FIGURE 11 Audit Material Weaknesses and Significant Deficiencies


0 1 2 3 4 5 6 7 8


4 1


5 1


3


3 2


3 3 2 2005


2 2


3


1 1


1


11 1


1


2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Fiscal Year


Significant Deficiencies Material Weaknesses


agencies. As a legislative branch agency, the AOC is not bound by these standards. However, as a best practice, the AOC complies with the spirit of the executive branch requirements. As a result, the financial statements have been prepared from the AOC’s accounting records in conformity with generally accepted accounting principles (GAAP). GAAP, for federal entities, are the standards prescribed by the Federal Accounting Standards Advisory Board (FASAB). To facilitate analysis, the AOC has organized these financial highlights as follows:


 Financial Position Overview: Balance Sheet  Operational Results: Statement of Net Cost  Cumulative Overview: Statement of Changes in Net Position  Combined Statement of Budgetary Resources  Limitations of the Principal Financial Statements


Financial Position Overview: Balance Sheet


The Balance Sheet provides a snapshot of the AOC’s financial position at a fixed point in time. It displays the amounts of current and future economic benefits owned or available for use (Assets), amounts owed (Liabilities) and residual amounts (Net Position) at the end of the fiscal year.


Assets: As of September 30, 2019, the AOC reported total assets of $3.4 billion. This represents an increase of $164 million (5 percent) over FY 2018 total assets of $3.2 billion. This change is primarily due to the $89 million increase in general property, plant and equipment (PP&E) and the $74 million increase in fund balance with Treasury (FBWT). These two asset classes account for 99 percent of the agency’s total assets.


The FBWT increase from the prior fiscal year was primarily due to additional multiyear ($227 million) and no-year ($72 million)


32 Section I • Management’s Discussion and Analysis


project funding received for major campus restoration projects. This major capital project funding (including $62 million for the Cannon Renewal Project and $10 million for the House Historic Buildings Revitalization Trust Fund) covers needed building and system upgrades for the Capitol campus. When appropriated, the construction project funding increases the FBWT account immediately, although the amounts are obligated over the term of the appropriation (typically, five years) due to the long-term nature of such projects. Thus, while annual operating funds are generally both obligated and disbursed in the year appropriated, multiyear or no-year capital project funds are disbursed over the life of the appropriation — resulting in a higher FBWT balance in the year appropriated. The balance will decline over time as the construction program amounts


FIGURE 12 Summary of Total Assets


Investments and Other Assets $39.4 | 1.2%


Fund Balance with Treasury $1,094.2 | 32.3%


Property, Plant & Equipment (net) $2,250.8 | 66.5%


Total Assets: $3,384.4 ($ in Millions)


ARCHITECT OF THE CAPITOL


Audit Material Weaknesses and Significant Deficiences


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