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B-203087 1 (1981-07-07)

handle is hein.gao/gaobabkce0001 and id is 1 raw text is: COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON D.C. 20548 In Reply Refer To: B-203087 July 7, 1981 The Honorable Charles McC. Mathias, Jr. Chairman, Conmmittee on Rules and Administration United States Senate Dear Mr. Chairman: This responds to your letter attaching an inquiry of-the Senate Sergeant at Arms about (1) whether there is sufficient authority to invest excess funds in the Senate Recording and Photographic Studios in short term certificates of deposit and (2) whether the earnings from the invest- ments could be used to pay salaries of one or more Studios employees. For the reasons given below, we agree with the idea's originator, the Director of the Studios, that legislation is'required to implement this proposal. The Senate Recording Studio, renamed the Senate Recording and Photographic Studios by Pub. L. No. 96-304, § 108(a), 94 Stat. 890, is au- thorized to assist Senate members and coninittees in making disk, film and tape recordings and in performing other functions and duties in connection with the making of recordings as may be necessary. 2 U.S.C. § 123(b). A revolving fund was established in the Treasury within the contingent fund of the Senate for administering the duties of the Studios and originally was funded from-assets in the Joint Senate and House Recording Facility Revolving Fund. Id. §§ 123b(g), 123b(i)(5). The revolving fund is replen- ished from moneys-received by the Studios for disk, film and tape recordings and from any other source. Moneys in the fund are available for the care, maintenance, operation, and other expenses of the Studios. Id. § 123b(h). Salaries of Studios employees are paid from funds appropriated--for Senate Salaries, Officers and Employees in the various legislative branch appropriation acts. The material accompanying your letter shows that the amount of money in the revolving fund varies from $500,000 to $1,500,000. At the end of January 1981 the fund contained more than $600,000. The Director of the Studios has proposed that at least $100,000 be kept in the fund, that the remainder be invested in short term certificates of deposit and that in- terest on the invested principal be used to pay salaries of two employees. He also suggests that the laws controlling the use of the fund would have to be amended to implement the proposal. 7 ,' cf (.. / ' /

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