Commemorative Coin Program: Vietnam Veterans Memorial Fund

Published by the Government Accountability Office on 1997-10-15.

Below is a raw (and likely hideous) rendition of the original report. (PDF)

      United States
      General Accounting Office
      Washington, D.C. 20548

      Accounting and Information
      Management Division


      October 15, 1997

      The Honorable Alfonse M. D’Amato
      The Honorable Paul S. &banes
      Ranking Minority Member
      Committee on Banking, Housing, and Urban Affairs
      United States Senate

      The Honorable James A. Leach
      The Honorable Henry B. Gonzalez
      Ranking Minority Member
      Committee on Banking and Financial Services
      House of Representatives

      Subject:    Commemorative Coin Program: Vietnam Veterans Memorial Fund

      The Vietnam Veterans Memorial F’und, incorporated in 1979, established a
      national memorial on public land in the District of Columbia to honor those
      who fought in the Vietnam War. Title II of Public Law 103-186,the United
      States Veterans Commemorative Coin Act of 1993, provided that the Fund use
      surcharge proceeds from the sale of commemorative coins to help create an
      endowment for the repair, maintenance, and addition of names to the Vietnam
      Veterans Memorial. Section 303 of Public Law 103186 required that we perform
      a one-time audit of the use of commemorative coin surcharge proceeds received
      by the Fund.’

      ‘Section 303 applied to recipients that received surcharge proceeds between
      December 14, 1993, and September 29, 1996. Public Law 104208 repealed
      Section 303 and requires recipients that receive commemorative surcharge
      proceeds on or after September 30, 1996, to separately account for the receipt
      and expenditure of surcharge proceeds and obtain annual financial audits by an
      independent public accounting lkm until all surcharge proceeds are expended
      or placed in trust. (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, amended
      Section 5134 of Title 31, United States Code, effective September 30, 1996.)
                                   GAO/AlMD-9815R Vietnam Veterans Memorial F’und
We determined that the Fund received about $2849,000 in surcharge proceeds
from the U.S. Mint from October 1994 through April 1996 and established an
endowment in accordance with the provisions of Title II of Public Law 103-186.
As of May 1997,the F’und had expended about $252,000from the endowment.
The endowment balance as of May 1997 was about $3.3 million.

In conducting our work, we obtained direct confirmation from the U.S. Mint of
the amounts of surcharge proceeds transferred to the F’und. We traced those
amounts to the Fund’s bank and endowment statements, traced expenditures to
source documents, reviewed the Fund’s accounting for the surcharge proceeds
and expenditures, and traced the balance of the endowment as of May 1997 to
investment reports. We also reviewed minutes of the Board of Directors’
meetings related to surcharge proceeds. Our audit was performed from May
1997 through July 1997 in accordance with generally accepted government
auditing standards. At the conclusion of our work, we provided a draft of this
letter to the President of the F’und for comment and he had no comments. This
letter is reprinted in enclosure I.

 Copies of this letter are being sent to interested parties and will be made
 available to others on request. Please contact me at (202) 512-9489if you or
 your offices have any questions about this letter.

-/azL/i4L              e/4
  David L. Clark
  Director, Audit Oversight
   and Liaison


 2                            GAO/.AIMD-98-15RVietnam Veterans Memorial Fund
ENCLOSURE I                                                                                                                        ENCLOSURE I




                                               Gene L. Dodaro
                                               Assistant Comptroller General
                                               Accounting and Information Management Division
                                               United States General Accounting Office
                                               Washington, DC 20548

                                               Dear Mr. Dodaro;

                                               Thank you very much for your letter of September l.2, I997 forwarding the
                                               draft GAO report on the Vietnam Veterans Memorial Fund Commemorative
                                               Coin Promam for review and comment. We were very pleasedthat the reporr
                                               reflects our full compliance with the legislation. Given the fact that the report
                                               is favorable in every respect,we have no comments regarding any point
                                               discussedin the repoh

                                               We appreciate the diligence of Mr. Potter in conducting the review aad
                                               preparing the report and we look forward to cooperating with GAO in future
                                               reviews of the Commemorative Coin Program.


                                                             Vietnam Veterans     Memorial   Fund, Inc.
                            IO 12 Fourteenth   St.. NW. Suite 201, LV.xhtn!$on.    D.C. XOVj    l 1103 3’J3-Ol190 F.n I?011 393-0029

                                                             GAO/AIMD-98-15R Vietnam Veterans Memorial Fund

                1.        . .

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