Audit of the House Recording Studio Revolving Fund for the Fiscal Year Ended December 31, 1979

At the request of the Clerk of the House of Representatives, the House Recording Studio Revolving Fund was audited for the fiscal year ended December 31, 1979. The audit was made in accordance with the Comptroller General's standards for financial and compliance audits. Financial statements for the Revolving fund were prepared from the Studio's accounting records to present the financial position and results of the revolving fund operations on an accrual basis. The Studio is operated by a director under the jurisdiction of the Clerk of the House of Representatives. Studio operations are financed from a revolving fund from funds appropriated to the Clerk of the House. All monies received from operations are deposited into the revolving fund and are available for the Studio's operation. Employee salaries and benefits and certain other operating funds are paid from appropriated funds and are not recorded in the Studio's accounting records nor included in determining the results of Studio operations.