Audit of the United States Senate Restaurants Revolving Fund October 1, 1978, to September 29, 1979

GGD-80-56: Published: May 16, 1980. Publicly Released: May 16, 1980.

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Senate Restaurants operations for the period ended September 29, 1979, resulted in a net operating loss of $79,424, compared with a net operating profit of $17,454 for the prior period ended September 30, 1978. The change from a profit in fiscal year 1978 to a loss in fiscal year 1979 can be attributed primarily to a decrease of about $71,500 in net income for fastfood and cigarstand operations and an increase of about $25,500 in losses on cafeteria operations. GAO prepared the financial statements on the basis of accounting records maintained on an accrual basis by the Senate Restaurants' accounting staff. The statements do not include the cost of equipment and furnishings acquired with funds appropriated to the Architect of the Capitol or the cost of certain benefits and services, such as space, building repairs and maintenance, utilities, trash disposal, menus and forms printed by the Government Printing Office, and services of the staff of the Architect of the Capitol, all of which are furnished to the Restaurants without charge. The statements were prepared on a basis consistent with that of the preceding period and in accordance with the accounting principles and financial arrangements described. They present fairly the financial position of the Senate Restaurants Revolving Fund at September 29, 1979, and September 30, 1978, the results of its operations, and the changes in its financial position for the fiscal periods then ended.

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