Commemorative Coin Program:
The 1995 Special Olympics World Games Organizing Committee, Inc.
AIMD-98-121R: Published: Apr 17, 1998. Publicly Released: Apr 17, 1998.
- Full Report:
Pursuant to a legislative requirement, GAO performed a one-time audit of the use of commemorative coin surcharge proceeds received by the 1995 Special Olympics World Games Organizing Committee, Inc.
GAO noted that: (1) the Committee received about $4.4 million in surcharge proceeds from the U.S. Mint from June 1995 through January 1996; (2) the Committee's financial statements were audited for the calendar years ended 1992 through 1996 by independent public accounting firms; (3) those statements showed that the Committee's total revenues and expenses from all sources were each about $33.8 million; (4) the Committee established a variety of accounts to record its expenses, but was not required to and did not separately account for expenses paid from surcharge proceeds; (5) as a result, GAO could not determine specifically how the Committee used its surcharge proceeds for the 1995 games; and (6) section 5134 of Title 31, United States Code, as amended by Public Law 104-208, addressed this issue with provisions that now require recipients that received coin surcharge proceeds after September 30, 1996, to: (a) separately account for the receipt and expenditure of coin surcharge proceeds; and (b) obtain annual financial audits by an independent public accounting firm until all surcharge proceeds received are expended or placed in trust.