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Review of Expenditures of Funds Derived From Sales of Olympic Commemorative Coins

AFMD-85-76 Published: Sep 30, 1985. Publicly Released: Sep 30, 1985.
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Highlights

Pursuant to a congressional request, GAO reviewed the expenditure of funds received from the sale of Olympic commemorative coins by the Los Angeles Olympic Organizing Committee (LAOOC) and the U.S. Olympic Committee (USOC) to determine whether LAOOC and USOC used the funds in a manner consistent with the purposes of the Olympic Commemorative Coin Act. The act provided that revenues from a surcharge on the sale of Olympic coins would go to USOC and LAOOC for the purpose of promoting and staging the 1984 Los Angeles Olympic Games and supporting amateur and Olympic athletic programs.

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Accounting proceduresCurrency and coinageFunds managementSportsExpenditure of fundsInterest earnedOlympic gamesPrecious metalsRoyalty paymentsPayroll records