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089562 1 (1976-04-07)

handle is hein.gao/gaobacvpe0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE REGIONAL OFFICE FEDERAL BUILDING, 16TH FLOOR WEST 230 SOUTH DEARBORN STREET q V CHICAGO, ILLINOIs 60604 7 APR 1978 Mr. Julius Berman, Regional Representative Social Security Administration Bureau of Retirement and Survivors Insurance 165 North Canal Street, 14th Floor Chicago, Illinois 60606 Dear Mr. Berman: We recently surveyed cash management practices at several Federal agencies one of which was the Chicago Program Center of the Bureau of Retirement and Survivors Insurance. We wanted to determine whether collections are deposited promptly, as required by Title 7 of the GAO manual, a practice which would decrease the need for borrowing by the U. S. Treasury and reduce interest costs to the Government. The Chicago Program Center collects Medicare program premiums and refunds of overpayments under the Federal Old Age and Survivors Insurance program averaging about $115,000 daily. Collections however, are not processed until the second day following receipt. Your staff advised us that daily deposits could be accomplished with some changes in procedures. A concerted practice of daily deposit by Program Centers and other Federal agencies could help immensely to reduce the borrowing burden on the U. S. Treasury. We would appreciate being advised of the corrective actions you carried out. A copy of this report is being sent to the Acting Director, Bureau of Retirement and Survivors Insurance, Baltimore, Maryland, to consider what actions may be needed to promote prompt deposit of collections by all Program Centers.

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