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089312 1 (1971-04-02)

handle is hein.gao/gaobacvgc0001 and id is 1 raw text is: oYi bKI IN REPLY REFER 39005 UNITED STATES GENERAL ACCOUNTING OFFICE REGIONAL OFFICE 143 FEDERAL OFFICE BUILDING, 50 FULTON STREET SAN FRANCISCO, CALIFORNIA 94102 APR 2 19: Dr. Hans Mark, Director Ames Research Center National Aeronautics and Space Administration F Moffett Field, California 94035 Dear Dr. Mark: LMD89312 71 We have completed our audit for-the-settlement& of accounts of accountable officers at Ames Research Center) This examina- tion was made in accordance with the Budget and Accounting Act of 1.921 (31 U.S.C. 53) and the Accounting and Auditing Act of 1950 (31 U.S.C. 65(d) and 67(a)). Our audit included a review of accounting procedures and related internal controls over the accounting for receipts and disbursements as related to the responsibilities of the certi- fying officers. Compliance with procedures was determined by making such tests of disbursements and collections of public funds as were considered necessary.for various types of transac- tions. During our audit we noted the following items which we believe are within your area of responsibility for corrective action: NEED TO RECOGNIZE THE CAPITAL BUILD-UP RESUTING_ FROM RENEAG PAYMENTS UTDR A LEASE-PURCHASE AGRE.EMENT On July 1, 1967, Ames Research Center renewed its agreement with IBM (through GSA contract GS-OOS-67189) to lease certain ADP equipment worth $1,479,250. This contract was written as a lease- purchase agreement, whereby a certain percentage of all rental payments was to be applied to the price of the equipment when and if the purchase option was exercised. Ames exercised its option and purchased most of the equip- ment -effective July 2, 1969. Our review of the contract files and accounting records showed however, that the amount capitalized in account 1563 (equipment) was the cash purchase price only ($763,865), and excluded credits of $715,385 from prior rental payments. ~f di' ~ ~IiiiiiipiiipIIIIP~ DI - - --. A I~M(ElC7 4 Ill 1111

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