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DOCUMENT RESUME
03473 - [A26!3830)
[Smithsonian Institution's Banking Practices for Private Funds].
GGD-77-67; E-133332. September 20, 1977. 9 pp.
Report to Sen. Robert C. Byrd, Chairman, Senate Committee on
Appropriations: Interior Subcommittee; Sen. Ted Stevens, Ranking
minority member; by Elmer B. Staats, Comptroller General.
Issue Area: Accounting and Financial Reporting (2800).
Contact: General Government Div.
Budget Function: General Government: Other General Government
(806).
organization Concerned: Smithsonian Institution.
Congressional Relevance: Senate Committee on Appropriations:
Interior Subcommittee. SeD. Ted Stevens.
The Smithsonian Institution maintained 41 accounts in
financial institutions and the United States Treasury. Most of
these were small checking accounts used to pay expenses at
Smithscnian locations outside the District of Columbia. The use
t.f five principal accounts was reviewed, two at the American
Security and Trust Company, two at the Riggs National Bank, and
a depcsit suspense account in the United States Treasury.
Findings/Ccnclusions: The Smithsonian Institution has adopted
adequate procedures for the management of cash in its private
funds. It strives to maintain only sufficient funds in its two
principal ncn-interest-bearing cbeckin ; accounts to pay the
payrcll checks and other checks presentd for payment each day.
Through the use of repurchase agreement-, a savings account, and
short-term investments, the Smithsonian attempts to earn
interest on any funds not needed immediately to pay its
expenses. However, during the period January through April,
1977, it made no attempt to earn interest on the American
Security and Trust checking account float. The Smithsonian keeps
separate accounting records for the Smithsonian Research
Foundation. (Author/SV)](ViewImageLocal?handle=hein.gao/gaobaavyw0001&div=1&collection=&method=preview&ext=.png&size=3)