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GGD-79-2 1 (1978-12-05)

handle is hein.gao/gaobaayif0001 and id is 1 raw text is: DOCURENT RE3SB2 07959 - rC34285341 Audit of the United States Capitol Historical Society for the Year Ended January 31, 1978. GGD-79-2; 3-176631. December 5. 1978. 13 pp. + 3 appendices (6 pp.). Report to the Congress; by Elmer B. Staats. Comptroller General, Issue Area: Accounting and Financial Reporting: Clperatioso Financial Position. aLd Chuqes (2802). Contact: General Government Div. Budget ?unction: General Government: Legislatzive functions (801). organization Concerned: United States Capitol Historical Society. Congressional Relevance: House Committee on Rouse Administration; Senate Committee on Rules and Administration; Congress. Authority: (P.L. 92-56; 85 Stat. 156); H.J. Res. 169 (92nd Conq.). National Vistor Center Facilities Act of 168 (40 U , . 831). (P.L. 95-229; 92 Stat. 26); H.J. es. 38b (95th Cong.). (P.L. 93-226; 87 Stat. 943); .J. Iea. 756 (93rd Cong.). The United States Capitol Historical Society is a nonprofit organization composed of a board of trustees, an honorary board of trustees, officers, and ?aid employees. It operates the Capitcl Vistor Center under contract with the Architect of the Capitol. Its daily operations aze carried out by three departments--sales, administrative and accounting, aid history. Two funds are maintained to record the inc¢me and expenses for the Society's operations--the History Indowuent Fund and the General Fund. Income to the General Fund is primarily from sales of mercbandisep and other sources of income include royalties, interest from investments, and contributions. Findings/Conclusions: The fund balance of the History Endowment Fund at January 31, 1978, was Sl'14,913. Onrecorded assets of the General Fund included a film which will yield royalties, a cultured pearl replica of the Capitol, and an old grandfather clock. Possible sales tax liabilities for the General Fund could result from the sale of articles for which no sales tax was paid. Active Society projects include renovation and artwork in the Capitol and a bicentennial medals program. Inactive projects include the Sound and Light Program which is awaiting approval of a Senate commission and portraits of congressional officials for which contributed funds are being held pendinq arrangements. Financial statements prepared by GAO were the rmse an those prepared for the Society by its accountants except for scme reclassification of accounts and adc .-onts for accrued interest on investments. The income a expense statement did not include the cost of certain bonef. s and services furnished to the Society without charge. Subject to adjustments vhich nay result from detersinationa of liability for slea tax, the

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