Library of Congress' Revolving Trust Funds

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

Highlights

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

Recommendations

Recommendations for Executive Action

Agency Affected	Recommendation	Status
Library of Congress	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.	Closed – Implemented When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
Library of Congress	The Librarian of Congress should implement all established accounting and reporting rules and regulations governing revolving funds.	Closed – Implemented When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

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Topics

Auditing and Financial Management

Accounting systemsAgency missionsAuthorizing legislationBudgetingFederal agenciesFinancial disclosureFunds managementGifts or gratuitiesLibrariesTrust revolving funds