About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

B-171500 1 (1974-01-07)

handle is hein.gao/gaobabkwy0001 and id is 1 raw text is: 1, 0h vi tf;--COMPTROLLER GENL~kAI. OF -rH. UNi r P. STATEb ~ ~ ~etby the :... .. . ASII GraN. LU.C. 34 B-171500 RLAE RELEASED JAN 7 1974 The Honorable Adlai E. Stevenson, III United States Senate Dear Senator Stevenson: Your letter of January 31, 1973, requested us to audit the financial records of the Ascending Citizen's Development Company (ACDC)-- the economic development contractor of the Model Cities Program in East St. Louis, Illinois--and its related corporations and the Model Cities Program in East St. Louis to determine whether the program's resources had been mismanaged, mishandled, or misappropriated. The Department of Housing and Urban Development (HUD) administers the program at the national level. As agreed with your office on February 1, 1973, we began our work by reviewing the activities of ACDC and its related corporations, the results of which are discussed in this report. We plan to report to you at a later date on our review of the Model Cities Program in East St. Louis. We are unable to comment on the propriety of ACDC's financial activities because of inadequate documentation and our inability to obtain pertinent records and documents which we requested relative to ACDC's operations. We were not provided enough information to complete our review and render an opinion on ACDC's handling of Federal funds. We did note, however, that $100,000 in Model Cities funds advanced to ACDC for the Ascending Citizen's Investment Company (ACIC)--an ACDC corporation--to establish a loan program under the Small Business Admin- istration's (SBA) Minority Enterprise Small Business Investment Program (MESBIC) were not used for that purpose. We could not verify the pur- poses for which these funds were expended because of the lack of pertinent records. On September 13, 1973, we discussed this matter with city officials and officials of the City Demonstration Agency (CDA) of East St. Louis which is responsible for the administration of the Model Cities Program. -~-o~319

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most