Indiana earned a score of 82 out of a possible 100 points in a ranking by the Chicago-based policy institute Truth in Accounting (TIA), putting the state in a tie for 14th place among the 50 states.
The TIA study is based on states’ fiscal year 2020 financial reports, meaning that the time period covered the onset of the COVID-19 pandemic. The overall results showed the 50 states’ scores were lower than in previous years, with many states being dinged on factors such as poor audit opinions (50 points possible) and timeliness (10 points possible).
In awarding the grades, TIA considered whether the state data was posted within 100 days of the end of the state’s fiscal year, whether states hired independent auditors to review their numbers and whether pension debts were included in the annual fiscal reports.
Online accessibility to the data and the presence of the straightforward language were also considered in the analysis. TIA considers a score of 80 or higher as a noteworthy effort.
In the category of retirement benefit obligations, only 20 states posted 95% or more of their actual retirement debts, compared to 34 states that did so in the previous year.
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FY 2020 Financial Transparency Scores by State
Rank | State | Auditor Opinion | Deferred Items | Off-Balance Sheet Liabilities | Timeliness | Accessibility | Navigation | External Auditors | Pension Data Timing | Total Transparency Score |
1 | Utah | 50 | 9 | 10 | 7 | 4 | 5 | 2 | 1 | 88 |
2 (tie) | Maryland | 50 | 5 | 10 | 5 | 3 | 4 | 5 | 5 | 87 |
2 (tie) | South Dakota | 50 | 9 | 10 | 6 | 5 | 3 | 2 | 2 | 87 |
4 (tie) | New Hampshire | 50 | 4 | 10 | 7 | 4 | 4 | 5 | 2 | 86 |
4 (tie) | Maine | 50 | 6 | 10 | 7 | 5 | 4 | 2 | 2 | 86 |
6 | Virginia | 50 | 8 | 10 | 7 | 4 | 4 | 0 | 2 | 85 |
7 (tie) | Washington | 50 | 7 | 7 | 7 | 4 | 5 | 2 | 2 | 84 |
7 (tie) | Hawaii | 50 | 6 | 10 | 6 | 4 | 1 | 5 | 2 | 84 |
7 (tie) | Tennessee | 50 | 8 | 10 | 7 | 3 | 4 | 0 | 2 | 84 |
7 (tie) | West Virginia | 50 | 5 | 9 | 7 | 3 | 3 | 5 | 2 | 84 |
7 (tie) | South Carolina | 50 | 7 | 5 | 9 | 4 | 2 | 5 | 2 | 84 |
12 (tie) | Idaho | 50 | 9 | 5 | 7 | 4 | 4 | 2 | 2 | 83 |
12 (tie) | Wyoming | 50 | 9 | 9 | 3 | 4 | 2 | 5 | 1 | 83 |
14 (tie) | Mississippi | 50 | 9 | 10 | 2 | 4 | 3 | 2 | 2 | 82 |
14 (tie) | Indiana | 50 | 8 | 10 | 6 | 2 | 2 | 2 | 2 | 82 |
14 (tie) | Kansas | 50 | 9 | 4 | 7 | 4 | 1 | 5 | 2 | 82 |
14 (tie) | Pennsylvania | 50 | 3 | 6 | 7 | 4 | 5 | 5 | 2 | 82 |
14 (tie) | Rhode Island | 50 | 7 | 10 | 4 | 4 | 5 | 0 | 2 | 82 |
14 (tie) | Vermont | 50 | 5 | 9 | 6 | 4 | 1 | 5 | 2 | 82 |
20 | Oregon | 50 | 8 | 9 | 4 | 4 | 2 | 2 | 2 | 81 |
21 (tie) | Massachusetts | 50 | 3 | 9 | 2 | 4 | 5 | 5 | 2 | 80 |
21 (tie) | Wisconsin | 50 | 3 | 10 | 7 | 4 | 5 | 0 | 1 | 80 |
23 (tie) | North Dakota | 50 | 8 | 4 | 7 | 4 | 2 | 2 | 2 | 79 |
23 (tie) | Delaware | 50 | 1 | 9 | 7 | 4 | 1 | 5 | 2 | 79 |
23 (tie) | Louisiana | 50 | 6 | 10 | 6 | 2 | 1 | 2 | 2 | 79 |
26 (tie) | Alabama | 50 | 3 | 7 | 6 | 3 | 5 | 2 | 2 | 78 |
26 (tie) | Montana | 50 | 7 | 8 | 5 | 2 | 4 | 0 | 2 | 78 |
28 (tie) | Texas | 50 | 0 | 10 | 7 | 4 | 4 | 0 | 2 | 77 |
28 (tie) | Arkansas | 50 | 6 | 10 | 6 | 2 | 1 | 0 | 2 | 77 |
30 | Minnesota | 50 | 0 | 10 | 7 | 3 | 4 | 0 | 2 | 76 |
31 | Michigan | 50 | 6 | 4 | 7 | 4 | 2 | 0 | 2 | 75 |
32 (tie) | Connecticut | 50 | 0 | 10 | 4 | 4 | 2 | 2 | 2 | 74 |
32 (tie) | Oklahoma | 50 | 8 | 3 | 5 | 3 | 1 | 2 | 2 | 74 |
32 (tie) | Iowa | 50 | 8 | 9 | 0 | 3 | 2 | 0 | 2 | 74 |
35 | New York | 35 | 7 | 9 | 8 | 4 | 3 | 5 | 2 | 73 |
36 (tie) | New Jersey | 50 | 0 | 10 | 2 | 2 | 4 | 2 | 2 | 72 |
36 (tie) | California | 50 | 3 | 10 | 0 | 2 | 3 | 2 | 2 | 72 |
38 | Alaska | 35 | 9 | 10 | 3 | 4 | 5 | 2 | 2 | 70 |
39 | Missouri | 35 | 8 | 10 | 3 | 3 | 5 | 2 | 2 | 68 |
40 | Nevada | 35 | 8 | 10 | 0 | 4 | 3 | 5 | 2 | 67 |
41 | Florida | 35 | 7 | 10 | 3 | 4 | 4 | 0 | 2 | 65 |
42 | Arizona | 35 | 8 | 10 | 0 | 3 | 4 | 2 | 2 | 64 |
43 (tie) | Kentucky | 35 | 0 | 10 | 7 | 3 | 4 | 2 | 2 | 63 |
43 (tie) | Ohio | 35 | 5 | 10 | 6 | 2 | 2 | 2 | 1 | 63 |
45 | New Mexico | 35 | 7 | 7 | 0 | 2 | 2 | 5 | 2 | 60 |
46 | Illinois | 35 | 0 | 10 | 0 | 3 | 4 | 2 | 2 | 56 |
47 | Nebraska | 25 | 7 | 8 | 7 | 4 | 2 | 0 | 2 | 55 |
48 (tie) | North Carolina | 25 | 3 | 10 | 8 | 3 | 3 | 0 | 2 | 54 |
48 (tie) | Georgia | 25 | 6 | 10 | 2 | 3 | 4 | 2 | 2 | 54 |
50 | Colorado | 25 | 9 | 10 | 3 | 3 | 2 | 2 | 1 | 46 |