United States Capitol Preservation Commission - Funding

Funding

Title VIII of Public Law 100-696 established the Capitol Preservation Fund (the Fund within the U.S. Treasury to finance improvement, preservation, and acquisition activities of the Commission). In addition, in January 2002, the Commission received authority to transfer amounts from the Fund to the Architect of the Capitol (AOC) for use in planning, engineering, design, or construction of the CVC, under Public Law 107-117. In April 2003, the Commission approved an authorization to the AOC to use $65 million from the Fund to fund a portion of the AOC’s contract for Sequence 2 CVC construction.

The Fund’s assets consist of amounts derived from charitable contributions and related pledges receivable, surcharge proceeds from the Secretary of the Treasury (U.S. Mint) arising from the sale of commemorative coins, and interest earned on the invested portions of the Fund’s assets.

Fund assets not needed to finance current improvement, preservation, or acquisition projects are invested in interest-bearing obligations of the United States. The Fund’s assets have not been used to fund management activities or raise funds.

Since its establishment, the Fund has been designated to receive coin surcharge proceeds from three commemorative coin programs authorized by the Congress-

• Prior to fiscal year 2002, the Fund received surcharge proceeds authorized by the Bicentennial of the United States Congress Commemorative Coin Act and the Bicentennial of the United States Capitol Commemorative Coin Act. These proceeds were received without restriction, deposited into the Fund and have been available to the Commission for use in funding approved improvement, preservation, and acquisition projects.
• In 1999, the Commission was designated to receive surcharge proceeds authorized by the United States Capitol Visitor Center Commemorative Coin Act. Proceeds received from this commemorative coin are restricted to use in the construction, maintenance, and preservation of the CVC. The CVC Commemorative Coin sales program ended in March 2002. All surcharge proceeds from this coin program have been received and deposited in the Fund.