The Library received a total of $584,870,304 in appropriations for fiscal 2005. Under the Legislative Branch Appropriations Act of 2005 (Public Law 108-447), which was signed by the president on Dec. 8, 2004, the Library received $589,587,000, including authority to spend $39,827,000 in receipts.
This same legislation included a 0.8 percent across-the-board rescission of federal agency budgets, which resulted in fiscal 2005 appropriations for the Library of $584,870,304, including authority to spend $39,508,384 in receipts.
In February the accounting firm of Kearney & Co. issued a report on the Library's 2004 Consolidated Financial Statements, including reviews of internal control over financial reporting, compliance with laws and regulations and Library management's assertions about the effectiveness of internal control over safeguarding collection assets. For the ninth consecutive year, the Library received an unqualified "clean" audit opinion.
Kearney & Co. also audited and issued unqualified audit opinions on the 2004 financial statements of the Madison Council and the Cooperative Acquisitions Program.
