Audit of the Senate Barber Shops Revolving Fund for Calendar Year 1979

GGD-80-78: Published: Aug 4, 1980. Publicly Released: Aug 4, 1980.

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The Senate barber shops are under the direction of the Sergeant at Arms of the Senate in accordance with rules and regulations prescribed by the Senate. The law provides that on or before December 31 of each year, the Secretary of the Senate is to withdraw from the Revolving Fund and deposit in the Treasury as miscellaneous receipts all monies in excess of $10,000 which are in the Revolving Fund at September 30, the close of the Senate barber shops' fiscal year. Pursuant to a request by the Sergeant at Arms, the Senate Barber Shops Revolving Fund for the calendar year 1979 was audited. The Senate barber shops' accounting records and financial transactions were reviewed in accordance with the Comptroller General's standards for financial and compliance audits.

On November 20, 1979, the excess monies in the Revolving Fund on September 30, 1979, $47,392.46, were transferred to the Treasury. The financial statements, prepared from the Senate Barber Shops Revolving Fund accounting records which are maintained on a cash basis, did not include the costs of certain benefits and services such as salaries, space, utilities, and ordinary building repairs and maintenance. The statements were prepared on a basis consistent with that of the preceding year and presented fairly the financial position of the Senate Barber Shops Revolving Fund at December 31, 1979 and 1978, the results of its operation, and the changes in its financial position for the years then ended.

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