GAO United States General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-276274 July 18, 1997 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 Subject: Jefferson’s Poplar Forest Commemorative Coin Program Section 303 of Public Law 103-186 required us to audit the use of commemorative coin surcharge proceeds received by the Corporation for Jefferson’s Poplar Forest. The Corporation owns and operates Poplar Forest, President Thomas Jefferson’s former home in Bedford County, Virginia. Title I of Public Law 103-186, the Jefferson Commemorative Coin Act of 1993, provided that the Corporation use the surcharge proceeds from the sale of commemorative coins to restore and maintain Poplar Forest. We determined that the Corporation received about $998,000 in final coin surcharge proceeds from the U. S. Mint in 1994 and established an endowment consisting of invested surcharge proceeds and related earnings in November 1995. The purpose of the endowment is to provide financial resources to restore and maintain Poplar Forest. As of April 1997, the Corporation had not made any expenditures from the endowment, other than related investment fees. The endowment balance as of April 1997 was about $1.3 mi?lion. Section 5134 of Title 31, United States Code, as amended by Public Law 104-208, now requires future coin surcharge recipients to (1) separately account for the expenditure of coin surcharge proceeds and (2) obtain annual financial audits GAO/AIMD-97-118R Poplar Forest s i276274 by an independent public accounting i5rn.1 until all surcharge proceeds are expended or placed in trust.’ In conducting our work, we obtained direct confirmation from the U.S. Mint of the amounts of surcharge proceeds transferred to the Corporation. We traced those amounts to the Corporation’s bank statements and accounting records, reviewed the Corporation’s accounting for the surcharge proceeds, traced selected transactions to source documents, and verified the endowment balance as of April 1997. We also reviewed minutes of the Board of Directors’ meetings related to surcharge proceeds. At the conclusion of our work, we provided a draft of this letter to the Executive Director of the Corporation and she had no comments. Our audit was performed from February to May 1997 in accordance with generally accepted government auditing standards. Copies of this letter are being sent to interested parties and will be made available to others on request. Please contact me at (202) 512-9489 if you or your staffs have any questions about this letter. David L. Clark Director, Audit Oversight and Liaison ;. i -.. (911737) ‘Section 529 of the Treasury, Postal Service, and General Government Appropriations Act, 1997, as enacted by Section 101(f) of Public Law 104-208, the Omnibus Consolidated Appropriations Act, 1997, repealed section 303 of Public Law 103-186, effective September 30, 1996. 2 GAO/AT&ID-97-1 18R Poplar Forest . Ordering Information The first copy of each GAO report and testimony is free. Additional copies are $2 each. Orders should be sent to the following address, accompanied by a check or money order made out to the Superintendent of Documents, when necessary. VISA and Mastercard credit cards are accepted, also. Orders for 100 or more copies to be mailed to a single address are discounted 25 percent. Orders by mail: U.S. General Accounting Office P.O. Box 6015 Gaithersburg, MD 20884-6015 or visit: Room 1100 700 4th St. NW (corner of 4th and G Sts. NW) U.S. General Accounting Office Washington, DC Orders may also be placed by calling (202) 512-6000 or by using fax number (301) 258-4066, or TDD (301) 413-0006. Each day, GAO issues a list of newly available reports and testimony. To receive facsimile copies of the daily list or any list from the past 30 days, please call (202) 512-6000 using a touchtone phone. A recorded menu will provide information on how to obtain these lists. For information on how to access GAO reports on the INTERNET, send an e-mail message with “info” in the body to: email@example.com or visit GAO’s World Wide Web Home Page at: http://www.gao.gov United States General Accounting Office Washington, D.C.- 20548-0001 Official Business Penalty for Private Use $300 Address Correction Reauested
Jefferson's Poplar Forest Commemorative Coin Program
Published by the Government Accountability Office on 1997-07-18.
Below is a raw (and likely hideous) rendition of the original report. (PDF)