Audit of the United States Capitol Historical Society for the Year Ended January 31, 1979

The accounts of the U.S. Capitol Historical Society were audited for the year ended January 31, 1979. The society, a nonprofit organization incorporated in the District of Columbia, has as its principal paid employees, the president, the executive secretary, and three department managers. Two funds are maintained to record the income and expenses for the society's operations: the History Endowment Fund and the General Fund. The History Endowment Fund was established to finance the Society's publications or other activities determined by the executive committee. The fund balance as of January 31, 1979 was $616,493, and consisted of cash, investments, and interest receivable, provided through transfers from the General Fund and accumulated interest and other income. Income to the General Fund is primarily derived from the sales of commemorative medals, books, calendars, and other merchandise. Unrecorded assets consist of a society-sponsored film, and two donations. Adequate funds are available to settle any possible sales tax liability. The Society's active projects include renovation and artwork in the Capitol and a Bicentennial Medals Program. Inactive projects include the Sound and Light Program for the east front of the Capitol and the coordination and collection of portraits of congressional officials. The financial statements prepared by GAO do not include the cost of sales and storage space, utilities, and ordinary building repairs. The statements present fairly the financial position of the Society at January 31, 1979, the results of its operations, and the changes in its financial position for the year then ended.