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B-148581 1 (1971-02-05)

handle is hein.gao/gaobaafmk0001 and id is 1 raw text is: .7 7 /172i COMPTROLLER GENERAL OF THE UNITED STATES . .. ..WASHINGTON. D.C. 20548 LM096723 B-148581 j DOCUMiE T AVAI'ABL 1 FEB 5 1971 Dear Mr. Chairman: In further response to your letter of January 26, 1970, we are reporting on our review of the management of seled nnppropriated funds at Headquarters, U. S. A-.-,Ta7vy,Air Force, and Marine Corps. Our review was directed toward an evaluation of the systems of accounting and internal control and the adequacy of audits of the funds. We examined accounting and auditing reports and records, performed cash tests, analyzed financial statements, reviewed applicable regulations, and held discussions with officials responsible for each fund. Each military department has established nonappropriated funds at its headquarters to provide for services common to various types of command and installation nonappropriated fund activities. Our review included the following headquarters funds: (1) Army Central Welfare Fund and Army Central Mess Fund, (2) Navy Central Recreation Fund, (3) Air Force Central Welfare Fund and Air Force Central Mess Fund, (4) Marine Corps Central Recreation Fund and Marine Corps Mess Fund, and (5) the Army and Air Force Civilian Welfare Fund. At the time of our fieldwork, the combined income reported by the funds for their most recent fiscal years was $111 million. Combined assets at the end of the respective fiscal years totaled $140 million, of which $86 million was invested in Government securities. Financial statements prepared from data developed by personnel of the various funds are included as enclosures I through X for general information purposes only, since the scope of our work was not designed for the certification of financial statements. ALLOCATION OF EXCHANE PROFITS The principal source of revenue for welfare and recreation fund operations in the military departments is the profits generated by the exchange services. The amount of exchange profits distributed to the

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