Do I understand that, and right now we do not because of the accounting procedures? Ms. POPE. Well, I think GAO is saying right now you do not because of the manual accounting systems at the Mint where it is very difficult to get. And every Mint facility had been really kind of doing their own system. We are scattered across the Nation, as you know. Certainly having a revolving fund will make it cleaner and calls for an audit by an independent agency. So I think that will be helpful. I am not sure, however, that simply having two bank accounts rather than one in itself gives better information. Ms. KAPTUR. Just a ball-park figure. In the most recent fiscal year, you or one of your staff members might recall, if you were to take all of your numismatic operations that could make money for the Government of the United States, what would be the amount of revenue to the Treasury not counting seigniorage and some of the things we talked about, but the actual sales versus the cost of production of coins and medals, all of them accumulated over the year? Can you give us a ball-park figure of what that would-the actual sales to the public of all of those commemoratives, medals? Ms. POPE. Gene is telling me about $80 million, but it changes so dramatically from year to year, and also in addition to the profit, we are generating surcharges to be turned over to organizations. So there is profit and there are also surcharges. Ms. KAPTUR. It was $80 million. Ms. POPE. Yes. Ball-park. Ms. KAPTUR. All right. Thank you very much. Thank you, Mr. Chairman. Chairman LEHMAN. Thank you. I want to thank the witnesses, and we will follow up on Mr. Hiler's suggestion and possibly take another look at this in about a month. Thank you very much. [Whereupon, at 11:30 a.m., the hearing was adjourned, subject to the call of the Chair.] DEPARTMENT OF THE TREASURY UNITED STATES MINT INTRODUCTORY STATEMENT OF THE HONORABLE DONNA POPE DIRECTOR OF THE MINT FOR PRESENTATION TO THE HOUSE BANKING, FINANCE AND URBAN AFFAIRS SUBCOMMITTEE ON CONSUMER AFFAIRS AND COINAGE GOOD MORNING! IT IS MY PLEASURE TO BE HERE TO TESTIFY ON BEHALF OF THE UNITED STATES MINT'S AUTHORIZATION FOR FY 1990. TODAY, I AM PREPARED TO DISCUSS A NUMBER OF INITIATIVES THAT WERE PRESENTED IN THE BUDGET SUBMITTED IN JANUARY. FY 1988/1989 ACTIVITIES BEFORE I SUMMARIZE OUR FY 1990 REQUEST, I WOULD LIKE TO HIGHLIGHT A FEW FY 1988/1989 ACTIVITIES: WE PRODUCED 14.7 BILLION COINS FOR DOMESTIC CIRCULATION IN FY 1988. THIS RESULTED IN SEIGNIORAGE TO THE FEDERAL $540 MILLION IN SEIGNIORAGE. THE BICENTENNIAL OF THE CONGRESS COIN PROGRAM WAS INAUGURATED ON JUNE 14, 1989. SURCHARGES THROUGH JULY 26, 1989 GENERATED BY THE SALE OF THESE COINS ARE $9.4 MILLION. THE UNITED STATES OLYMPIC COIN PROGRAM RAISED APPROXIMATELY $23 MILLION IN SURCHARGES FOR THE UNITED STATES OLYMPIC COMMITTEE. THE SILVER FOR THE OLYMPIC PROGRAM COMES FROM JUL 27 1989 THE STRATEGIC STOCKPILE AND THE PROFIT TO THE DEFENSE LOGISTICS AGENCY (DLA) STOCKPILE IS $6 MILLION ON SILVER. DURING FY 1988 AND 1989 TO DATE, WE HAVE SOLD APPROXIMATELY 1.2 MILLION OUNCES OF GOLD BULLION UNCIRCULATED COINS AND APPROXIMATELY 383,000 OUNCES PROFIT ON THE SALE OF ANNUAL PROOF AND UNCIRCULATED SETS THE MINT IS REQUIRED TO SELL 2.5 MILLION OUNCES OF SILVER I WOULD LIKE TO SAY A FEW WORDS REGARDING OUR RECENT GAO ACCOUNTING REVIEW. PRIOR TO FY 1981, THE PRIMARY MINT ANNUAL PROOF AND UNCIRCULATED COIN SETS. THE COST ACCOUNTING SYSTEM AT THE MINT WAS DONE MANUALLY, SIMILAR TO ACCOUNTING SYSTEMS AND PROCEDURES WERE NOT MOVING FAST LOOK AT THE MINT'S SYSTEM. AFTER RECEIVING RECOMMENDATIONS PRELIMINARY ASSESSMENTS FROM GAO, WE BROUGHT IN THE FIRM OF BOOZ ALLEN AND HAMILTON TO EVALUATE AND ASSIST IN IMPLEMENTING A MORE BUSINESS-LIKE MANUFACTURING COST ACCOUNTING REPORTING SYSTEM. FY 1990 BUDGET REQUEST THE MINT'S FY 1990 BUDGET REQUEST FOR SALARIES AND EXPENSES IS $50.735 MILLION AND 888 AVERAGE POSITIONS. |