Performance Audit of the Library of Congress Gift and Trust Funds

What OIG Evaluated:

- Whether the Libraries internal controls for gift funds were appropriately designed and implemented.
- Whether the Libraries internal controls for gift funds were working appropriately
- Gift and trust funds were managed and disbursed in accordance with the gift fund or trust fund requirements.

What OIG Found:

- Non-compliance with the Democracy Fund
- Non-compliance with the Gerald E. and Corrine L. Parsons Fund for Ethnography
 

What OIG recommends:

1.  Design and implement controls to strengthen communication and monitoring of grant agreement terms and create safeguards to prevent and detect  noncompliance with the grant agreement.
2. Develop and implement processes to work with the donors if modifications are needed to the grant agreements prior to their expiration dates.                                                                                                            
3.   1.3 Develop and implement processes to close-out expired gifts including returning any unspent portion of funds to the donors as required and take actionable steps to return the $2,327.12 of funds that have expired under Grant ID: R-201709-0209 (Grantor: Democracy Fund).
4. The Library coordinate with the donor (Gerald E. and Corrine L. Parsons Fund for Ethnography) to determine whether a modification to the agreement or a recalculation of the award amount is needed. If a modification is needed, obtain writ ten approval from the donor and retain such records. If a modification is not obtainable, correct the inaccurate calculation date and recompute the correct  amount for the current year spending.