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AFMD-85-76 1 (1985-09-30)

handle is hein.gao/gaobabnty0001 and id is 1 raw text is: .2a. 70 fUNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20548 ACCOUANING AND INANCIAL MANAGKMUIT DIVISION SEPTEMBER 30, 1985 B-2 16833 The Honorable Frank Annunzio Chairman, Subcommittee onU Consumer Affairs and Coinage Committee on Banking, Finance, 128170 and Urban Affairs House of Representatives Dear Mr. Chairman: Subject: Review of Expenditures of Funds Derived from Sales of Olympic Commemorative Coins (GAO/AFMD-85-76) This report responds to your September 28, 1984, request for our examination of how the Los Angeles Olympic Organizing Committee (LAOOC) and the United States Olympic Committee (USOC) expended funds they received from the sale of the olympic commemorative coins. Section 3(d) of the Olympic Commemorative Coin Act (Public Law 97-220, July 22, 1982) required the Secretary of the Treasury to add a surcharge to the sales price of the coins. The sale of olympic coins generated about $72 million in surcharges. Pursuant to section 6(a) and (b) of the act, each committee received 50 percent of the surcharges, or about $36 million. In addition to the $36 million in coin surcharges received under the act, the LAOOC earned about $1.4 million in interest on unexpended funds and the USOC earned $2.4 million in interest. Section 6(b) of the act provided that the LAOOC's share of the coin funds shall be used to promote and stage the 1984 Los Angeles Olympic Games. Of the $37.4 million available to the LAOOC from the surcharges and interest, LAOOC records show that about $29 million was expended to stage and promote the 1984 Los Angeles Olypmic Games. During our examination of the expenditures of coin funds, nothing came to our attention to suggest that LAOOC used coin funds for activities unrelated to staging and promoting the 1984 Olympic Games. Section 6(a) of the act provided that the USOC's share be used to train United States olympic athletes, support local or community amateur programs, and erect facilities for the (916932)

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