The Board Has Generally Effective Processes for Approving and Monitoring the Currency Budget's Multicycle Projects but Can Better Document Those Processes

The Board is the sole issuing authority of the nation's currency, and it pays the Bureau of Engraving and Printing for expenses related to producing banknotes. This includes a multicycle project budget for the BEP's large-scale capital investments (such as production equipment and facilities) that span multiple years.

The Board's processes for approving and monitoring the multicycle project budget are generally effective, providing sufficient resources to the BEP and promoting effective stewardship of funds. However, the Board has not incorporated all of its approval and monitoring processes into its memorandum of understanding with BEP.

We are making one recommendation for the Board to incorporate these processes to ensure both parties agree to and are accountable for their respective responsibilities.