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RED-75-335 1 (1975-03-06)

handle is hein.gao/gaobabkxp0001 and id is 1 raw text is: J7 COMPTROLLER GENERAL OF TVE UNITED STATES WASHINGTON, D.C. 20548 B-125032 !. : l l The Honorable The Secretary of the Inter ior R ' )EDLM090417 Dear Mr. Secretary: We have examined the Statement of Assets and Liabilities of the Southeastern Federal Power Program (see note 1 to the financial state- ments) as of June 30, 1974, and the related Statements of Revenues and Expenses and of Changes in Financial Position for fiscal year 1974. We made our examination in accordance with generally accepted auditing standards and included tests of the accounting records of the Corps of Engineers and the Southeastern Power Administration and such other auditing procedures as we considered necessary in the circumstances. We did not confirm accounts receivable; however, we did satisfy our- selves as to the fairness of accounts receivable at June 30, 1974, by other auditing procedures. The accompanying financial statements were prepared on an accrued cost-accounting basis which included depreciation. The statements do not present the financial results on a basis designed to show whether power rates are adequate to repay the Federal investment in the program, either for the fiscal year or cumulatively. In our opinion the accompanying financial statements (exhibits 1, 2, and 3), subject to the financial effects of future adjustments re- lated to the adoption of firm cost allocations, as explained in note 6, present fairly the financial position of the program at June 30, 1974, the financial results of its power operations, and the changes in finan- cial position for the year then ended, in conformity with accounting principles and stanrards prescribed by the Comptroller General of the United States. We are sending copies of this report to the Director, Office of Management and Budget; the Chairman, Federal Power Commission; the Administrator, Southeastern Power Administration; the Secretary of the Army; and the Chief of Engineers. Sincerely yours, Comptroller General of the United States Enclosures - 4 ........... RED-75-335 :),l 1116r W , 10M 11111110111 I m m m nn 11111111111111:11:1

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