Senate Preservation Fund: Audit of FY 2021, 2022, and 2023 Transactions
Fast Facts
The Senate Commission on Art acquires works of art, historical objects, documents, and exhibits for the Capitol and Senate office buildings—financing them through the Senate Preservation Fund. The Library of Congress provides financial management and support to the Commission.
We audit the Senate Preservation Fund's transactions every three years. For FY 2021-2023, the fund's transactions consisted solely of investments. We found that the Commission and the Library executed all transactions in accordance with the adequately designed policies and procedures. We also found that all transactions complied with applicable laws.
Highlights
What GAO Found
GAO found that the United States Senate Commission on Art and the Library of Congress sufficiently documented and adequately designed policies and procedures that were consistent with applicable federal internal control standards. This reasonably assured that the Senate Preservation Fund's transactions would be authorized in advance, promptly and accurately accounted for, and supported. For fiscal years 2021, 2022, and 2023, the Fund's recorded transactions consisted of 42 investment-related transactions resulting in $21,784 in interest received. There were no operating-related receipt or disbursement transactions during this period.
GAO found that all transactions were executed in accordance with the Commission's and the Library's policies and procedures and that all transactions complied with applicable laws that GAO deemed significant to the audit objectives. In addition, the Commission and the Library followed their respective oversight and reporting policies and procedures over the activity that occurred during the period.
GAO provided a draft of this report to the Chief Financial Officer of the Library of Congress and the Secretary of the Senate for review and comment. They did not have any comments on GAO's report.
Why GAO Did This Study
Congress established the Fund in September 2003 within the U.S. Treasury. The Fund is available to the Commission to fund the acquisition of works of art, historical objects, documents, and materials relating to historical matters, or exhibits in the Capitol and Senate office buildings, and certain related activities. Congress instructed the Library to provide the Commission with financial management and disbursing services and support. The Fund's enabling statute includes a provision for GAO to audit the Fund and report the results to the Commission.
GAO's objectives were to determine to what extent (1) the Commission and the Library designed and documented policies and procedures to reasonably assure that the Fund's recorded transactions would be authorized in advance, promptly and accurately accounted for, and supported and (2) the Commission and the Library executed Fund transactions for fiscal years 2021, 2022, and 2023 in accordance with policies, procedures, and applicable laws.
For more information, contact Cheryl E. Clark at (202) 512-9377 or clarkce@gao.gov.