record an Allowance for Doubtful Accounts based on management’s review of outstanding receivables, if applicable. Accounts Receivable is reduced to net realizable value by the Allowance for Doubtful Accounts.
E. Investments
All investments are reported at their acquisition cost, net of amortized premiums and discounts, as it is AOC’s intent to hold the investments to maturity. Purchases and sales of investments are recorded as of the trade date. Investment income is reported when earned. The market value of the investments is the current market value at the end of the reporting period.
Intragovernmental (Investments Held With Treasury)
The CVC Revolving Fund was established under the Capitol Visitor Center Act of 2008 (2 U.S.C. 31, 2201 et. seq.) to provide for the sale of gift shop items and the deposit of miscellaneous receipts. A portion of related funds are invested in government securities through the Bureau of Public Debt using their Web-based application, FedInvest. By law, interest income is credited to the fund.
Entity (Investments Held Outside Treasury)
AOC has funds invested by a trustee outside of Treasury as a result of financing the construction of the TMFJB. Congress did not appropriate funds for the construction of the building but, instead, authorized the use of private financing to cover its cost. In 1989, AOC entered into a Development Management Agreement with Boston Properties for the design, development, and construction of the TMFJB. Shearson Lehman Hutton, Inc., and Kidder, Peabody, & Co., Inc., issued 30-year Serial Zero Coupon Certificates of Participation to finance its construction.
Pursuant to a Trust Agreement, the proceeds were received by a trustee, The United States Trust Company of New York (now The Bank of New York Mellon). These proceeds were deposited into two funds, the Project Fund and the Operating Reserve Fund, to cover the costs of the construction project. In 2007, the Project Fund balance was transferred to the Operating Reserve Fund. The Operating Reserve Fund is held outside the Treasury by the trustee and, at AOC’s direction, the funds are invested and dis- bursed. The Operating Reserve Fund is held in reserve for future needs of the building (e.g., roof replacement or other major renovation). See Notes 1.F. and 4 for additional detail on investments.
F. Trust and Revolving Funds
Trust Funds
In Fiscal Year 2014, AOC has stewardship responsibility for two trust fund accounts, the National Garden Trust Fund and the Capitol Trust Fund.
The National Garden Trust Fund is subject to the direction of the Joint Committee on the Library (of Congress) and was established to accept gifts or bequests of money, plant material, and other property on behalf of the USBG. While this trust fund account still exists, it has a zero balance and is inactive.
The Capitol Trust Fund was established by the Legislative Branch Appropriations Act, 2014 (part of the Consolidated Appropriations Act, 2014). This fund consists of permit fees collected by the United States Capitol Police (USCP) to cover costs incurred by the AOC as a result of the issuance of permits for commercial activity in Union Square. Funds in this trust are available for maintenance, improvements, and projects with respect to Union Square, subject to the approval of the Committees of the House of Representatives and Senate. As of the current report- ing period (FY 2014) there have been no collections in this fund.
Revolving Funds
AOC has stewardship responsibility for six revolving funds to account for various programs and operations. Each of these funds is a distinct fiscal and accounting entity that accounts for cash and other financial resources together with all related liabilities and equities. These revolving funds include:
• House (of Representatives) Gymnasium Revolving Fund
• Senate Health and Fitness Facility Revolving Fund
• Senate Restaurant Revolving Fund
• Judiciary Office Building Development and Operations Fund
• CVC Revolving Fund, and
• Recyclable Materials Revolving Fund.
The House (of Representatives) Gymnasium Revolving Fund was established in the Treasury for AOC to deposit dues paid by members and other authorized users of the House of Representatives Wellness Center. AOC may expend fund amounts to pay for the operation of the facility.
The Senate Health and Fitness Facility Revolving Fund was established to deposit membership dues by authorized users of the Senate Health and Fitness Facility and proceeds from AOC’s Senate recycling program. AOC, subject to the approval of the Senate Committee on Appropriations, may
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