DOI OIG 01-I-290: Virgin Islands Lottery, Government of the Virgin Islands
U.S. Department of the Interior Office of Inspector General Audit Report Virgin Islands Lottery Government of the Virgin Islands Report No. 01-I-290 May 2001 EXECUTIVE SUMMARY BACKGROUND The Virgin Islands Lottery was created in 1937 and established as an independent instrumentality of the Government of the Virgin Islands in 1971. The Lottery operates a traditional biweekly lottery and also sells instant lottery tickets. The Lottery’s revenues totaled $27,793,400 during fiscal years 1998 and 1999, and expenditures during the same 2 years totaled $28,182,366. The Lottery’s unaudited financial statements showed losses of $120,062 in fiscal year 1998 and $268,904 in fiscal year 1999. OBJECTIVE The objective of the audit was to determine whether the Lottery (1) had adequate procedures and management controls in place for the disposition of revenues from ticket sales, the payment of prizes, and the disposition of unsold lottery tickets and (2) distributed its revenues in accordance with legal requirements. …
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