Capitol Preservation Fund: Audit of Fiscal Years 2008 through 2010 Transactions
Highlights
In November 1988, the Capitol Preservation Commission (Commission) was established for the purpose of providing for improvements in, preservation of, and acquisitions for the United States Capitol. At the same time, the Capitol Preservation Fund (Fund) was established within the U.S. Treasury (Treasury) and was made available to the Commission to provide financing for the Commission to carry out its purpose. The Library of Congress (Library) provides 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. This report presents the results of our audit of the Commission's transactions as recorded in the Fund during fiscal years 2008 through 2010. Our audit objectives were to determine whether (1) the Fund's recorded transactions for fiscal years 2008 through 2010 were authorized in advance, supported by documentation, accurately accounted for, and in compliance with applicable laws: and (2) operating, reporting, and oversight practices were documented and in place at the Commission and the Library to help ensure that Fund transactions were properly executed and Fund assets were adequately safeguarded.
Recommendations
Matter for Congressional Consideration
| Matter | Status | Comments |
|---|---|---|
| The Secretary of the Senate and the Clerk of the House of Representatives should work with the Library's Chief Financial Officer to ensure that the Library documents and approves operating practices for its investment and reporting responsibilities supporting the Capitol Preservation Fund. | In September 2011, the Library and the Commission took action to address this recommendation. Specifically, the Library's Office of the Chief Financial Officer formally documented and approved investment procedures that will help provide assurance that the Fund's assets will be consistently invested in accordance with applicable operating practices. Additionally, the Secretary of the Senate and the Clerk of the House worked in coordination with the Library to issue accounting guidelines for the Fund. These guidelines require that the Library prepare a report highlighting Fund financial transaction activities and send it to the Commission on a quarterly basis. Having documented reporting practices provides assurance that the Commission is provided information on a routine basis to adequately monitor the Fund. | |
| The Secretary of the Senate and the Clerk of the House of Representatives should work with the Library's Chief Financial Officer to ensure that the Library documents and approves operating practices for its investment and reporting responsibilities supporting the Capitol Preservation Fund. | In September 2011, the Library and the Commission took action to address this recommendation. Specifically, the Library's Office of the Chief Financial Officer formally documented and approved investment procedures that will help provide assurance that the Fund's assets will be consistently invested in accordance with applicable operating practices. Additionally, the Secretary of the Senate and the Clerk of the House worked in coordination with the Library to issue accounting guidelines for the Fund. These guidelines require that the Library prepare a report highlighting Fund financial transaction activities and send it to the Commission on a quarterly basis. Having documented reporting practices provides assurance that the Commission is provided information on a routine basis to adequately monitor the Fund. |