BISMARCK, ND – North Dakota Retirement and Investment Office (RIO) has been honored with the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association (GFOA) of the United States and Canada.
The GFOA recognizes governments that demonstrate transparency and full disclosure in their financial reporting, helping users make informed assessments of a government's financial health. RIO received the certificate for its Annual Comprehensive Financial Report (ACFR) for the fiscal year ending June 30, 2023. This marks the 26th consecutive year that RIO has earned the certificate.
“Continued recognition by the Government Finance Officers Association is a testament to RIO's commitment to providing our client funds with prudent and transparent investment services,” said Executive Director Jan Murtha.
The ACFR provides a comprehensive review of the financial, investment, and actuarial conditions of the programs administered by RIO, including the State Investment Board (SIB) and the Teachers’ Fund for Retirement (TFFR).
“Receiving the Certificate of Achievement is the highest form of acknowledgment in governmental accounting and financial reporting, reflecting the excellence and dedication of our fiscal team,” said Chief Financial/Operating Officer Ryan Skor.
To earn the Certificate of Achievement, governments must publish an ACFR that is easily readable, well-organized, and meets both Generally Accepted Accounting Principles and legal requirements. An impartial panel reviews each report to ensure it meets the program's high standards, demonstrating a constructive "spirit of full disclosure" to effectively communicate the financial story.
The GFOA advances excellence in government finance by providing best practices, professional development, resources, and practical research to over 21,000 members and the communities they serve.
The SIB oversees more than $22 billion in investments, including North Dakota’s Legacy Fund and 30 government pension and insurance client funds. TFFR’s pension program serves over 25,000 participants, approximately 11,800 are active members currently employed by public schools and state institutions.