NIST Working Capital Fund Budgetary Controls Are in Place, but Issues with Carryover Balances, Policies, and Time Charges Should Be Addressed

This report contains the results of our audit of the National Institute of Standards and Technology (NIST) working capital fund (WCF). We conducted the audit in response to language included in the Senate Appropriations Committee Report related to the Department’s FY 2015 appropriations, which directs OIG to audit all of the Department’s working capital funds. The overall objective of our audit was to evaluate specific budgetary and fund controls over the NIST WCF in FYs 2012–2014. Specifically, our objectives were to determine whether (1) the carryover balance in the WCF is valid and supported; (2) funds received in advance on reimbursable agreements were legally available when earned; and (3) controls for building overhead rates and distributing charges to NIST projects, divisions, and organizational units are implemented and functioning as intended.