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AIMD-95-35R 1 (1994-12-16)

handle is hein.gao/gaobacksg0001 and id is 1 raw text is: GAO United States General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-258750 December 16, 1994 The Honorable Earl Hutto Chairman, Subcommittee on Readiness Committee on Armed Services House of Representatives Dear Mr. Chairman: This letter responds to your request that we examine several issues regarding the National Defense Stockpile Transaction Fund. The National Defense Stockpile was established to maintain an inventory of essential commodities necessary for military, industrial, and civilian needs and to decrease reliance on foreign sources of supply in times of national emergency. In addition to the cash purchase of commodities, the Strategic and Critical Materials Stock Piling Act encourages the acquisition of commodities by noncash barter or exchange.' The Fund is also authorized by annual National Defense Authorization Acts to transfer certain amounts of funds to Department of Defense (DOD) operations and maintenance (O&M) accounts. You requested that we review the propriety of the Fund's accounting for recent noncash transactions2 and the reasonableness of the Fund's reported cash and obligated balances. You also asked us to assess whether the Fund had used $215.8 million of appropriations made to the Fund prior to January 1, 1985, as directed by section 518 of Public Law 100-440, enacted September 22, 1988. 150 U.S.C. 98e(c)(2). 2Noncash transactions include (1) the exthange of like material, such as the rotation of quantities of old rubber for new rubber, (2) payment-in-kind, such as trading larger quantities of raw materials for smaller quantities of finished materials, or (3) payments in commodities, such as the delivery by contractors of needed materials with payment in stockpile commodities determined to be excess. GAO/AIMD-95-35R Stockpile Fund

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