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092716 1 (1969-03-24)

handle is hein.gao/gaobacwpe0001 and id is 1 raw text is: -M UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D C 20548 CIVIL DIVISION MAR 2 4 1969 Mr. A. W. Stratton Deputy Administrator Veterans Administration Washington, D.C. 20420 Dear Mr. Stratton: The General Accounting Office has made a review of the use of commercial banking facilities by the Washington Field Office, Vet- erans Canteen Service (VCS). The purpose of our review was to ex- amine the basis for VCS's use of commercial banking facilities in- stead of using the financial services provided by the Treasury Department. In our review, we examined into (1) the legislation relating to the banking facilities that can be used by VCS, (2) the present VCS disbursing procedures, (3) the Treasury Department reg- ulations relating to its disbursing facilities for Government agen- cies, and (4) pertinent records of the VCS Washington Field Office for the fiscal year 1968. From the information obtained during our review, we have reached the conclusion that VCS could improve the financial condition of the Government by maintaining the cash resources of its field offices with the Treasury Department rather than with commercial depositaries. In our opinion, this action would enable the Treasury Department to use funds not now available to it without impairing VCS's operations. The details of our review are presented below. PRESENT VCS DISBURSING PROCEDURES One way in which public borrowing can be reduced is by keeping the Government's cash resources on deposit with the Treasury Depart- ment so that until such resources are needed they can be produc- - tively used by the Treasury. Under the existing system, some VCS funds are kept in checking accounts in commercial banks and there- fore are not available to the Treasury. The financing of VCS operations is accomplished through a re- volving fund established pursuant to 38 U.S.C. 4204-4205. The law requires that VCS funds be deposited in a checking account with the Treasury Department except that the Administrator of Veterans Affairs

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