Commemorative Coin Program

Pursuant to a legislative requirement, GAO reviewed the use of surcharge proceeds received by the Mount Rushmore National Memorial Society after December 14, 1993.

GAO noted that: (1) the Society received about $6 million in coinage surcharge proceeds from the U.S. Mint in October 1994; (2) the Society's financial statements were audited for the 15-month period ended September 30, 1995, and for the years ended September 30, 1996, and September 30, 1997, by an independent public accounting firm; (3) those standards showed that the Society's total revenues from all sources were $12,883,975; (4) the Society established a variety of accounts to record its expenses, but was not required to and did not separately account for expenses paid from surcharge proceeds; (5) because the Society did not separately account for its use of surcharge proceeds, neither GAO nor the Society could determine specifically the extent to which the Society used its surcharge proceeds to assist in efforts to improve, enlarge, and renovate the Mount Rushmore National Memorial; and (6) statutory provisions now require recipients who receive surcharge proceeds on or after September 30, 1996, to: (a) separately account for the receipt and expenditure of surcharge proceeds; and (b) obtain annual financial audits by an independent public accounting firm until all surcharge proceeds are explained or placed in trust.