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9/26/2008 1:38:32 PM

COLUMBIA, SC (September 26, 2008) Ė An independent certified public accounting firm has issued a clean, unqualified opinion in its financial statement audit of the South Carolina Education Lottery (SCEL).
The audit disclosed no findings which are required to be reported in accordance with Government Auditing Standards. In the opinion of the audit firm, SCELís financial statements present fairly, in all material respects, the financial position of SCEL as of June 30, 2008, and the changes in net assets and cash flows for the year, conform with the accounting principles generally accepted in this country.
The independent auditing firm of Elliott Davis, LLP conducted the audit of SCELís financial statements as of and for the year ended June 30, 2008.
When SCEL closed its books for FY 2007-08, more than $266 million was transferred to the Education Lottery Account (ELA) surpassing the revenue goal set by the Board of Economic Advisors by over $13 million. Since 2002, gross lottery sales have exceeded $6.1 billion, of which sixty percent has been paid to lottery winners in the form of prizes.


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