Congressional Award Foundation: Internal Controls Must be Strengthened to Ensure Financial Success,
Abstract
In this report the General Accounting Office(GAO) provides information on the Congressional Award Foundation. GOA gives an assessment of three issues related to the financial condition and management of the Foundation-the accuracy of the Foundation's 1991 financial statements, the effectiveness of the Foundation's financial management, and the Foundation's ability to operate in a financially sound manner. During the first 4 months of calendar year 1992, the Foundation received increased contributions, which improved its financial position and ability to meet obligations in a timely manner. However, the Foundation continues to experience several lingering internal control problems, including problems in preparing its financial statements. The Foundation's ability to operate in a financially sound manner depends, in part, on its ability to strengthen its internal controls, specifically by hiring or otherwise acquiring access to staff with increased financial management expertise. The Congressional Award Foundation was established in 1979 under Public Law 96-114 and is a private, nonprofit, tax-exempt organization established to promote initiative, achievement, and excellence among youth in areas of public service, personal development, and physical fitness. Public Law 101-525 reauthorized the Foundation's existence through September 1992. The Foundation is administered by a board of directors, which currently consists of 34 members.
Document Details
- Document Type
- Technical Report
- Publication Date
- Jun 23, 1992
- Accession Number
- ADA299002
Entities
People
- David L. Clark
Organizations
- United States Government Accountability Office