GAO United States General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-277105 October 15, 1997 The Honorable Alfonse M. D’Amato Chairman The Honorable Paul S. &banes 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: 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 Public Law 104208 repealed Section 303 and requires recipients that receive commemorative surcharge proceeds on or after September 30, 1996, to separately account for the receipt and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 B-277105 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 Enclosure 2 GAO/.AIMD-98-15RVietnam Veterans Memorial Fund ENCLOSURE I ENCLOSURE I COMMENTS FROM THE VIETNAM VETERANS MEMORIAL F’UbID ANNIVERSARY September24,1997 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. JanC. Presid 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. . . .j. .’ ,’ : ‘! 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 37050 Washington, DC 20013 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 caiiing (202) 512-6000 or by using fax number (202) 512-6061, or TDD (202) 512-2537. 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 wilI 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: infoQwww.gao.gov or visit GAO’s World Wide Web Home Page at: http://www.gao.gov United States General Accounting Office Bulk Ratq Washington, DC 20548-0001 Postage & Fees Paid GAO I Permit No. GlOO I Official Business Penalty for Private Use $300 Address Correction Requested
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)