Summary: Pursuant to a legislative requirement, GAO audited the financial statements of the Congressional Award Foundation as of December 31, 1989, and the related statement of revenue expenses and changes in unrestricted fund balance for the year then ended.
GAO found that: (1) the Foundation had inadequate control over fixed assets and lacked written accounting policies and procedures, making it difficult to locate and identify its fixed assets and verify the values assigned to them; (2) due to the lack of written accounting policies and procedures, numerous avoidable errors were found in the Foundation's financial statements; (3) there were classification errors totalling $7,576 in the Foundation's financial records; (4) the Foundation complied with those provisions of laws and regulations that could have a material effect on its financial statements; and (5) the Foundation has taken steps to eliminate the effects of its prior noncompliance with the statutory requirement that expenditures be made only with available resources.
