c.

1'.•

H:"f ,>n:lil "\\'

\ \ ., "I U"l ; tU",Ill . :1 '-I', )

fTDl.RAl. E!.ECTION CO.\\,\\ISS\ON

'l'11is :ll1cli t ~-0~)Ol:-t i~~ i':~1~3{.~(1 011 c..IC)CtU:iI.1:":ts etl1c1 \\·or1:i:~s.;

P:l~;('::s '_o;;1ic;1 r;l1r'1:":ort c~lc11 or Ll:c~ fa\..... tlLJ.l st"lL\\:::C:!ltS. 'r11c·{

rona :J,I.r.t of t;,c record upon 1::11ic11 the C011Hl1:i l:;~; LO:1 based its

dc:ci;;ions 011 t:1(~ ffi.::lttCr.S in l;1t.~ !:C'~)Ol.'t nnd \':('.:'-<.~ avnil.:'lb10 to

L:c:n:n L.3~;.L C' :l\.: ~-;j \l.!1(i Llr;i) LC'~)~:- i i.l t '.~ ~5 ~a 1::: f or rl~\Tic:\-; •

r.i':1~~ .::ludit co-\'orc:d the ~)l~r.i.od from J.:l:11.~ar·1 1, 1977

t!ll~Otl,dl l:>.~::cr:.:)'~r 31, 197:1 tlw ::ina1 cover.::llJe d.:l'.:.Cl of the L::lt..:.:;;t

n.~:)r:,~·:· filed ;Y/ t.he C01:11~,itt:0l' <It t]1i.: time of the at.:dit. 1'ho

Cc:,:::.i tLt~~ n.:J;·orh:..'d a bC~(.ii:lnj :1'; C,1~.;il b~ll.:ll1CC on Janui1ry 1, 1977

of :;;l(;,Oi'6.3::;, tor.;1.1. n ..Jc(d.pl:~; for tlw period. n!: S5.12,519.44,

tol.:ll (::,:p0ndi::ure:; for the :J'..'l:iocl of $:j55,.15G.·l0 and a C~O::;i!1Cj

ca;;il i"'':'ll:.ll1C£2: on Dl~C(:'i:!b!...~!:- 31, 1.:-'73 of ~?23, 139. ·1:2.

'i'he' CO!:l;"i t te,:~ r0-'.l i~; t(: t·.:~d \',' Lth the Cr.i tcd S tatos IiOIIS()

of E''':!'l·l:~;c:'nt.at:i.\'cs on :\pcl1 17, 1972. 'l'he Con:l:litte,e n1.:1intain::;

.l.ts i\<"ILh;uarLors in \·iClSilinc.it.nn, D.C.

.'

/\. Overvie\v

HEPORT OF 'I'IlE i\UDI'l' DIVISlOi'J

O~

BUS gU':SS-DlDUS'l'P'{ POLI'l'IC1\L ACTIO:l Cml~lI'l"l'EI:

This report is based on an audit of the BusinessInc1u:,;tr'/ Poli~ical Action Committee (lithe Committee"),

unL1ert<1;~,.::!n by the Audi t Division of the Fc:doral Election

Commis~,iL)!l in accol.·dance VIi th the ComIllission' saudit policy

to l"k: t .. 'rIill.:1C ':;hother thl:n2 h.:1~ been compl.Lancc \·;i th the

provi~; lons of the Fedoral El~ct ion C':-lmpailJl1 ':\ct of 1971, as

amendt"ll (lithe Act"). fl'h(~ audit wns conducted pursuant to

SoCt.i.C)ll ,~38(~1) (8) of 'ritle 2 of tho united St:ites Code \.;hich

dirl.'c t·~; t:10 Commission to mab:: from time to time audits and

fi.:d.tl i ll\:L'sti::;ations \·:itll rc~S:K~Ct to repocts and statements

filc:d tlilL:...:r t:~e provisions of tho Act.

.'

'.

-

~.
I I.. l~~lhLi tor' H Stitt.c !Itlt.~n t

B • l\l~Y Pe rsonne1

-2-

..'

T t is th\.' opinion of the Auuit staff, based upon eX<lItlin<lticn

of th~ n~pol"ts ':'l.l1li ~;t.':lte~lents filed ilnll th0. records presentJ·d,

I h.:lt Lhl1 r,,'!,orts and statem\:mts of the H\I.3iness-!ndustry Pol j t .~.,.:'., L

,\ct: i.on Comni ttCQ fll irly present the finam.:Lll activities of t!.,.'

(",-'mill.!.

l'l·obl,.::ms

t tee

in

for

co:::;-.lyill'!

the !,f'riod

\...ith

cover.ed

the !-'cdcral

by thL!

rh'ction

.:meli t.

C

r:o

..mpaign

matcri.:aJ t~(:t '.,:,,:"e

d L~covC'n:'d du!"1.:lg t.he cour:=-~e of the mhl i l.

'('hI.! audit included such test:; as verification of

reported n~.ceipts and expenditures and individual transact irlllS:

rovic'.·/ of r'cquired supporting dOCUIDl!lltation and analysis of

Committee debts and obli(Jations: and such other audit procl'dun';3

.:w dl:'.!!i:ell nc<.·~'ssar'l tmdor the circumst.:lnces.

'l'he principal officers of the Committee at the timo

of thL' ClUe! it wore r·lr. Richard Young, Chairr.lan and :'lr. Jame:; ,J.

ro10}0, ;\H~d:;tant Treasurer.

·'