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LCD-77-416 1 (1977-02-28)

handle is hein.gao/gaobaacat0001 and id is 1 raw text is: DOCUMENT RESUBE 01123 - [&O89145J1 Initiatives to Improve Free Asset Hanagement. 1-183318; LCD-77-416. February 28, 1977. Released March 18, 1977. 11 pp. + appendices. Report to Rep. Melvin Price, Chairman$ Hoese Commttfe on Armed Services; by Robert F. Keller, Acting Comptroller General. Issue Area: Facilities and aterial anagement: Supply and aintenance Operations Reporting Systems (703). Contacts Logistics and Communications Div. Bufget Fanction: National Defense: Department of Defense - militas-r (zcept procurement $ contracts) (051). Organizatio, Comcerned: Department of Defense. Congressional Reevance: House Committee on Armed Services. The DepLrtment of Defense generates funds by selling equipenmt which iv not required to be replaced in the Departmentls inventory. Receipts from these sales are called free assets. The Dipartment of Defense has taken corrective actions to improve it management f : ee assets. Findings/Conclutionst A past GAO report identified weaknesses in reporting an4 managlag free assets. Since that time, the Department has established a definition of free assets to be used by all the services;; notified service branches of the new definition and required conformance with it; and established ths Security aisistance cauntiug Center to promote efficient -inancial management of the Foreign ilitary Sales Program. Vie objective of standardizing procedures could be better achieved if the Department and the service headquarters closely coordinated their work. The Army is doing a great deal to correct free asset management deficiencies noted in GAO's last report. Recommendations: In order to promote the uniform, Department-wide application of free asset criteria and to improve the accuracy of future free asset estimates, the Secretary of Defense should initiate closer coordination with the services to resolve problems in applying free asset criteria to complex aspects of equipment sales and develop more effective techniques for forecasting free asset funds that will accrue from a.uture foreign military sales. (Author/SC)

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