Auditing and Financial Management:
Jefferson's Poplar Forest Commemorative Coin Program
AIMD-97-118R: Published: Jul 18, 1997. Publicly Released: Jul 18, 1997.
Pursuant to a legislative requirement, GAO audited the Corporation for Jefferson's Poplar Forest's use of commemorative coin surcharge proceeds.
GAO noted that: (1) the Corporation received about $998,000 in final coin surcharge proceeds from the U.S. Mint in 1994 and established an endowment consisting of invested surcharge proceeds and related earnings in November 1995; (2) the purpose of the endowment is to provide financial resources to restore and maintain Poplar Forest; (3) as of April 1997, the Corporation had not made any expenditures from the endowment, other than related investment fees; and (4) the endowment balance as of April 1997 was about $1.3 million.