Audit of the House of Representatives Restaurant Revolving Fund--October 7, 1979, to October 4, 1980
AFMD-81-50: Published: May 7, 1981. Publicly Released: May 7, 1981.
- Full Report:
Pursuant to a congressional request, GAO examined the financial statements of the House of Representatives Restaurant Revolving Fund for the fiscal year (FY) ending October 4, 1980.
A decrease of .2 percent in customers in FY 1980 as compared to FY 1979 was primarily due to the extended closing of the Longworth cafeteria for renovation. During the year, management incorporated various segments of the accounting system and cash register operations from two cafeterias into the computer system. Inventories were capitalized and catering labor and miscellaneous costs were integrated into the accounting system. The net loss during FY 1980 was due to increased labor costs relative to sales. The examination was made in accordance with generally accepted government auditing standards and included such tests of the accounting records and other auditing procedures considered necessary. In the opinion of GAO, the financial statements presented fairly the financial position of the House of Representatives Restaurant Revolving Fund as of October 4, 1980 and the results of its operations and changes in financial position for the years then ended.