Congressional Award Foundation:

Internal Controls Must Be Strengthened To Ensure Financial Success

AFMD-92-80: Published: Jun 23, 1992. Publicly Released: Jun 23, 1992.

Additional Materials:


Office of Public Affairs
(202) 512-4800

Pursuant to a congressional request, GAO reviewed issues related to the financial condition and management of the Congressional Award Foundation, focusing on the: (1) accuracy of the Foundation's 1991 financial statements; (2) effectiveness of the Foundation's financial management; and (3) Foundation's ability to operate in a financially sound manner.

GAO found that the: (1) Foundation's 1991 financial statements contained inaccuracies, including incorrect statements and inadequately disclosed financial transactions; (2) Foundation had inadequate internal controls over the receipt and handling of contribution funds, resulting in risk of misappropriated or lost funds; (3) Foundation did not adequately control fixed assets, increasing the risk of lost or stolen assets; (4) Foundation did not keep subsidiary records for disbursements or conduct sufficient analyses of invoices before paying bills, which it often paid late; (5) Foundation lacks adequate financial management staffing; and (6) Foundation had cash flow problems and paid bills late during 1991. GAO also found that the Foundation: (1) has taken actions to reduce its expenditures; and (2) is taking measures to enhance oversight and direction by the Congressional Award Board.

Sep 28, 2018

Sep 20, 2018

Sep 17, 2018

Sep 12, 2018

Sep 5, 2018

Aug 30, 2018

Aug 27, 2018

Aug 15, 2018

Jul 30, 2018

Jul 26, 2018

Looking for more? Browse all our products here