Audit of the Majority Printing Clerk, Fiscal Years Ended August 31, 1974, 1975, and 1976

GGD-77-42: Published: Mar 31, 1977. Publicly Released: Mar 31, 1977.

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The Majority Printing Clerk is appointed by the Majority Leader and receives an annual salary from appropriated funds. The Clerk operates as David R. Ramage, Inc., a firm organized in 1970, primarily to provide printing and related services for Members of the House of Representatives.

Financial statements were examined for fiscal years ended August 31, 1974, 1975, and 1976. The "Comparative Statement of Financial Condition" showed assets (including current assets and fixed assets) liabilities and stockholder's equity. Total assets and liabilities plus stockholder's equity were balanced at $253,560.02 for 1976, $183,500.94 for 1975, and $146,097.48 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 the inclusion of inventory and investment tax credit. The income and expense statement included costs of printing services supplied to the majority 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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