Capitol Preservation Fund:

Audit of Fiscal Years 2011 and 2012 Transactions

GAO-13-489R: Published: May 1, 2013. Publicly Released: May 1, 2013.

Additional Materials:

Contact:

J. Lawrence Malenich
(202) 512-9399
MalenichJ@gao.gov

 

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

What GAO Found

For fiscal years 2011 and 2012, the Capitol Preservation Fund’s (Fund) recorded transactions consisted of 101 investment and operating transactions. With the exception of one investment purchase, the Fund’s recorded transactions were authorized in advance, supported by documentation, accurately accounted for, and in compliance with the applicable laws that GAO deemed significant to its audit objectives. GAO identified one instance where Library of Congress (Library) procedures for documenting approvals of investment transactions were not followed. Specifically, the Library executed the purchase of one investment without documenting evidence of written advanced authorization for the transaction. In this instance, according to the Library, the transaction was authorized verbally in advance. The verbal authorization was evidenced by an e-mail correspondence between appropriate officials after the transaction was executed and documented in the support for the transaction. This instance occurred before the Library formally documented and approved its investment procedures in September 2011.

GAO also found that the Capitol Preservation Commission (Commission) had operating and oversight practices for the Fund documented and in place for the receipts, disbursements, investments, and oversight of the Fund. For the same period, the Library had operating and reporting practices for the Fund that were documentedand in place forFund receipts, disbursements, investments, and reporting practices.

In commenting on the draft report, the Library’s Chief Financial Officer concurred with the draft report’s findings and conclusions. In addition, the Secretary of the Senate and the Clerk of the House of Representatives provided oral comments in which they concurred with the draft report’s findings and conclusions.

Why GAO Did This Study

In November 1988, the Commission was established for the purpose of providing for improvements in, preservation of, and acquisitions for the United States Capitol. At the same time, the Fund was established within the U.S. Treasury to be used by the Commission to provide financing for its mission operations. The Library is to provide financial management services and support to the Commission and the Fund. GAO is required to audit the transactions of the Commission and report the results to the Congress.

GAO’s objectives were to determine whether (1) the Fund’s recorded transactions for fiscal years 2011 and 2012 were authorized in advance, supported by documentation, accurately accounted for, and in compliance with applicable laws and (2) the Commission’s and the Library’s operating, reporting, and oversight practices were documented and in place to provide reasonable assurance that Fund transactions were properly executed and Fund assets were adequately safeguarded.

For more information contact J. Lawrence Malenich at (202) 512-9399 or MalenichJ@gao.gov

Jul 30, 2014

Jul 9, 2014

Jun 19, 2014

May 30, 2014

May 15, 2014

May 13, 2014

May 12, 2014

May 2, 2014

Mar 27, 2014

Looking for more? Browse all our products here