Library of Congress' Revolving Trust Funds

FGMSD-80-76: Published: Sep 24, 1980. Publicly Released: Oct 21, 1980.

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GAO reviewed the Library of Congress' use of its gift authority to establish revolving funds.

The Library has used its gift authority to establish at least 24 revolving funds, none of which has been specifically authorized by Congress. These revolving funds were not properly accounted for by the Library, nor were the activities financed by the funds fully disclosed to Congress. In establishing the funds, Library officials relied on the Library's authority to accept and use gifts as the donor intended. Together these funds generate approximately $3.7 million annually in receipts from various activities. Among other things, the activities include among other things, a photoduplication service, a recording laboratory, and various publications. The Library's disclosure of these activities in the Federal Budget Appendix is inadequate, and its accounting, budgeting, and reporting of them do not meet prescribed procedures. These factors serve to limit congressional knowledge of the Library's revolving funds.

Recommendations for Executive Action

  1. Status: Closed - Implemented

    Comments: When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

    Recommendation: The Librarian of Congress should request specific statutory authorization for each revolving fund activity currently operated by the Library which generates revenues exceeding the scope of the donor's gift.

    Agency Affected: Library of Congress

  2. Status: Closed - Implemented

    Comments: When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

    Recommendation: The Librarian of Congress should implement all established accounting and reporting rules and regulations governing revolving funds.

    Agency Affected: Library of Congress

 

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