miscellaneous Revenue (Expense) 669 417 523
Compulsive Gambling Contribution (1,000) (1,000) (1,000)
Unclaimed Prizes to NC Education Lottery Fund ( 14,043) (11,381) (11,083)
Net Revenues to the State of NC (489,092) (467,127) (448,386)
Miscellaneous Nonoperating Expenses 3 6 7 19
Total Nonoperating Revenues (Expense) (503,430) (479,084) (459,927)
Net Income ‐ ‐ ‐
Net Assets $ ‐ $ ‐ $ ‐
Statement of Activities (in thousands)
OPERATING REVENUES:
Opera􀆟􉽮ng revenues is income derived
from the lo􀆩􊥥ery’s everyday ac􀆟􉽶vi􀆟􉽥es,
and mainly consists of 􀆟􉽣cket sales and
communica􀆟􉽯ons fees collected from
retailers.
Total gross lo􀆩􊥥ery 􀆟􉽣cket sales for the
fiscal year 2014 were approximately
$1.839 billion as compared to $1.689
billion in fiscal year 2013. This
represents an increase of almost $150
million.
On some of the instant games players
can scratch off a 􀆟􉽣cket and win
another 􀆟􉽣cket of the same value.
Those "free" 􀆟􉽣ckets are referred to as
prize 􀆟􉽣ckets and their value is
deducted from total sales.
The majority of Fees and Licenses
represent a weekly retailer
communica􀆟􉽯on fee charged to ac􀆟􉽶ve
retailers for terminal satellite
communica􀆟􉽯ons and an applica􀆟􉽯on
fee for new retailers and changes in
ownership.
OPERATING EXPENSES:
The following charts show the major
components of NCEL opera􀆟􉽮ng
expenses and transfers as a percentage
of total revenues for the June 30, 2014
and 2013 fiscal years:
6
An opera􀆟􉽮ng expense is an expense that an organiza􀆟􉽯on incurs as a result of its normal business opera􀆟􉽯ons. In the lo􀆩􊥥ery’s
case these expenses are all directly related to the produc􀆟􉽯on and sale of lo􀆩􊥥ery 􀆟􉽣ckets.
Sec􀆟􉽯on 18C‐162, NC General Statutes s􀆟􉽰pulates no more than 8% of the total annual revenues shall be allocated for payment
of expenses of the Lo􀆩􊥥ery. Adver􀆟􉽳sing expenses shall not exceed 1% of the total annual revenues.
Prizes, retailer commissions and gaming vendor charges all directly relate to sales. As expected, as sales have
increased and so have these expenses. In fiscal year 2014 prizes, commissions and gaming vendor charges
increased to $1,293 million from $1,169 million in 2013. The other expenses, which consist of adver􀆟􉽳sing, salary and benefits,
professional fees, rent, maintenance, bad debt, deprecia􀆟􉽯on and transfers, have remained at 4% of Total Annual Revenues
this year. Fiscal years 2014 and 2013 administra􀆟􉽶ve expenses were $47 million and $46 million respec􀆟􉽶vely.
The following graph shows the rela􀆟􉽯onship between sales and expense for the NCEL.
Operating Revenues vs. Expense
NONOPERATING REVENUES & EXPENSES:
Nonopera􀆟􉽮ng Revenues and Expenses are defined as revenues or expenses that are incurred by ac􀆟􉽶vi􀆟􉽥es not related to the
core opera􀆟􉽯ons of an organiza􀆟􉽯on. In the lo􀆩􊥥ery’s case, nonopera􀆟􉽮ng items are any revenues or expenses incurred not
directly associated with the sale of lo􀆩􊥥ery 􀆟􉽣ckets.
Nonopera􀆟􉽮ng Revenues consist of investment earnings from the Short Term Investment Fund held at the State Treasurer’s
office, and Mul􀆟􉼐‐State Lo􀆩􊥥ery Associa􀆟􉽯on (MUSL) dividends received.
Nonopera􀆟􉽮ng Expenses mainly consist of transfers from the NCEL to the State. These transfers consist of net revenues to
the state, compulsive gambling treatment contribu􀆟􉽯ons and unclaimed prizes transferred to the North Carolina Educa􀆟􉽯on
Readers wan􀆟􉽮ng more detailed financial informa􀆟􉽯on on any of the lo􀆩􊥥ery’s financial ac􀆟􉽶vi􀆟􉽥es and results should refer to the
NCEL's FY 2014 Comprehensive Annual Financial Report (CAFR) available on the NCEL's website at:
h􀆩􊥰p://www.nc‐educa􀆟􉽯onlo􀆩􊥥ery.org/about.aspx
7
A W A R D S & A K NO W L E D G M E N T S
The Government Finance Officers Association of the United States and Canada (GFOA) has given an
Award for Outstanding Achievement in Popular Annual Financial Reporting to the North Carolina
Education Lottery for its Popular Annual Financial Report for
the fiscal year ended June 30, 2013. The Award for
Outstanding Achievement in Popular Annual Financial
Reporting is a prestigious national award recognizing
conformance with the highest standards for preparation of
state and local government popular reports.
In order to receive an Award for Outstanding Achievement
in Popular Annual Financial Reporting, a government unit
must publish a Popular Annual Financial Report, whose
contents conform to program standards of creativity,
presentation, understandability, and reader appeal.
An Award for Outstanding Achievement in Popular Annual
Financial Reporting is valid for a period of one year only.
The North Carolina Education Lottery has received a Popular
Award for the last 6 consecutive years (fiscal years ended
2008-2013.) We believe our current report continues to
conform to the Popular Annual Financial Reporting
requirements, and we are submitting it to GFOA.
8