Audit of the United States Capitol Historical Society for the Year Ended January 31, 1977
GGD-78-27: Published: Jan 9, 1978. Publicly Released: Jan 9, 1978.
- Full Report:
The United States Capitol Historical Society is a nonprofit organization, incorporated in the District of Columbia on August 8, 1962, composed of a board of trustees, an honorary board of trustees, officers, and paid employees. Daily operations are carried out by three departments--sales, administrative and accounting, and history--whose managers report directly to the Society's president. Principal paid employees include the president, the executive secretary, and the three department managers. The Society's income is primarily from the sales of books, calendars, and other merchandise. Other sources of income include royalties from products copyrighted and designed by the Society, interest from investments, and contributions for the Sound and Light Program and Art Work in the Capitol.
The Society operates the Capital Visitor Center under contract with the Architect of the Capitol. A History Endowment Fund, established by the executive committee on January 2, 1970, showed a fund balance of $287,344 at January 31, 1977. A feasibility study has been authorized for a Sound and Light Program on the east front of the Capitol at an estimated cost of $10 million for the program. The Society contracted for a film for use in the National Visitor Center which was completed during the year ended January 31, 1975 at a cost of $350,673 paid from donations. The matter of liability for sales taxes for articles sold has not been resolved. Various contributions have been received by the Society in the form of works of art and other assets, and the Society has also made contributions on behalf of the United States. Assets and liabilities totaled $1,522,946. Financial statements were prepared on a basis consistent with that of the preceding year and presented fairly the financial position of the Society at January 31, 1977.