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Arkansas Lottery Commission An Enterprise Fund of the State of Arkansas Alicia Rose Jonesboro Chukwukere Ekeh Ratasha Whaley Shayla Morrow North Little Rock Blytheville Hartman Bradley Huggins Jessica Corbitt Benton Lexa Comprehensive Annual Financial Report for the Fiscal Year Ended JUNE 30, 2011 Kent Broughton Brandon Booth Pine Bluff Little Rock Receiving this scholarship has helped me tremendously with my finances and has given me THE OPPORTUNITY TO SUCCEED in reaching my future goals. While furthering my education has been costly, being a recipient has helped me with my undergraduate experiences and my overall life.” Britni Means | Junior Philander Smith College Malvern Arkansas Lottery Commission An Enterprise Fund of the State of Arkansas Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2011 Mike Beebe Governor, State of Arkansas Julie Baldridge Interim Director Prepared by Finance Division I am currently a freshman at Arkansas State University majoring in the Radiologic Sciences program. Upon receiving the Arkansas Lottery Scholarship, I have been able to pursue my EDUCATIONAL DREAMS without the burden of financial instability. I am blessed to have received this scholarship for it has allowed me to focus more on my studies while reducing my parents’ fear of not being able to financially support my decision to attend college.” Kourtney Hatcher | Freshman Arkansas State University Jonesboro Arkansas Lottery Commission An Enterprise Fund of the State of Arkansas Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2011 Table of Contents INTRODUCTORY SECTION Letter from Commission Chairman ............................................................................................................... i Letter of Transmittal .................................................................................................................................... iii Listing of Commissioners ................................................................................................................................... xii Organizational Chart ................................................................................................ .............. ..........................xiv Department Overview ................................................................................................ .............. .........................xv Mission, Vision, Values ................................................................................................ .......... ..........................xvi FINANCIAL SECTION Independent Auditor’s Report.................................................... ...................... ....................................................1 Management’s Discussion and Analysis ..................................... ................ ..................................................3 Basic Financial Statements Statement of Net Assets........................................................... ........................ ..........................................11 Statement of Revenue, Expenses, and Changes in Net Assets .......... .................... ................................12 Statement of Cash Flows....................................................................... ........................ ............................13 Notes to Financial Statements........... ........................... .................................................................................15 STATISTICAL SECTION Financial Trends Principal Revenue Sources............ .................................................................................. ..........................28 Revenues, Expenses and Change in Net Assets.................... ....................................... ...........................29 Net Assets by Component...................................... .......................................................... .........................30 Changes in Cash and Cash Equivalents........ ................................................................................ ...........31 Demographics and Operation Information Total Personal and Per Capita Income and Unemployment Rate ............................................................ 32 State of Arkansas Principal Employers...................................................................... .................... ............33 Employees by Department and Function......................... ............................................................... ...........34 Capital Assets by Department.................................................................................................................... 35 National Lottery Statistics U.S. Lotteries’ Sales ....... ....................................................................................................... ....................36 Demographic Summary ....... ................................................................................................. ....................38 Supplementary Information Unclaimed Lottery Prize Money ......................................................................................................................... 39 Scholarship Shortfall Reserve Trust Account .................................................................................................... 40 Minority-owned and Female-owned Business Participation ............................................................................. 41 Retail Sales by County....................................................................................................................................... 42 Demographic Reports from the Arkansas Department of Higher Education .................................................... 44 I was worried that because I have my GED, I would not be eligible for any scholarships. Then I heard about the Arkansas Academic Challenge Scholarship and that the Lottery funding helped make the scholarship available for nontraditional students as well, so I decided I should try for it. The day I found out I had been awarded the Arkansas Academic Challenge Scholarship, I FELT AS IF I HAD WON THE LOTTERY!” Melissa Kimball | Sophomore National Park Community College Hot Springs Table of Contents, continued Projected Obligations from Scholarship and Grant Funding Sources .............................................................. 45 Academic Challenge Scholarship Applications and Awards by County ........................................................... 46 Debt Set-off Collections ..................................................................................................................................... 48 Fund Balances and Other Information from Arkansas Department of Higher Education ................................ 49 Term Contracts for Goods and Service ............................................................................................................. 50 Other Reports Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards ................................................................................................................... 51 By receiving this scholarship, I am able to focus on my studies and to work in GIVING BACK TO THE COMMUNITY. As a result of this scholarship, I do not have to hold a full time job, and, in turn, I volunteer as a youth soccer coach for the City of Fayetteville. It certainly eases the burden of attending school and I am very grateful for this opportunity.” James Russell | Senior University of Arkansas Fayetteville INTRODUCTORY SECTION OUR FAVORITE THING ABOUT THE LOTTERY IS IT BRINGS IN PLENTY OF BUSINESS.” - Penny Freeman & Terrie Starkey Toad Suck One-Stop Bigelow There is no way to fully express my gratitude for this award. Your support has definitely played a key role IN HELPING ME work toward my degree.” Jalesa McDaniel | Sophomore Phillips Community College of the University of Arkansas Helena-West Helena Fellow Arkansans: On behalf of the Arkansas Lottery Commission, it is our pleasure to present an overview of the organization’s fiscal year ended June 30, 2011. The people of Arkansas faced incredible challenges during this year, includ- ing tornadoes, severe flooding, and record-high temperatures, and these difficulties also impacted Lottery employees and retailer partners throughout the state during this first full year of operation. Still, the Arkansas Scholarship Lottery saw sales exceeding $464.0 million for fiscal year 2010-2011. At a time when tuition costs continue to rise and financial insecurities trouble many Arkansans, it is more im- portant than ever for the Lottery to maximize dollars for education. This year, your Lottery transferred over $94 million to the Arkansas Department of Higher Education. By the end of fiscal year 2010-2011, the Lottery had raised more than $177 million for college scholarships and had sold more than $847.7 million in lottery products since inception. And, of course, our continued success wouldn’t be possible without our team of over 1,850 retailers. Commis- sions totaling over $26.2 million, over five cents of every dollar spent on Lottery play, was returned to grocery stores, gas stations, convenience stores, and drug stores this fiscal year. We extend our thanks to them and to so many others who continue to support the Arkansas Scholarship Lottery. By working together as a team, we are creating
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