Capitol Preservation Fund: Audit of FY 2018, 2019, and 2020 Transactions
The U.S. Capitol Preservation Commission uses the Capitol Preservation Fund to finance improvements, preservation, and acquisitions for the United States Capitol. The Library of Congress provides financial management and support to the Commission.
We audit the Capitol Preservation Fund's transactions every three years. For FY 2018-2020, the Fund's transactions consisted solely of investments. We found that the Commission and the Library executed most transactions in accordance with the adequately designed policies and procedures. We also found the transactions to be in compliance with applicable laws.
What GAO Found
GAO found that the policies and procedures for the United States Capitol Preservation Commission's operations and oversight and the Library of Congress's operations and reporting were sufficiently documented, adequately designed, and consistent with applicable federal internal control standards to reasonably assure that the Capitol Preservation Fund's receipts, disbursements, and investments would be authorized in advance, promptly and accurately accounted for, and supported. For fiscal years 2018, 2019, and 2020, the Fund's recorded transactions consisted of 126 investment-related transactions. There were no operating-related receipt or disbursement transactions during this period.
GAO found that 124 of the 126 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 two out of the 126 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.
GAO provided a draft of this report to the Chief Financial Officer of the Library of Congress, the Clerk of the House of Representatives, and the Secretary of the Senate for review and comment. They responded that they had no comments on GAO's report.
Why GAO Did This Study
In November 1988, Congress established the Commission 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, Congress established the Fund within the U.S. Treasury to provide financing for its operations. The Library is to provide the Commission with financial management services and support. The law requires GAO to audit the transactions of the Commission and report the results to 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 reasonably assure 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 2018, 2019, and 2020 in accordance with policies and procedures, as well as with applicable laws.
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