Audit of the House Recording Studio Revolving Fund for the Calendar Year 1980
AFMD-81-69: Published: Jul 1, 1981. Publicly Released: Jul 1, 1981.
- Full Report:
GAO examined the House Recording Studio Revolving Fund for the calendar year ended December 31, 1980. The House Recording Studio makes graphic prints, film, audio- and video-tape recordings for Members and committees of the House of Representatives. The prices charged for services are set by the Clerk of the House, subject to the approval of the Committee on the House Recording Studio. Studio operations are financed from a revolving fund and from funds appropriated to the Clerk of the House and the Architect of the Capitol. All moneys received from operations are deposited into the revolving fund and are available for the Studio's operation. Employee salaries and certain other operating expenses are paid from appropriated funds. These expenses are neither recorded in the Studio's accounting records nor included in determining the results of Studio operations.
For the year ended December 31, 1980, the Revolving Fund's net income was $27,392. The net income for the year ended December 31, 1979, was $66,129. The drop in the Studio's operating profit can be attributed to the normal reduction in Studio use during election years and to the increased costs for replacement and repair parts. In the opinion of GAO, the financial statements presented fairly the financial position of the House of Representatives Recording Studio Revolving Fund as of December 31, 1980, and December 31, 1979, and the results of its operations and changes in financial position for the years then ended, in conformity with the financial accounting policies applied on a basis consistent with that of the preceding year.