Audit of the Senate Recording Studio Revolving Fund for the Fiscal Year Ended March 31, 1979
GGD-79-83: Published: Jul 20, 1979. Publicly Released: Jul 20, 1979.
- Full Report:
The Senate Recording Studio operations are financed from a revolving fund and from appropriated funds. All moneys received from operations are deposited into the revolving fund and are available for the operation of the Studio. Employee salaries and benefits and certain other operating expenses, such as utilities, are paid from appropriated funds.
An audit of the Fund revealed that accounts receivable amounted to $26,398 on March 31, 1979. During fiscal year 1979, costs exceeded revenue by $48,374, an increase of $36,000 over the excess costs for fiscal year 1978. The main cause for the increase in costs over revenue was a decrease in sales of about 36 percent. The Studio's accounting records and financial transactions were reviewed and were found to present fairly the financial position of the Studio Revolving Fund, the results of its operations, and the changes in its financial position.