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FGMSD-78-43 1 (1978-07-17)

handle is hein.gao/gaobaaxoz0001 and id is 1 raw text is: DOCUMtENT 32SPE 06512 - rB20070221 Army Commissary Accounting for Gains and Losses Needs ImprovementC. YGMSLD-78-43; E-1Q6875, July 17, 1578. ' pp. + 2 appendices (13 pp.). lieilort to the Conqress; by Elmer B. Staats, Comptroller General. Issue Area: Accounting and Financial Seporting 2800). Contact: Financial aad General Management Studies Div. Budqet Function: National Defense: Department ¢f Defense - hilitary (except procurement & contracts) (051); Miscellaneous: Fina:oial Management acd Information Systems (1002). Conqressional Relevance: Hou,,a Committee on Armed Services; Senate Committee cn Armed Services; Ccmgress. Authcrity: P.L. 93-437. P.L. 94-419. 31 U.S.C. 628. D(D Directive 7420.1. Army Belulaticn 735-11. Army Regulation 30-19. Army commissaries are financAd frcs approFriated funds, a revolving stock fund, and revenues from retail sales. Although by law merchandise must be sold at cocat, a surcharge may b, added to pay certain operating expenses. Moaey collected in excess of the amount required to reimkurse the stock fund for operatinq expenses is used for ccomissary construction and improvements. Except for inventory losses and changes in inventory levels, sales receipts shculd generally equal the cost of purchases paid from the stock fund. findings/Ccnclusions: From July 1974 through September 1976, the Army stcock fund absorbed $9.5 million in commissary lcss%.: from unidentifiable causes. These losses should be borne ky ,zommisiary customers. Also, discounts earned by the fund frcm Ftcmpt palment for purchases, which totaled $1.2 million for the first 9 months of 1977, should have been passed on to the commissary patrcms but were not. Recommendations: The Secretary of Defense should require the Secretary of the Army to revise procedures tc provide that the Army stock fund be reimbursed for all inventory losses resulting from identifiable causes teginning with fiscal year 1977; reimburse the Army stock fund for operating losses from unidentifiable causes which were absorbed at the time inventory accountability was transferred to the Troop Support Aqency; complete processing of reports of the survey which were initiated before the transfer of accountability; revise procedures to provide that all discounts earned by prompt payment be transferred to the surcharge trust .und; and establish a variance account to separately reccrd the difference between purchase prices and shelf prices. flutbor/SC)

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