This is the accessible text file for GAO report number GAO-05-206 
entitled 'Financial Audit: Capitol Preservation Fund's Fiscal Years 
2003 and 2002 Financial Statements' which was released on July 14, 
2005. 

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Report to the Congress: 

July 2005: 

Financial Audit: 

Capitol Preservation Fund's Fiscal Years 2003 and 2002 Financial 
Statements: 

[Hyperlink, http://www.gao.gov/cgi-bin/getrpt?GAO-05-206]: 

Contents: 

Letter: 

Opinion on Financial Statements: 

Consideration of Internal Control: 

Compliance with Laws and Regulations: 

Objective, Scope, and Methodology: 

Commission Comments: 

Financial Statements: 

Statements of Financial Position: 

Statements of Activities: 

Statements of Cash Flows: 

Notes to Financial Statements: 

Letter July 14, 2005: 

To the President of the Senate and the Speaker of the House of 
Representatives: 

This report presents our opinion on the financial statements of the 
Capitol Preservation Fund (the Fund) for the fiscal years ended 
September 30, 2003, and 2002. It also discusses our consideration of 
the Fund's internal controls and our tests of compliance with laws and 
regulations during fiscal year 2003. We conducted our audit pursuant to 
2 U.S.C. 2084 and in accordance with U.S. generally accepted government 
auditing standards. We appreciate the cooperation and assistance of the 
Office of the Secretary of the Senate, the Office of the Clerk of the 
House of Representatives, and the staff of the Architect of the Capitol 
and the Library of Congress during our audit. 

We are sending copies of this report to the members of the Capitol 
Preservation Commission, the Secretary of the Senate, the Clerk of the 
House of Representatives, the Architect of the Capitol, the Librarian 
of Congress, and other interested parties. 

If you or your staff have any questions concerning this report, please 
contact me at (202) 512-9406 or by e-mail at [Hyperlink, 
franzelj@gao.gov]. Contact points for our Offices of Congressional 
Relations and Public Affairs may be found on the last page of this 
report. Key contributors to this assignment were John Reilly, Greg 
Ziombra, and Ryan Holden. 

Signed by: 

Jeanette M. Franzel: 
Director: 
Financial Management and Assurance: 

To the Members of the Capitol Preservation Commission: 

We have audited the statements of financial position of the Capitol 
Preservation Fund (the Fund) as of September 30, 2003, and 2002, and 
the related statements of activities and cash flows for the fiscal 
years then ended. We found: 

* the financial statements are presented fairly, in all material 
respects, in conformity with U.S. generally accepted accounting 
principles;

* no material weaknesses in the internal controls we tested over 
financial reporting (including safeguarding assets) and compliance with 
laws and regulations; and: 

* no reportable noncompliance with the provisions of laws and 
regulations we tested. 

The following sections provide additional detail about our conclusions 
and the scope of our audit. 

Opinion on Financial Statements: 

The financial statements and accompanying notes present fairly, in all 
material respects, in conformity with U.S. generally accepted 
accounting principles, the Capitol Preservation Fund's financial 
position as of September 30, 2003, and 2002, and the results of its 
activities and its cash flows for the fiscal years then ended. 

Consideration of Internal Control: 

In planning and performing our audit of the Fund's fiscal year 2003 
financial statements, we considered the Fund's internal controls over 
financial reporting and compliance.[Footnote 1] We did this to 
determine our procedures for auditing the financial statements, not to 
express an opinion on internal control. Accordingly, we do not express 
an opinion on internal control over financial reporting and compliance. 
However, for the controls we tested, we found no material weaknesses in 
internal controls over financial reporting (including safeguarding 
assets) and compliance. A material weakness is a reportable 
condition[Footnote 2] in which the design or operation of one or more 
of the internal control components does not reduce to a relatively low 
level the risk that errors, fraud, or noncompliance in amounts that 
would be material in relation to the financial statements may occur and 
not be detected promptly by employees in the normal course of 
performing their duties. Our consideration and testing of internal 
controls would not necessarily disclose all material weaknesses. 

Compliance with Laws and Regulations: 

Our tests for compliance with selected provisions of laws and 
regulations disclosed no instances of noncompliance that would be 
reportable under U.S. generally accepted government auditing standards. 
However, the objective of our audit was not to provide an opinion on 
overall compliance with laws and regulations. Accordingly, we do not 
express such an opinion. 

Objective, Scope, and Methodology: 

The management of the Capitol Preservation Commission is responsible 
for: 

* preparing the Fund's financial statements in conformity with U.S. 
generally accepted accounting principles;

* establishing, maintaining, and assessing internal control to provide 
reasonable assurance that the objectives of internal control over 
financial reporting and compliance are met; and: 

* complying with applicable laws and regulations. 

We are responsible for: 

* obtaining reasonable assurance about whether the financial statements 
are presented fairly, in all material respects, in conformity with U.S. 
generally accepted accounting principles;

* obtaining a sufficient understanding of internal controls over 
financial reporting and compliance with laws and regulations to plan 
the audit; and: 

* testing compliance with selected provisions of laws and regulations 
that have a direct and material effect on the financial statements. 

In order to fulfill these responsibilities, we (1) examined, on a test 
basis, evidence supporting the amounts and disclosures in the financial 
statements and notes; (2) assessed the accounting principles used and 
significant estimates made by management; (3) evaluated the overall 
presentation of the financial statements and notes; (4) obtained an 
understanding of internal control related to financial reporting 
(including safeguarding assets) and compliance with laws and 
regulations; (5) tested selected internal controls; and (6) tested 
compliance with selected provisions of the following laws: 

* Capitol Preservation Commission and Capitol Preservation Fund 
enabling legislation, 2 U.S.C. 2081-2086 and: 

* United States Capitol Visitor Center Commemorative Coin Act of 1999, 
title II, Public Law 106-126. 

Our consideration of internal controls over financial reporting and 
compliance with laws and regulations was limited to gaining an 
understanding of internal control needed to plan our audit for the 
purpose of expressing an opinion on the financial statements. Our 
testing of internal controls was limited to selected controls over 
financial reporting and compliance. Because of inherent limitations in 
internal controls, misstatements due to error or fraud, losses, or 
noncompliance may nevertheless occur and not be detected. In addition, 
we caution that our consideration and testing of internal controls may 
not be sufficient for other purposes. 

We did not test compliance with all laws and regulations applicable to 
the Capitol Preservation Fund. We limited our tests of compliance to 
selected provisions of laws and regulations that we deemed applicable 
to the Fund's financial statements for the fiscal year ended September 
30, 2003. We caution that noncompliance may occur and not be detected 
by our tests and that such testing may not be sufficient for other 
purposes. 

We performed our work in accordance with U.S. generally accepted 
government auditing standards. 

Commission Comments: 

We provided a draft of our report to representatives of the Capitol 
Preservation Commission for their review and comment. The Commission's 
representatives agreed with the contents of our report. 

Signed by: 

Jeanette M. Franzel: 
Director: 
Financial Management and Assurance: 

January 31, 2005: 

[End of section]

Financial Statements: 

Statements of Financial Position: 

CAPITOL PRESERVATION FUND STATEMENTS OF FINANCIAL POSITION:

As of September 30
Assets: Cash; 
2003: $1,900; 
2002: $1,766. 

Assets: Accounts receivable; 
2002: $102,405. 

Assets: Pledges receivable (note 3); 
2003: $3,750,000. 

Assets: Investments, net (note 4); 
2003: $67,923,162; 
2002: $61,796,218. 

Assets: Accrued interest receivable; 
2003: $153,036; 
2002: $239,959. 

Total assets; 
2003: $71,828,098; 
2002: $62,140,348. 

Liabilities and net assets: Accounts payable; 
2003: $37,747; 
2002: $57,312. 

Total liabilities; 
2003: $37,747; 
2002: $57,312. 

Net assets (note 2): Unrestricted; 
2003: $6,790,351; 
2002: $31,555,494. 

Net assets (note 2): Unrestricted - Commission Designated - CVC 
Related; 
2003: $25,583,499. 

Net assets (note 2): Temporarily Restricted - CVC Related; 
2003: $39,416,501; 
2002: $30,527,542. 

Total net assets; 
2003: $71,790,351; 
2002: $62,083,036. 

Total liabilities and net assets; 
2003: $71,828,098; 
2002: $62,140,348. 

The accompanying notes are an integral part of these financial 
statements.

[End of table] 

Statements of Activities: 

CAPITOL PRESERVATION FUND STATEMENTS OF ACTIVITIES:

For the Fiscal Years Ended September 30:

Changes in unrestricted net assets: 

Revenues: Interest (note 5); 
2003: $826,191; 
2002: $1,080,158. 

Total unrestricted revenues; 
2003: $826,191; 
2002: $1,080,158. 

Program expenses (note 6): Capitol Visitor Center; 
2003: $7,835; 
2002: $355,017. 

Program expenses (note 6): Art, furnishings and historical items; 
2002: $13,850. 

Total program expenses; 
2003: $7,835; 
2002: $368,867. 

Other changes in unrestricted net assets: Receipt of other funds (note 
7); 
2002: $1,086. 

Increase in unrestricted net assets: 
2003: $818,356; 
2002: $712,377. 

Increase in temporarily restricted net assets: Contributions and coin 
surcharge proceeds; 
2003: $8,888,959; 
2002: $25,527,542. 

Increase in temporarily restricted net assets; 
2003: $8,888,959; 
2002: $25,527,542. 

Increase in net assets; 
2003: $9,707,315; 
2002: $26,239,919. 

Net assets at beginning of year; 
2003: $62,083,036; 
2002: $35,843,117. 

Net assets at end of year; 
2003: $71,790,351; 
2002: $62,083,036. 

The accompanying notes are an integral part of these financial 
statements.

[End of table] 

Statements of Cash Flows: 

CAPITOL PRESERVATION FUND STATEMENTS OF CASH FLOWS:

For the Fiscal Years Ended September 30: 

Cash flows from operating activities: Temporarily restricted 
contributions received; 
2003: $5,138,959; 
2002: $22,000,000. 

Cash flows from operating activities: Temporarily restricted coin 
surcharges received; 
2003: $102,405; 
2002: $3,425,137. 

Cash flows from operating activities: Receipt of other funds; 
2002: $1,086. 

Cash flows from operating activities: Interest received; 
2003: $913,115; 
2002: $1,140,129. 

Cash flows from operating activities: Cash paid for program expenses--
vendor payments; 
2003: $(27,401); 
2002: $(579,004). 

Net cash provided from operating activities; 
2003: $6,127,078; 
2002: $25,987,348. 

Cash flows from investing activities: Purchases of Treasury securities; 
2003: $(201,440,828); 
2002: $(167,858,579). 

Cash flows from investing activities: Maturities of Treasury 
securities; 
2003: $195,313,884; 
2002: $141,871,938. 

Net cash used by investing activities; 
2003: $(6,126,944); 
2002: $(25,986,641). 

Net increase in cash; 
2003: $134; 
2002: $707. 

Cash at beginning of year; 
2003: $1,766; 
2002: $1,059. 

Cash at end of year; 
2003: $1,900; 
2002: $1,766. 

Reconciliation of change in net assets to net cash provided from 
operating activities: Change in net assets; 
2003: $9,707,315; 
2002: $26,239,919. 

Adjustments to reconcile change in net assets to net cash provided from 
operating activities: Decrease (increase) in pledges receivable; 
2003: $(3,750,000). 

Adjustments to reconcile change in net assets to net cash provided from 
operating activities: Decrease (increase) in accounts receivable; 
2003: $102,405; 
2002: $(102,405). 

Adjustments to reconcile change in net assets to net cash provided from 
operating activities: Decrease (increase) in accrued interest 
receivable; 
2003: $86,923; 
2002: $59,971. 

Adjustments to reconcile change in net assets to net cash provided from 
operating activities: Increase (decrease) in accounts payable; 
2003: $(19,565); 
2002: $(210,137). 

Adjustments to reconcile change in net assets to net cash provided from 
operating activities: Total adjustments; 
2003: $(3,580,237); 
2002: $(252,571). 

Net cash provided from operating activities; 
2003: $6,127,078; 
2002: $25,987,348. 

The accompanying notes are an integral part of these financial 
statements.

[End of table] 

[End of section] 

Notes to Financial Statements: 

CAPITOL PRESERVATION FUND:

Notes to Financial Statements For the Fiscal Years Ended September 30, 
2003, and 2002:

NOTE 1: DESCRIPTION OF ENTITY:

The Capitol Preservation Commission (the Commission) was established 
under Title VIII of Public Law 100-696 in November 1988 for the purpose 
of providing for improvements in, preservation of, and acquisitions 
(including works of fine art and other property for display) for the 
United States Capitol and other locations under the control of the 
Congress. In September 1999, the Commission was given the 
responsibility, pursuant to Public Law 106-57, for approving the 
planning, engineering, design, and construction milestones of the 
Capitol Visitor Center (CVC). The CVC will be a facility, located under 
the East Plaza of the Capitol that is designed to enhance the 
experience of visitors to the Capitol through improved visitor 
orientation and related services, strengthened Capitol security, and 
integration of the Center's design concepts with the appropriate 
improvements to the Capitol's East Plaza.

Title VIII of Public Law 100-696 established the Capitol Preservation 
Fund (the Fund) within the U.S. Treasury to finance improvement, 
preservation, and acquisition activities of the Commission. In 
addition, in January 2002, the Commission received authority to 
transfer amounts from the Fund to the Architect of the Capitol (AOC) 
for use in planning, engineering, design, or construction of the CVC, 
under Public Law 107-117. In April 2003, the Commission approved an 
authorization to the AOC to use $65 million from the Fund to fund a 
portion of the ADC's contract for Sequence 2 CVC construction.

The Fund's assets consist of amounts derived from charitable 
contributions and related pledges receivable, surcharge proceeds from 
the Secretary of the Treasury (U.S. Mint) arising from the sale of 
commemorative coins, and interest earned on the invested portions of 
the Fund's assets.

Fund assets not needed to finance current improvement, preservation, or 
acquisition projects are invested in interest-bearing obligations of 
the United States. The Fund's assets have not been used to fund 
management activities or raise funds.

Since its establishment, the Fund has been designated to receive coin 
surcharge proceeds from three commemorative coin programs authorized by 
the Congress.

* Prior to fiscal year 2002, the Fund received surcharge proceeds 
authorized by the Bicentennial of the United States Congress 
Commemorative Coin Act and the Bicentennial of the United States 
Capitol Commemorative Coin Act. These proceeds were received without 
restriction, deposited into the Fund and have been available to the 
Commission for use in funding approved improvement, preservation, and 
acquisition projects.

* In 1999, the Commission was designated to receive surcharge proceeds 
authorized by the United States Capitol Visitor Center Commemorative 
Coin Act. Proceeds received from this commemorative coin are restricted 
to use in the construction, maintenance, and preservation of the CVC. 
The CVC Commemorative Coin sales program ended in March 2002. All 
surcharge proceeds from this coin program have been received and 
deposited in the Fund.

In accordance with its rules, the Commission may fund or assist in the 
funding of improvements to the Capitol Building and surrounding grounds 
if such improvements are authorized, undertaken, and completed under 
the procedures established by the Congress for such purposes. With 
respect to works of fine art and other property for display, the 
Commission is authorized to expend $400,000 ($200,000 for the House of 
Representatives and $200,000 for the Senate) for the purchase of art, 
furnishings, or items of historical interest, provided that such 
expenses are approved by a majority of the members of the Commission 
from the body of Congress for which such purchases are made. However, 
the Commission may not maintain any collection of fine or decorative 
art, or other property, but may assist in the transfer of such items to 
a congressional entity (such as the Senate Commission on Art, the House 
of Representatives Fine Arts Board, or the Joint Committee on the 
Library) or facilitate the disposal of items.

The AOC, the Senate Commission on Art, and the House of Representatives 
Fine Arts Board are required by Public Law 100-696 (1988) to provide 
staff support and assistance to the Commission. As necessary, the AOC 
awards contracts and procures goods and services to complete projects 
approved by the Commission and ensures that the project-related goods 
and services purchased from vendors are received. Similarly, the 
Library of Congress (LOC), pursuant to Public Law 101-45 (1989), is 
required to provide financial management services for the Commission. 
These services include coordinating activities with the Department of 
the Treasury for the deposits, disbursements, investments, and 
management of the Fund. In addition to these congressional entities, 
the Secretary of the Senate and the Clerk of the House of 
Representatives, pursuant to Commission rules, provide general 
administrative-type support and assistance.

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

A. Basis of Accounting:

The Fund's financial statements have been prepared on the accrual basis 
of accounting in conformity with U.S. generally accepted accounting 
principles issued by the Financial Accounting Standards Board that are 
applicable to not-for-profit organizations. They reflect the receipt 
and use of the Fund's assets to finance Commission-approved 
improvement, preservation, and acquisition activities.

Once approved and funded by the Commission, completed improvement, 
preservation, and acquisition projects are transferred to the AOC and/ 
or other congressional entities. Through their transfer, these assets 
become the accounting responsibility of other congressional entities 
and are not considered assets of the Fund.

As discussed in note l, the AOC and LOC, as well as other congressional 
entities, are required by law to provide support services to the 
Commission. The costs of these mandated services, which are financed 
with appropriated funds of the other entities, are not considered 
operating expenses of the Fund.

B. Investments:

The Fund's investments are recorded at cost, net of discounts, which 
approximates fair market value. The Fund's investments are invested in 
short-term (3 and 6 month) interest-bearing Treasury obligations.

C. Net Assets:

The Fund's net assets are classified into three categories: 
Unrestricted, Unrestricted Commission Designated-CVC Related, and 
Temporarily Restricted-CVC Related.

* Unrestricted net assets represent assets available to finance current 
and future operations that have not been restricted or designated for a 
specific use. The amounts reported have been received through the 
receipt of unrestricted contributions, unrestricted surcharge proceeds 
of certain commemorative coins, and interest earned on invested funds. 
As of September 30, 2003 and 2002, the Fund's unrestricted net assets 
were $6,790,351 and $31,555,494, respectively.

* Unrestricted Commission-designated net assets related to the CVC 
represent a portion of unrestricted net assets that have been 
designated, or set aside, by the Commission, in fiscal year 2003, to 
partially fund its $65 million authorization to the AOC for use in 
funding a portion of the costs of constructing the CVC. The $25,583,499 
in unrestricted net assets designated as CVC related, at September 30, 
2003, represents the portion of Fund assets needed to fund the $65 
million authorization to the AOC that was not otherwise funded from the 
Fund's CVC-related temporarily restricted assets.

* Temporarily restricted net assets related to the CVC represent the 
net assets received by the Commission that were received subject to the 
restriction that they be used to build and establish the CVC including 
supporting the exhibitry and educational experience of its visitors. 
Through September 30, 2003 and 2002, the Commission received 
$39,416,501 and $30,527,542, respectively, in temporarily restricted 
net assets related to the CVC. In fiscal year 2003, the Commission 
committed all of its CVC-related temporarily restricted net assets for 
use in partially funding the Commission's $65 million authorization to 
the AOC. The balance of the authorization has been funded with the 
unrestricted Commission-designated net assets related to the CVC.

The Fund has not received permanently restricted net assets, which 
result from donor-imposed restrictions stipulating that the assets be 
permanently maintained.

D. Accounts Receivable:

The Fund's accounts receivable at September 30, 2002, represented 
commemorative coin surcharge proceeds due from the U.S. Mint. Full 
payment of the outstanding proceeds was received subsequent to fiscal 
year-end. As a result, the Fund has not established an allowance for 
doubtful accounts.

E. Accounts Payable:

The Fund's accounts payable consist of amounts owed to vendors for 
goods and services received but not yet paid.

NOTE 3: PLEDGES RECEIVABLE:

In fiscal year 2003, the Fund received pledges totaling $7.5 million, 
of which $3.75 million was received prior to fiscal year end, resulting 
in $3.75 million in outstanding pledges receivable at September 30, 
2003. The full amount of the pledges receivable, at September 30, 2003, 
was received subsequent to fiscal year-end. Therefore, the Fund has not 
established an allowance for uncollectible pledges.

NOTE 4: INVESTMENTS, NET:

Deposits to the Fund from contributions, coin surcharges, and interest 
on invested funds that are not needed currently to finance improvement, 
preservation, and acquisition activities are invested in interest- 
bearing obligations of the United States, which are purchased from the 
U.S. Treasury at a discount. The Commission has directed the LOC to 
invest funds derived from contributions in 3-month Treasury securities 
and funds derived from coin surcharges in 6-month Treasury securities. 
Due to the short-term nature of the investments, the cost of 
investments in conjunction with accrued interest approximates their 
fair market values. Investments outstanding as of September 30, 2003, 
and 2002, net of discounts, were $67,923,162 and $61,796,218, 
respectively. Annual investment rates ranged from 0.81 percent to 1.64 
percent in fiscal year 2003 and from 1.54 percent to 2.22 percent in 
fiscal year 2002.

Outstanding Investments as of September 30: 

Investments; 
2003: $68,184,000; 
2002: $62,214,000. 

Less: discounts; 
2003: $(260,838); 
2002: $(417,782). 

Investments, net of discounts; 
2003: $67,923,162; 
2002: $61,796,218. 

[End of table] 

NOTE 5: REVENUES:

Revenue earned from interest on United States Treasury obligations for 
fiscal years 2003 and 2002 was $826,191 and $1,080,158, respectively. 
As designated by the Commission, interest earned on investments is 
recognized as an unrestricted net asset.

NOTE 6: PROGRAM EXPENSES:

A. Capitol Visitor Center:

In October 2000, the Commission approved the expenditure of up to 
$700,000 from the Fund for services related to the design and 
engineering of a proposed tunnel connecting the Thomas Jefferson 
Building of the Library of Congress to the planned CVC. In April and 
May 2001, the AOC contracted, on behalf of the Commission, for design 
and engineering services for the project totaling approximately 
$640,000. During fiscal years 2003 and 2002, expenses of $7,835 and 
$355,017, respectively, were incurred for these services.

B. Art, Furnishings, and Historical Items:

Commission rules permit the limited use of funds to purchase art, 
furnishings, or items of historical interest for each body of Congress 
(see note 1).

Commission members approved the use of $13,850 in Fund assets for the 
purchase of antique furnishings for display in Senate offices for 
fiscal year 2002.

NOTE 7: RECEIPT OF OTHER FUNDS:

During fiscal year 2002, the Fund received $1,086 from the LOC for the 
residual balance of funds maintained on behalf of the Commission prior 
to the formal organization of the Commission and creation of the Fund. 

[End of section] 

(194385): 

FOOTNOTES

[1] The objectives of financial reporting controls are to provide 
reasonable assurance that transactions are properly recorded, 
processed, and summarized to permit the preparation of the financial 
statements in conformity with U.S. generally accepted accounting 
principles and assets are safeguarded against loss from unauthorized 
acquisition, use, or disposition. The objective of compliance controls 
is to provide reasonable assurance that transactions are executed in 
accordance with laws governing the use of budget authority and other 
laws and regulations that could have a direct and material effect on 
the financial statements. 

[2] Reportable conditions are matters coming to the auditor's attention 
that, in the auditor's judgment, should be communicated because they 
represent significant deficiencies in the design or operation of 
internal control, which could adversely affect the ability to meet the 
objectives of internal control. 

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