Commemorative Coin Program:
Women in Military Service for America Memorial Foundation, Inc.
AIMD-98-38R: Published: Nov 26, 1997. Publicly Released: Nov 26, 1997.
- Full Report:
Pursuant to a legislative requirement, GAO performed a one-time audit of the use of commemorative coin surcharge proceeds received by the Women in Military Service for America Memorial Foundation, Inc.
GAO noted that the: (1) United States Veterans Commemorative Coin Act of 1993 provided that the Foundation use the surcharge proceeds from the sale of commemorative coins to create, endow, and dedicate the Women in Military Service for America Memorial at Arlington National Cemetery; (2) Foundation received about $2,752,000 in surcharge proceeds from the U.S. Mint from October 1994 through April 1996; (3) Foundation's financial statements for calendar years 1994 through 1996 showed that the total revenues from all sources were about $18.8 million; (4) Foundation established a variety of accounts to record its expenses, but was not required to and did not separately account for its use of surcharge proceeds; (5) Foundation combined surcharge proceeds with other revenue and charged expenses against the combined revenue account; and (6) Section 5134 of Title 31, United States Code, as amended by Public Law 104-208, now requires future coin surcharge recipients to: (a) separately account for the receipt and expenditure of coin surcharge proceeds; and (b) obtain annual financial audits by an independent public accounting firm until all surcharge proceeds are expended or placed in trust.