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B-114818 1 (1973-01-04)

handle is hein.gao/gaobaaexy0001 and id is 1 raw text is: COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON, D.C. 20548 B- 114818 To the President of the Senate and the Speaker of the House of Representatives The General Accounting Office has examined the financial state- ments of the Veterans Canteen Service, Veterans Administration, for fiscal year 1972. Our examination, required by the act of September 2, 1958, (38 U.S.C. 4207) was made in accordance with generally accepted auditing standards and included tests of the accounting records and such other auditing procedures as we considered necessary. In our opinion, the accompanying financial statements present fairly the financial position of the Veterans Canteen Service at June 30, 1972, and the results of its operations and the sources and application of its funds for the year then ended, in conformity with generally ac- cepted accounting principles applied on a basis consistent with that of the preceding year and with applicable Federal laws. The act of August 7, 1946, which authorized the establishment of the Veterans Canteen Service, provided for funds to be appropriated from the U.S. Treasury and deposited in a revolving fund in such amounts as were needed to finance the establishment, maintenance, and operation of the Service. During fiscal years 1947 and 1948, $4,965,000 was appropriated from the Treasury. No additional funds have been appropriated. The authorizing legislation provides that any balance in the re- volving fund at the close of the fiscal year in excess of the estimated requirements for the ensuing fiscal year be deposited into the Treasury as miscellaneous receipts. In fiscal year 1950 the Service began re- turning such excess funds to the Treasury and has continued this prac- tice periodically. The excess funds returned to the Treasury amount to about $12 million, and the last transfer was made in fiscal year 1969. The Service has estimated that no excess funds will be available for transfer to the Treasury during fiscal year 1973.

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