Capitol Preservation Fund: Audit of FY 2021, 2022, and 2023 Transactions
Fast Facts
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 2021-2023, 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 that all transactions complied with applicable laws.
Highlights
What GAO Found
GAO found that the United States Capitol Preservation Commission and the Library of Congress sufficiently documented and adequately designed policies and procedures that were consistent with applicable federal internal control standards. This reasonably assured that the Capitol Preservation Fund's transactions would be authorized in advance, promptly and accurately accounted for, and supported. For fiscal years 2021, 2022, and 2023, the Fund's recorded transactions consisted of 134 investment-related transactions resulting in $439,013 in interest received. There were no operating-related receipt or disbursement transactions during this period.
GAO found that 125 of the 134 investment transactions were executed in accordance with the Commission's and the Library's policies and procedures and that all transactions complied with applicable laws that GAO deemed significant to the audit objectives. The Commission and the Library did generally follow their respective oversight and reporting policies and procedures over the activity that occurred during the period. However, GAO identified nine investment purchase transactions for which the Library did not execute transactions in accordance with its policies and procedures.
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 did not have any comments on GAO's report.
Why GAO Did This Study
Congress established the Commission in November 1988 to provide for improvements in, preservation of, and acquisitions (including works of fine art and other property for display) for the United States Capitol, and to conduct related activities. At the same time, Congress established the Fund within the U.S. Treasury to provide financing for its operations. Congress also instructed the Library to provide the Commission with financial management services and support. The Commission's enabling statute includes a provision for GAO to audit the Commission's transactions and report the results to Congress.
GAO's objectives were to determine to what extent (1) the Commission and the Library designed and documented policies and procedures 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 2021, 2022, and 2023 in accordance with policies, procedures, and applicable laws.
For more information, contact Cheryl E. Clark at (202) 512-9377 or clarkce@gao.gov.