Summary:
What GAO Found
GAO found that the policies and procedures for the Capital Preservation Commission's (Commission) operations and oversight and the Library of Congress's (Library) operations and reporting were sufficiently documented and adequately designed and consistent with applicable federal internal control standards to help ensure that the Capital Preservation Fund's (Fund) receipts, disbursements, and investments would be authorized in advance, promptly and accurately accounted for, and supported. For fiscal years 2013 and 2014, the Fund's recorded transactions consisted of 96 investment transactions. There were no operating-related receipt or disbursement transactions during this period. GAO found that 94 of the 96 investment transactions were executed in accordance with the Commission's and the Library's policies and procedures, and that all transactions were in compliance with applicable laws that GAO deemed significant to the objectives of its audit. In addition, the Commission and the Library followed their respective oversight and reporting policies and procedures over the activity that occurred during the period.
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. The Library's Chief Financial Officer provided comments in an e-mail on May 27, 2015, in which she concurred with the draft report's findings and conclusions. In addition, the Clerk of the House of Representatives and the Secretary of the Senate provided oral comments on June 2, 2015, and June 5, 2015, respectively, in which they concurred with the draft report's findings and conclusions.
Why GAO Did This Study
In November 1988, the 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 Fund was established within the Department of the Treasury to be used by the Commission to provide financing for its mission operations. The Library is to provide 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.
GAO's objectives were to determine to what extent (1) the Commission's and the Library's policies and procedures were documented and designed to help ensure 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 2013 and 2014 in accordance with these policies, procedures, and applicable laws.
For information, contact J. Lawrence Malenich at (202) 512-9399 or malenichj@gao.gov.
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