Audit of the Stationery Revolving Fund for Fiscal Year Ended June 30, 1979
GGD-80-29: Published: Jan 31, 1980. Publicly Released: Jan 31, 1980.
- Full Report:
The House of Representatives Stationery Revolving Fund was audited for the fiscal year ended June 30, 1979. Comparative statements of assets and liabilities, operations and retained income, and changes in financial position were prepared from records of the Office Supply Service and are not included as expenses in computing the net income of the Stationery Revolving Fund. The Fund is administered by the Office Supply Service under the Clerk of the House of Representatives' jurisdiction, and is subject to the rules and regulations of the Committee on House Administration. Funds appropriated to the House of Representatives for Members' stationery allowances are transferred to the Stationery Revolving Fund. During the first session of the 95th Congress, a Member could elect to transfer unexpended funds from the stationery account to certain other allowances. However, during the second session of the 95th Congress, transfers from and to the Stationery Revolving Fund were discontinued, except for those associated with 1977 obligations. Equipment purchases during the fiscal year ended June 30, 1979, totaled $11,900, and at the end of the year computer and related equipment amounted to $146,848, which resulted in a depreciation expense of $14,225 for the year. There were no equipment disposals during the year. Direct funding of the Stationery Revolving Fund was discontinued as of October 1, 1978. Members' stationery purchases are now charged against their consolidated allowance accounts, and the Stationery Revolving Fund is reimbursed from the Allowances and Expenses appropriation. Due to the funding change in the Stationery Revolving Fund, an operating capital of $1,600,000 was established to maintain the current level of operations. The accounts Allowance due Members and Allowance Appropriated but not Allotted are no longer in use. Service charge income on all nonofficial purchases for the year amounted to $69,49. In the opinion of GAO, the financial statements present fairly the financial position of the Stationery Revolving Fund for the fiscal year ended June 30, 1979.