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GAO-13-490R 1 (2013-05-01)

handle is hein.gao/gaobachdz0001 and id is 1 raw text is: i Accountabiity ' integrity -Reliability United States Government Accountability Office Washington, DC 20548 May 1, 2013 The Honorable Patrick J. Leahy 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 Pat Roberts Ranking Member Committee on Rules and Administration United States Senate Subject: Senate Preservation Fund: Audit of Fiscal Years 2011 and 2012 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 activities related to acquiring 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 for fiscal years 2011 and 2012. Our audit objectives were to determine whether (1) the Fund's recorded transactions for fiscal years 2011 and 2012 were authorized in advance, supported by documentation, accurately accounted for, and in compliance with applicable laws and (2) the Commission's and the Library's operating, reporting, and oversight practices were documented and in place to provide reasonable assurance that Fund transactions were properly executed and Fund assets were adequately safeguarded. 1Pub. 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). GAO-13-490R Senate Preservation Fund Page 1

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