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AIMD-95-9 1 (1994-10-12)

handle is hein.gao/gaobabtoo0001 and id is 1 raw text is: United States GAO General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-258420 October 12, 1994 The Honorable Donald W. Riegle, Jr. Chairman The Honorable .Alfonse M. D.Amato Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Henry B. Gonzalez Chairman The Honorable James A. Leach Ranking Minority Member Committee on Banking, Finance and Urban Affairs House of Representatives Public Law 102-414, the world War II 50th Anniversary Commemorative Coins Actj(Coins Act), dated October 14, 1992, requires that we conduc annual audits of the use of coin surcharge proceeds by the American Battle Monuments Commission. To receive any transfer of coin surcharge proceeds, the Commission first needed congressional authorization to construct a World War II memorial. Public Law 103-32, the World War II Memorial Authorization Act, dated May 25, 1993, authorized the construction of a memorial and established a Treasury fund for the coin proceeds. Specifically, the Memorial Authorization Act ,authorized the Commission to construct a memorial on federal land in the District of Columbia or its environs to honor members of the Armed Forces who served in World War II and to commemorate United States participation in that conflict. This act also authorized the Commission to invest in interest bearing obligations of the United States any amounts in the Treasury fund not required to meet current expenses. We determined that during the period May 25, 1993, through September 30, 1993, the Commission received $3,447,088 in coin surcharge proceeds from the U.S. Treasury. As required by Public Law 103-32, these proceeds were initially GAO/AIMD-95-9 American Battle Monuments Commission 0 6 / 2 .9

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