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HRD-83-55 1 (1983-05-20)

handle is hein.gao/gaobabmzj0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE i 1 I WASHINGTON, D.C. 20548 HUMAN RESOURCSEW~E t4ot to be released sol pCiI appr91i DI, oo,.t a n th e b a s t AcCOunti og office e fc lR B-211715 t#W ltftcel., MAV 20, 1983 RELEASED The Honorable Bill McCollum House of Representatives 121491 Dear Mr. McCollum: Subject: Community Agencies Aiding the Poor in 'Sanford, Florida: Results of Federal Audits ,and Investigations (GAO/HRD-83-55) Your December 22, 1982, letter requested that we provide you with a summary of audit and investigation findings related to the (1) Seminole Employment Economic Development Corporation (SEEDCO)--a community development corporation formed in June 1970 to create, through various business ventures, economic development and jobs for disadvantaged and unemployed residents of Sanford, Florida; (2) Sanford Housing Authority--a local public housing authority established in 1941 to provide low- income residents with decent shelter at affordable rents; and (3) Seminole Community Action, Inc.--a private nonstock organi- zation formed in 1965 to administer a variety of nutrition, education, and social services programs for the poor in Seminole County, Florida. On December 14, 1982, we briefed you on the results of our review of audit and investigation reports and discussions with Federal and State officials. Specifically: --Federal and State officials have addressed and responded to the most significant audit and investigation find- ings and have taken or planned actions to resolve most problems. --SEEDCO had been unable to develop profitable businesses due to recurring internal management problems. Federal agencies were trying to recover $200,000 from SEEDCO ventures so as to restore a SEEDCO grant made for small business development and to recover $125,000 of an un- spent grant for support of a local credit union. Also, SEEDCO recently defaulted on a $2.6 million Rural Devel- opment Loan, about $600,000 of which was used to fund an unsuccessful amphibious aircraft business venture. (104153)

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