Capitol Preservation Fund: Audit of Fiscal Years 2015, 2016, and 2017 Transactions

What GAO Found

GAO found that the policies and procedures for the United States Capitol Preservation Commission's (Commission) operations and oversight and the Library of Congress's (Library) operations and reporting were sufficiently documented, adequately designed, and consistent with applicable federal internal control standards to help ensure that the Capitol Preservation Fund's (Fund) receipts, disbursements, and investments would be authorized in advance, promptly and accurately accounted for, and supported. For fiscal years 2015 through 2017, the Fund's recorded transactions consisted of 144 investment transactions. There were no operating-related receipt or disbursement transactions during this period.

GAO found that 141 of the 144 investment transactions were executed in accordance with the Commission's and the Library's policies and procedures and that all transactions were in compliance with applicable laws that GAO deemed significant to the audit objectives. GAO identified 3 out of the 144 transactions for which the Library did not execute transactions in accordance with its operating procedures. In addition, the Commission and the Library generally followed their respective oversight and reporting policies and procedures over the activity that occurred during the period.

In commenting on a draft of this report, the Chief Financial Officer of the Library of Congress, the Clerk of the House of Representatives, and the Secretary of the Senate concurred with the draft report's findings and conclusions. GAO is not making any recommendations in this report.

Why GAO Did This Study

In November 1988, the Commission was established for the purpose of providing for improvements in, preservation of, and acquisitions for the United States Capitol and conducting related activities. At the same time, the Fund was established within the Department of the Treasury to be used by the Commission to provide financing for its mission operations. The Library is to provide financial management services and support to the Commission. GAO is required to audit the transactions of the Commission and report the results to the Congress.

GAO's objectives were to determine to what extent (1) the Commission's and the Library's policies and procedures were documented and designed to help ensure that the Fund's recorded transactions would be authorized in advance, promptly and accurately accounted for, and supported and (2) the Commission and the Library executed Fund transactions for fiscal years 2015, 2016, and 2017 in accordance with these policies and procedures, as well as with applicable laws.