AS1-ll

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FRED EILAND

PRESS OFFICE

BOB COSTA or'"1'--"

PUBLIC ISSUANCE OF FINAL AUDIT REPORT

LIBERTARIAN NATIONAL COMMITTEE

FEDERAL ELECTION COMMISSION

\\'"SHING lOS, 0 C ~lI"f.l

Attachment as stated

June lS, 1982

cc: FEC Library

RAD

,-/PUblic Records

Informational copies of the report have been received

by all parties involved and the report may be released

publicly.

MEMORANDUM

FROM:

SUBJECT:

TO:

Attached please find a copy of the final audit report of the Libertarian National Committee which was approved by the Commission on May 24, 1982.
, Release Date . 6/22/82

FEDERAL ELECTION COMMISSION

WASHINCTON, D.C. 20463

A81-ll

REPORT OF THE AUDIT DIVISION

ON THE

LIBERTARIAN NATIONAL CO~TTEE

I. Background

A. Overview

the

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This report is based on an audit of the Libertarian

National Committee ("the Committee") undertaken by the Audit

Division of the Federal Election Commission in accordance with

Commission's audit policy to determine whether there has been

compliance with the provisions of the Federal Election Campaign

Act of 1971, as amended ("the Act"). The audit was conducted

pursuant to Section 438(b) of Title 2 of the United States Code

which states that the Commission may, upon the affirmative vote ,~~of four of its members, conduct an audit of any committee which

does not meet the threshold requirements for substantial . compliance established by. the Commission.

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The Committee registered with the Federal Election

Commission on December 4, 1975 as the Libertarian Party. On

November 5, 1980, the Committee changed its name to the

Libertarian National Committee. The Committee maintains its

headquarters in Washington, D.C.

The audit covered the period January 1 through December

31, 1980. During the period, the Committee reported a cash

balance at January 1, 1980 of $42,111.06, total receipts for the

period of $581,830.37, total expenditures for the period $565,640.50, and a cash balance on December 31, 1980 of

$5,310.80.

This audit report is based on documents and working

papers which support each of the factual statements. They form

part of the record upon which the Commission based its decisions

on the matters in the report and were available to the

Commissioners and appropriate staff for review.
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B. Key Personnel

The Treasurer of the Committee was Paul S. Allen

through November 5, 1980 and S. Dallas Cooley from November 5

.through the end of the audit period.

C. Scope

The audit included such tests as verification of

reported receipts and expenditures and individual expenditure transactions; review of required supporting documentation;

analysis of Committee debts and obligations; and such other audit

procedures as deemed necessary under the circumstances. Due to

the Committee's failure to provide the required information

pertaining to individual contributions, the Audit staff was

precluded from conducting tests of the Co~"ittee's compliance with

the Act's recordkeeping, disclosure, and individual contribution . limitation requirements.

II. Audit Findings and Recommendations

Matters noted during the audit have been referred to the .~ Commission's Office of General Counsel.

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