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FGMSD-76-45 1 (1976-07-02)

handle is hein.gao/gaobaabii0001 and id is 1 raw text is: COM'cP LL: C-, ,I O- TH, ' t L, A rz 7 08 ' ' I WAS Ii' T(- i- C C 2-', 2,-179700 ,* ,_ . The Honora'Cle The Secreta:y of Defense Dear Mr. Secretary: The Navy's method of r!c(rdinq and reportina financial data in succ-ssor accounts a'% related szrplus un acouns neea-s to Se improved. Each year the Navy systematically deooligates, without proper justification, millions of ecollars in obliga' ions re- corded in its Military Personnel and Operation and Ma4nte- nance appropriations -ucces3sor accounts. It also writes off large amount. in accounts receivable which were recorded in thcse accounts without d.?ter-ining ,7hethcr the accounts due were collectable. As a result, it d Is not have adeauate accounting cor trl over successor acu-u obligations and re- ceiLal . Further, its financia! rep,:ts do ncr accurately show (1) ohfiqaticns and/or liahi.litIer., it has incurred, (2) accounts receivable from other,, and (3) wi'hdrawais from appropriations and restorations to ,pr, _iationsfrom re- A lated s.iplus fund accounts. BACKGROUND St-:essor and related surplus fund accounts were estab- lished Government-wide in 19:-6. pursuant to Public Law 798, 84th Congress, 2d session (31 U.S.C. 70J-108). Under the provisicns of this la-w, the net balances of unpaid obliga- tions and accounts receivable appliceble to appropriations which have been expired for 2 years tor ooligation purposes are merged into a successor account , jh unpaid obligations and accounts rec.ivable of other previousiy expired appro- priations made f3r the same general purposes. Unoblicated amounts of expired approp,:Jations are re- ouired Lo be withdrawn from the ap:ropLiation to the Treas- ury. The Treasury maintains a record of these amounts in an account called the Surplus Fund. An appropriation's related surplus fund balance is merger with surpLus fund oalances of similar prior years' appror.-iations 2 years afcer the appro- priation exnires. The act authorizes the heals of acencies to restore funds to its successor accounts from surplus fund accounts if the amounts necessary to liquida: obligations applicable to the years coveted by the fund tixceed the bal- .ances in related successor accounts. BEST DOCUMENT AVAILABLE FGMSD-76-45 7 3 3 _ ___ -- -

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