Opportunities to Improve the Congressional Award Foundation's Internal Controls

Pursuant to a legislative requirement, GAO provided information on matters identified during GAO's fiscal year 1996 audit concerning the Congressional Award Foundation's policies and procedures relating to: (1) cost assignments and allocations; (2) monitoring the restrictive status of contributions; (3) receivables management; (4) documentation for financial reporting adjustments; (5) bank reconciliation procedures; and (6) transaction documentation and approval, and to provide suggestions for improvement.