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AFMD-81-2 1 (1980-11-21)

handle is hein.gao/gaobabbgb0001 and id is 1 raw text is: 



BY THE COMRi,IOLLER GENERAL



Report To The Congress

OF THE UNITED STATES


Millions In Stock Funds Mismanaged

At Defense Personnel Support Center





The EOefense Personnel Support Center, a major
Department of Defense supply center, lost con-
trol of hundreds of millions of dollars in stock
fundf The Center made adjustments of about
$566imillion in an attempt to correct its finan-
cial rocords but the validity of most of these
adjus ments could not be determined because
of in dequate documentation.


F isca
as cc
Defei
ledge
certil


1 1978 and 1979 accounts were certified
rrect by officials at the Center and the
ise Logistics Agency despite their know-
of the Center's financial problems. These
ications may have violated the law.


110    III
113830


The Oenter's funds control problems occured
becaose its accounting systems were ineffec-
tive. GAO recommends that Defense develop
an overall plan for resolving the Center's prob-
lems and take other measures to strengthen
financial operations.


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       AFMD-81-2
NOVEMBER 21, 1980


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