Comments on S. 2748:

Proposed Library of Congress Fund Act of 1992

T-AFMD-92-13: Published: Jul 22, 1992. Publicly Released: Jul 22, 1992.

Additional Materials:


Office of Public Affairs
(202) 512-4800

GAO discussed proposed legislation that would authorize the Library of Congress to establish a revolving fund through which it could provide certain information products and services on a reimbursable basis. GAO noted that the: (1) Library has previously exceeded its statutory authority by operating 12 revolving gift funds to finance numerous self-sustaining activities; (2) proposed legislation would provide for congressional oversight by restricting revolving fund obligations by amounts specified in appropriation acts; and (3) Library has taken some steps to remedy such financial management problems as weak controls and management systems, failure to follow accounting and reporting policies and procedures, and failure to routinely reconcile general ledger accounts with subsidiary records. GAO believes that the proposed legislation: (1) should require the Library to prepare annual financial statements and have them independently audited; and (2) should not authorize the revolving fund to invest funds received from other federal agencies in U.S. public debt securities.

Sep 28, 2018

Sep 20, 2018

Sep 17, 2018

Sep 12, 2018

Sep 5, 2018

Aug 30, 2018

Aug 27, 2018

Aug 15, 2018

Jul 30, 2018

Jul 26, 2018

Looking for more? Browse all our products here