Senate Preservation Fund:
Audit of Fiscal Years 2015, 2016, and 2017 Transactions
GAO-18-525R: Published: Jun 28, 2018. Publicly Released: Jun 28, 2018.
What GAO Found
GAO found that the policies and procedures for the Senate Commission on Art's (Commission) operations and oversight and the Library of Congress's (Library) operations and reporting were sufficiently documented, adequately designed, and consistent with applicable federal internal control standards to help ensure that the Senate Preservation Fund's (Fund) receipts, disbursements, and investments would be authorized in advance, promptly and accurately accounted for, and supported. For fiscal years 2015 through 2017, the Fund's recorded transactions consisted of 79 investment-related transactions and one operating-related disbursement transaction. There were also two operating-related receipt transactions during this period.
GAO found that all 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 audit objectives. In addition, the Commission and the Library followed their respective oversight and reporting policies and procedures over the activity that occurred during the period.
In commenting on a draft of this report, the Chief Financial Officer of the Library of Congress and the Secretary of the Senate concurred with the draft report's findings and conclusions.
Why GAO Did This Study
In September 2003, the Fund was established within the Department of the Treasury. The Fund is available to the Commission to fund the acquisition of works of art, historical objects, documents, and materials relating to historical matters, or exhibits in the Capitol and Senate office buildings, and certain related activities. The Library provides financial management and disbursing services and support to the Commission. GAO is required to audit the Fund and report the results to the Commission.
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 2015, 2016, and 2017 in accordance with these policies and procedures, as well as with applicable laws.
What GAO Recommends
GAO is not making any recommendations in this report.