Audit of the Senate Recording Studio Revolving Fund for the Fiscal Year Ended March 31, 1977
GGD-77-77: Published: Aug 17, 1977. Publicly Released: Aug 17, 1977.
- Full Report:
The Senate Recording Studio, operated by the Sergeant at Arms of the Senate under control of the Senate Committee on Rules and Administration, makes recordings for the Vice President, Senators, and committees of the Senate. Prices charged for these services are set by the Committee on Rules and Administration. Operations are financed from a revolving fund and from funds appropriated to the Secretary of the Senate. Moneys received from operations are deposited into the revolving fund. Employee salaries and benefits and certain other operating expenses are paid from appropriated funds and are not recorded in the Studio's accounting records.
The following schedules presented fairly the financial position of the Senate Recording Studio Revolving Fund: (1) a comparative statement of assets and liabilities of the revolving fund at March 31, 1977 and 1976; (2) a comparative statement of revolving fund operations for periods ended March 31, 1977 and 1976; and (3) a comparative statement of changes in financial position for periods ended March 31, 1977 and 1976. Accounts receivable amounted to $38,633 on March 31, 1977. As of May 31, 1977, $28,773, or 74.5 percent of the accounts receivable balance had been paid. A summary of changes in the equipment account showed a total balance of $967,072 as of March 31, 1976, and a total balance of $1,019,269 as of March 31, 1977. The statement of revolving fund operations compared the 9 month period ended March 31, 1976, with the fiscal year (FY) ended March 31, 1977. During FY 1977, costs exceeded revenue by $39,645, an increase of $32,080 over the excess costs for the 9 month period ended March 31, 1976. This was accounted for mainly by a decrease in average monthly sales of about 20 percent.