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Audit Report Office of Inspector General Audit Report OIG-11-042 Audit of the United States Mint’s Fiscal Years 2010 and 2009 Financial Statements December 3, 2010 Office of Inspector General Department of the Treasury The Mint strives to ensure that their documents are accessible; to obtain a Section 508 compliant copy of the Mint’s 2010 Annual Report, see the Mint’s website: http://www.usmint.gov/ Also see: Web Accessibility and Section 508 Compliance policy page DEPARTMENT OF THE TREASURY WASHINGTON, D.C. 20220 OFFICE OF December 3, 2010 INSPECTOR GENERAL MEMORANDUM FOR EDMUND C. MOY, DIRECTOR UNITED STATES MINT FROM: Michael Fitzgerald Director, Financial Audits SUBJECT: Audit of the United States Mint’s Fiscal Years 2010 and 2009 Financial Statements I am pleased to transmit the attached audited United States Mint (Mint) financial statements for fiscal years 2010 and 2009. Under a contract monitored by the Office of Inspector General, KPMG LLP, an independent certified public accounting firm, performed an audit of the financial statements of the Mint as of September 30, 2010 and 2009 and for the years then ended. The contract required that the audit be performed in accordance with generally accepted government auditing standards; applicable provisions of Office of Management and Budget Bulletin No. 07-04, Audit Requirements for Federal Financial Statements, as amended; and the GAO/PCIE Financial Audit Manual. The following reports, prepared by KPMG LLP, are incorporated in the attachment: • Independent Auditors’ Report; • Independent Auditors’ Report on Internal Control Over Financial Reporting; and • Independent Auditors’ Report on Compliance and Other Matters. In its audit, KPMG LLP found: • the financial statements were presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles; • no matters involving internal control over financial reporting that are considered material weaknesses; and • no instances of reportable noncompliance with laws and regulations tested. KPMG LLP also issued a management letter dated December 2, 2010 discussing certain matters involving internal control over financial reporting and its operation that were identified during the audit but were not required to be included in the auditors’ reports. This letter will be transmitted separately. In connection with the contract, we reviewed KPMG LLP’s reports and related documentation and inquired of its representatives. Our review, as differentiated from an audit performed in accordance with generally accepted government auditing standards, was not intended to enable us to express, and we do not express, an opinion on the financial statements or conclusions about the effectiveness of internal control or compliance with laws and regulations. KPMG LLP is responsible for the attached auditors’ reports dated December 2, 2010, and the conclusions expressed in the reports. However, our review disclosed no instances where KPMG LLP did not comply, in all material respects, with generally accepted government auditing standards. Should you have any questions, please contact me at (202) 927-5789, or a member of your staff may contact Shiela Michel, Manager, Financial Audits at (202) 927-5407. Attachment 2010 ANNUAL REPORT Connecting America through Coins VISION: TO BE RECOGNIZED AS THE FINEST MINT ORGANIZATION IN THE WORLD THROUGH EXCELLENCE IN OUR PEOPLE, PRODUCTS, CUSTOMER SERVICE AND WORKPLACE. MISSION: TO MANUFACTURE AND DISTRIBUTE CIRCULATING COINS, PRECIOUS METALS AND COLLECTIBLE COINS, AND NATIONAL MEDALS TO MEET THE NEEDS OF THE UNITED STATES. TABLE OF CONTENTS The United States Mint at a Glance 2 Director’s Letter 5 Organizational Profile 10 Our Goals Effectively Met All Circulating Demand 13 Effectively Managed Bullion and Numismatic Programs 17 A Safe, Engaged, Productive and Valued Workforce 20 Leadership and Organizational Excellence 22 Management’s Discussion and Analysis Message from the Chief Financial Officer 24 Operating Results by Segment Circulating Coinage 26 Bullion Products 31 Numismatic Products 35 Transfer to the Treasury General Fund 39 Performance Goals, Objectives and Results 41 Analysis of Systems, Controls and Legal Compliance 44 Limitations of the Financial Statements 46 Independent Auditors’ Report 47 Financial Statements 49 Notes to the Financial Statements 53 Required Supplementary Information 69 Independent Auditors’ Report on Internal Controls 70 Independent Auditors’ Report on Compliance and Other Matters 72 Appendix I: FY 2010 Coin and Medal Products 74 1 THE UNITED STATES MINT AT A GLANCE Revenue (dollars in millions) 3,886.7 Seigniorage and Net Income Transfer to the Treasury General Fund Revenue (dollars in millions) (dollars in millions, before protection cost) (dollars in millions) UNITED STATES MINT Revenue by Line of Business 3,886.7 Seigniorage and Net Income Transfer to the Treasury General Fund (percent of total) The United States Mint is the world’s largest 2,912.4 (dollars in1,085.6 millions, before protection cost) (dollars in millions) 2,800.5 825.0 2,635.4 750.0 750.0 coin manufacturer. Our men and women serve 2,912.4 1,085.6 Numismatic 2,323.4 Bullion 806.4 2,800.5 767.9 10.6% 825.0 the Nation by manufacturing and distributing 2,635.4 73.5% 750.0 750.0 2,323.4 767.9 806.4 475.0 circulating coins, precious metals and collectible 388.0 501.6 475.0 coins and national medals to meet the needs 405.8 388.0 of the United States. Our vision is to be 501.6 405.8 Circulating recognized as the finest mint organization in the 15.9% world through excellence in our people, products, 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 customer service and workplace. 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 Revenue (dollars in millions) 3,886.7 Seigniorage and Net Income Transfer to the Treasury General Fund Revenue (dollarsRevenue in millions) by Denomination Revenue (dollars in millions) (dollars in millions, before protection cost) (dollars in millions) 2,855.4 Revenue (dollars in millions) (dollars in millions) Revenue (dollars in millions) Revenue (dollars in millions) CIRCULATING COINAGE 2,912.4 1,085.6 551.5 557.2 2,855.4 2,800.5 Revenue (dollars in millions) $1 coin825. 0 1,694.8 One-Cent The United States Mint2,635.4 is the Nation’s sole 1,727.8 750.0 750.0 557.2 413.5 34.9 514.9 551.5 2,323.4 806.4 767.9 948.8 1,694.8 440.0 manufacturer of legal tender coinage. The 1,294.5 Five-Cent 1,271.9 1,727.8 514.9 17.9 413.1 948.8 475.0 440.0 efficient and effective minting and issuing of 1,294.5 388.0 1,271.9 501.6777.6 circulation coinage for the Nation to conduct 536.6 Dime 413.1 618.2405.8 88.7 777.6 trade and commerce is the United States Mint’s 536.6 356.1 618.2 highest priority. 356.1 Quarter-Dollar 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 63.2 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 Revenue (dollars in millions) 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 3,886.7 Seigniorage and Net Income Transfer to the Treasury General Fund (dollars in millions, before protection cost) (dollars in millions) Revenue by Program Revenue (dollars in millions) Revenue (dollars in millions) 2,855.4 (dollars in millions) 2,912.4BULLION COINSRevenue (dollars1,085.6 in millions) 825.0 2,800.5 American551.5 557.2 2,635.4 American The United States Mint is the world’s largest 750.0 750.0 1,694.8 Eagle 2,323.4 806.4 Eagle 767.9 1,727.8 514.9Gold producer of gold and silver bullion coins. The Silver 948.8 1,710.8 440.0 1,294.5 659.9 1,271.9 475.0 bullion program provides consumers a simple and 388.0 413.1 501.6 tangible means to acquire precious metal777.6 coins.405.8 536.6 American Investors purchase bullion coins for their intrinsic618.2 Buffalo 356.1 Gold metal value and the United States Government’s 484.7 2006 2007 2008 2009guarantee 2010 of each2006 coin’s 2007 metal 2008 weight, 2009 content 2010 2006 2007 2008 2009 2010 and purity. 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 Revenue by Program Revenue (dollars in millions) Revenue (dollars in millions) (dollars in millions) 2,855.4 Revenue (dollars in millions) NUMISMATIC PRODUCTS Commemorative 551.5 557.2 20.1 The United States Mint prepares and1,694.8 distributes Numismatic Recurring 1,727.8 514.9 Sale of Circulating Coins 191.9 numismatic products for collectors948.8 and those who 440.0 17.7 1,294.5 1,271.9 desire high-quality versions of the Nation’s 413.1 American Eagle 32.7 777.6coinage. Making numismatic products accessible, 536.6 available,618.2 and affordable to Americans who 356.1 Ultra High Relief choose to purchase them is the priority of 35.1 numismatic operations. American Buffalo 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 115.6 Revenue (dollars in millions) Seigniorage and Net Income by Line of Business 3,886.7 Seigniorage and Net Income Transfer(dollars to the in Treasury millions, Generalbefore protection Fund cost) SEIGNIORAGE AND NET INCOME (dollars in millions, before protection cost) (dollars in millions) Seigniorage, the net return from circulating2,912.4 1,085.6 Numismatic 2,800.5 49.8825.0 operations, is the difference2,635.4 between the face 750.0 750.0 2,323.4 806.4 value and cost of producing coinage.
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