United States GAO General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-276273 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 Memorial Foundation Commemorative Coin Program Section 303 of Public Law 103-186 required us to audit the use of commemorative coin surcharge proceeds received by the Thomas Jefferson Memorial Foundation, Inc. The Foundation owns and operates Monticello, President Thomas Jefferson’s former home near Charlottesville, Virginia. The Foundation also operates the International Center for Jefferson Studies to conduct research on Jefferson’s life. Title I of Public Law 103-186, the Jefferson Commemorative Coin Act of 1993, provided that the Foundation use the surcharge proceeds from the sale of commemorative coins to establish an endowment to support Monticello and its historic furnishings and educational programs, including the International Center for Jefferson Studies. We determined that the Foundation received $5 million in final coin surcharge proceeds from the U. S. Mint in June 1994 and placed the surcharge proceeds and related investment earnings into an endowment in December 1994. The purpose of the endowment is to support the Foundation’s efforts to restore and preserve Monticello and its related educational programs. As of December 1996, the Foundation had not made any expenditures from the endowment, other than investment management fees. The endowment balance as of April 1997 was about $7.6 million. GAO/AI&ID-97-1 19R Jefferson Memorial Foundation R-276173 Section 5134 of Title 31, United States Code, as amended by Public Law 104208, now requires future coin surcharge recipients to (1) separately account for the expenditure of coin surcharge proceeds and (2) obtain annual financial audits by an independent public accounting firm until all surcharge proceeds are expended or placed in trust.’ Zn conducting our work, we obtained direct confirmations from the U.S. Mint of the amounts of surcharge proceeds transferred to the Foundation. We traced those amounts to Foundation bank statements and accounting records, reviewed the Foundation’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 Foundation’s Board of Directors’ meetings related to surcharge proceeds. At the conclusion of our work, we provided a draft of this letter to the President of the Foundation for comment and he 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 (911738) Section 529 of the Treasury, Postal Service, and General Government Appropriations Act, 1997, as enacted by Section 101(f) of Public Law 104208, the Omnibus Consolidated Appropriations Act, 1997, repealed section 303 of Public Law 103-186, effective September 30, 1996. 2 GAO/NMD-97-119R Jefferson Memorial Foundation 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) 612-6000 or by using fax number (301) 253-4066, 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) 612-6000 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 “iufo” in the body to: email@example.com or visit GAO’s World Wide Web Home Page at: http&ww.gao.gov United States General Account&g Office Washington, D.C. 20548-0001 Official Business Penalty for Private Use $300 Address Correction Requested i. ‘2,. :: .,. ; ‘:. : _. :
Jefferson Memorial Foundation 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)