Audit of the Minority Printing Clerk, Fiscal Years Ended September 30, 1974, 1975, and 1976

GGD-77-41: Published: Mar 31, 1977. Publicly Released: Mar 31, 1977.

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The Minority Printing Clerk is appointed by the Minority Leader and receives an annual salary from appropriated funds. The Clerk operates as Thomas J. Lankford, Inc., a firm organized in 1963, primarily to provide printing and related services for Members of the House of Representatives.

Financial statements were examined for fiscal years ended September 30, 1974, 1975, and 1976. The "Comparative Statement of Financial Condition" showed assets (including current assets, investment, and fixed assets), liabilities, and stockholder's equity. Total assets and liabilities plus stockholder's equity were balanced at $467,916.59 for 1976, $354,538.28 for 1975, and $457,045.65 for 1974. Other statements examined were the "Comparative Statement of Income and Expense," and the "Comparative Statement of Changes in Financial Position." A summary of significant accounting policies stated that books are maintained on a cash basis throughout the fiscal year and converted to an accrual basis at the end of the year. It also described depreciation methods, and inclusion of inventory and investment tax credit. The income and expense statement included costs of printing services supplied to the minority leadership at no charge but did not include costs of certain benefits and services nor the Clerk's annual salary. The statements were found to be consistent with those of preceding years and to present the financial position fairly.

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