Intragovernmental (Investments Held With Treasury) The CVC Revolving Fund was established under the Capitol Visitor Center Act of 2008 (2 U.S.C. §2201 et seq.) to provide for the sale of Gift Shop items and the deposit of miscellaneous Gift Shop receipts. A portion of related funds are invested in government securities through the Bureau of the Fiscal Service using their web-based application, Fed Invest. By law, interest income is credited to the fund.
Entity (Investments Held Outside Treasury) The 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. The discount on the purchase reflects the absence of coupon interest payments and is amortized over the life of these certificates.
Pursuant to the 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 disbursed. The Operating Reserve Fund is held in reserve for future needs of the building (e.g., roof replacement or other major renovation) (see Note 5).
F. Trust and Revolving Funds
Trust and Special Funds The AOC has stewardship responsibility for one trust fund account, the National Garden Trust Fund, and one special fund account, the Capitol Trust Account.
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 Account was established pursuant to P.L. 113- 76. The balance in 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 commercial activity that is conducted in Union Square. Funds in this trust are available for maintenance, improvements, and projects with respect to Union
102 Section III • Financial Information
Square, subject to the approval of the Committees of the House of Representatives and Senate.
Revolving Funds The AOC has stewardship responsibility for seven 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 are:
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 Recyclable Materials Revolving Fund, and Flag Office 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. The 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 collected from authorized users of the Senate Health and Fitness Facility and proceeds from AOC’s Senate recycling program. The AOC, subject to the approval of the Senate Committee on Appropriations, may expend fund amounts to pay for the preservation and maintenance of the facility.
The Senate Restaurant Revolving Fund was established in 1961 for the operation of the Senate restaurants. In 2008, control of the Senate restaurants was transferred to a private vendor and AOC took over its accounting functions. Following the transfer, the revolving fund is no longer used for the operation of the restaurants, but the account still exists for activities resulting from the conversion and continuing maintenance of the restaurants. Upon approval by the Senate Committee on Rules and Administration, available balances may be increased via transfers in from the U.S. Senate to AOC, as needed.
The Judiciary Office Building Development and Operations Fund is used to pay expenses related to the structural, mechanical, and domestic care, maintenance, operation, and utilities of the TMFJB. The fund includes an investment that is held outside Treasury with The Bank of New York Mellon, via a Trust Agreement established to finance the construction of the TMFJB.
The CVC Revolving Fund is used to administer funds from the sale of Gift Shop items, the deposit of miscellaneous Gift Shop
ARCHITECT OF THE CAPITOL
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