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089075 1 (1977-03-09)

handle is hein.gao/gaobacvcb0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE OV 0F / REGIONAL OFFICE ROOM 201 415 FIRST AVENUE NORTH SEArsLE, WAsHiNGToN 98109 Mr Donald P Hodel, Administrator Bonneville Power Administration i P.O. Box 3621 Portland, Oregon 97208 Dear Mr Hodel We have completed our audit of the Federal Columbia River Power System (FCRPS) financial statements for the fiscal year ended June 30, 1976. Our review included an examination of the Bonneville Power Administration (BPA) accounting records and procedures as a basis for evaluating the reasonableness and propriety of BPA's financial statements. We are pleased to report that the financial procedures and controls are generally satisfactory Although we discussed and resolved a number of matters with your staff during our review, we would like to bring the following items to your attention RETURNABLE REELS When BPA purchases wire for transmission lines, a deposit is made for the reels on which the wire is wound The deposit, refunded to EPA if the reels are returned within the time stipulated in the purchase agreement, is recorded in the Returnable Reel account Our letter to the Administrator dated January 23, 1976, stated our concurrence with a recommendation made by the Office of Audit and Investigation that BPA reduce its Returnable Reel account balance by establishing an appropriate account for those reels that are no longer returnable for refunds The Returnable Reel account at June 30, 1976, included about $282,000 of forfeited deposits A BPA memorandum dated August 20, 1976, revised the accounting procedures for nonreturnable reels for fiscal year 1976 and subsequent fiscal years to identify those deposits that have been forfeited We agree with these revisions and believe that proper accounting of nonreturnable reels will now be achieved Q37O70

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