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088947 1 (1970-12-17)

handle is hein.gao/gaobacuxj0001 and id is 1 raw text is: aC UNITED STATES GENERAL ACCOUNTING OFFICE REGIONAL OFFICE 7014 FEoERAL BUILIN. 1961 aor SaRmer 1 7 DaNvER, COLoRAO 80202 2. JUN 14 19y ?fr. N. 0. Frederick Regional.Oil and Gas Supervisor Southern Rocky Mountain Re-,ion U. S. Geological Survey itoswell, Iew Mexico 88201 -vSe Dear Mr. Frederick: We have completed our review at the Regional Office of the Southern Rocky Mountain Region regarding the time that has elapsed between the earning of revenue from oil and gas Iggs and its s C 0 being recorded and reported to the Bureau of Land Management (BLM). The review at the Region was part of a study conducted at selected departments and agencies to determine if they were reporting accruals in accordance with the concepts of the Office of Management and Budget Bulletin No. 68-10, as amended by the letter from the Director, Office of Management and Budget, dated April 13, 1970, and Treasury Fiscal Requirements Manual (TFRM) Transmittal Letters Number 18, 36, 46, D and 49. The data gathered was primarily for the information of the Steering Committee of the President's Commission on Budget Concepts. We reviewed regulations and records and interviewed Regional personnel. cc - We believe that in.numerous cases a significant amount of time' has elapsed between the earning of revenue from oil and gas leases and its being recorded and reported to the BLM. During our review BLM and Geological Survey took steps to improve the timeliness of recording and reporting of accounts receivable and cash collections, but these changes were made subsequent to the time that we conducted our tests to determine elapsed time. On December 17, 1970, our Office of Policy and Special Studies reported to the Director, U. S. Geological Survey, that under existing procedures at the Region oil royalty revenues will be reported to BLM by the end of the month following the month of production and gas royalty revenues will generally be reported by the end of the second month after the month of production. A copy of the letter is enclosed. In addition to what is described in the above general statements, we believe that uiider existing proced.xes there will be several cases for each production month where oil royalty revenues are not reported 50 TH ANNIVERSARY 1921 - 1971 -

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