Comments on S. 2748:

Proposed Library of Congress Fund Act of 1992

T-AFMD-92-13: Published: Jul 22, 1992. Publicly Released: Jul 22, 1992.

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GAO discussed proposed legislation that would authorize the Library of Congress to establish a revolving fund through which it could provide certain information products and services on a reimbursable basis. GAO noted that the: (1) Library has previously exceeded its statutory authority by operating 12 revolving gift funds to finance numerous self-sustaining activities; (2) proposed legislation would provide for congressional oversight by restricting revolving fund obligations by amounts specified in appropriation acts; and (3) Library has taken some steps to remedy such financial management problems as weak controls and management systems, failure to follow accounting and reporting policies and procedures, and failure to routinely reconcile general ledger accounts with subsidiary records. GAO believes that the proposed legislation: (1) should require the Library to prepare annual financial statements and have them independently audited; and (2) should not authorize the revolving fund to invest funds received from other federal agencies in U.S. public debt securities.

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