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GAO-12-271R 1 (2012-02-16)

handle is hein.gao/gaobacftb0001 and id is 1 raw text is: AIL cc ountablty Integrity -Reliability United States Government Accountability Office Washington, DC 20548 February 16, 2012 The Honorable Daniel K. Inouye President Pro Tempore of the United States Senate The Honorable Harry Reid Majority Leader The Honorable Mitch McConnell Minority Leader United States Senate The Honorable Charles E. Schumer Chairman The Honorable Lamar Alexander Ranking Member Committee on Rules and Administration United States Senate Subject: Senate Preservation Fund: Audit of Fiscal Years 2009 and 2010 Transactions In September 2003, the Senate Preservation Fund (Fund) was established within the U.S. Treasury (Treasury).1 The Fund is available to the Senate Commission on Art (Commission) to fund various activities related to works of art, historical objects, documents, and materials relating to historical matters, or exhibits in the Capitol and Senate office buildings. The Library of Congress (Library) provides financial management and disbursing services and support to the Commission. GAO is required to audit the Fund and report the results to the Commission.2 This report presents the results of our audit of the Fund's transactions during fiscal years 2009 and 2010. Our objectives were to determine (1) whether the Fund's recorded transactions for fiscal years 2009 and 2010 were authorized in advance, supported by documentation, accurately accounted for, and in compliance with applicable laws; (2) whether operating, reporting and oversight practices were documented and in place at the Commission and the Library to help ensure that Fund transactions were properly executed and Fund assets were adequately safeguarded; and (3) what actions the Commission's Executive Secretary, in coordination with Library 'Legislative Branch Appropriations Act, 2004, Pub. L. No. 108-83, title I, § 3(c), 117 Stat. 1007, 1012 (Sept. 30, 2003), classified, as amended, at 2 U.S.C. § 2108 (c). 22 U.S.C. § 2108(c)(6). Page 1 GAO-12-271R Senate Preservation Fund

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