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FGMSD-80-47 1 (1980-06-03)

handle is hein.gao/gaobabaqh0001 and id is 1 raw text is: RELEASED RESTRiCTKD - Not to be released outside the Genrl I 113 Accounting Office except on the basis of specific approvw4 BY THE COMPTROLLER GENERAL Report To The Chairman, Committee On Appropriations House Of Representatives L1112513 OF THE UN TED STATES Correct Balance Of Defense's Foreign -Military Sales Trust Fund Unknown The Department of Defense does not have ad- equate control over foreign military sales accounting. As a result, it could not provide foreign governments with an accurate account- ing for their funds deposited in trust accounts. Also, Defense could not determine the amount of money available for purchases of military goods and services by these countries. By comparing September 30, 1979, balances, GAO found that cash balances on trust fund records differed from balances on detailed sales case accounting records for all foreign military sales customers. In total, trust fund accounts differed by $1.5 billion from the de- tailed records of sales cases. This problem has continued because Defense has not made a con- certed effort to determine why trust fund ac- count balances did not agree with detailed ac- counting records. This report examines the reasons for these dif- ferences, recommends corrective action that can be taken quickly and reiterates the need for Defense to centralize accounting and disburs- ing functions. 112513 62cv5(7 FGMSD-80-47 JUNE 3, 1980

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