The Library of Congress had two deficiencies in financial control systems associated with the Capitol Preservation Fund in fiscal years 2004 and 2005, according to a Government Accountability Office (GAO) report released yesterday.

“Certain fund-related internal controls at the Library of Congress need to be improved,” the report stated, citing improvements in fund-related cash disbursements and financial reporting.

The fund overall had “no reportable noncompliance with the provisions of laws and regulations,” according to the report.

Internal controls provide assurances that transactions are recorded, processed and summarized in compliance with United States accounting principles, according to the GAO report.

In addition, the report shows that $45 million from the fund was transferred to the Architect of the Capitol for the Capitol Visitor Center (CVC) project from 2004 to 2005.
The Capitol Preservation Fund is responsible for financing improvements, preservation and acquisition activities of the Capitol Preservation Commission, which oversees artifacts in the Capitol and the CVC.