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Congressional Award Foundation: Internal Controls Must Be Strengthened To Ensure Financial Success

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Report Type Reports and Testimonies
Report Date June 23, 1992
Report No. AFMD-92-80
Subject
Summary:

The Congressional Award Foundation is a private, nonprofit, tax-exempt organization established in 1979 to promote public service, personal development, and physical fitness among youth. During the first four months of 1992, the Foundation received increased contributions, which improved its financial position and ability to meet obligations in a timely manner. The Foundation continues to experience several lingering internal control problems, however, including problems in preparing its financial statements. The Foundation's ability to operate in a financially sound manner partly depends on its ability to strengthen its internal controls, specifically by hiring or otherwise acquiring access to staff with more financial management expertise.

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