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AIMD-96-24 1 (1995-12-28)

handle is hein.gao/gaobabuis0001 and id is 1 raw text is: GAO United States General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-266116 December 28, 1995 The Honorable Alfonse M. D'Amato Chairman The Honorable Paul S. Sarbanes Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable James A. Leach Chairman The Honorable Henry B. Gonzalez Ranking Minority Member Committee on Banking and Financial Services House of Representatives As required by Public Law 102-414, the World War II 50th Anniversary Commemorative Coins Act, we audited the revenues and expenditures of the American Battle Monuments Commission's World War II memorial fund for the year ended September 30, 1994. Public Law 103-32, the World War II Memorial Authorization Act (Memorial 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. The memorial fund consists of surcharge proceeds from the sale of World War II commemorative coins, investment interest, and private contributions. For the year ended September 30, 1994, we determined that the fund received $1,617,077, including $1,284,846 in coin surcharge proceeds from the U.S. Treasury, $328,156 in interest on investments, and $4,075 in private contributions. We also determined that the Commission spent $70,783 during the year for salary and other expenses related to the design and construction of a memorial. We noted that, at the end of the year, the Commission had not established a separate account in the Treasury for the memorial fund, as required by the Memorial Act. A separate account would strengthen the fund's accountability by reducing the risk from commingling memorial fund revenue with GAO/AIMD-96-24 American Battle Monuments Commission

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