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089564 1 (1976-04-07)

handle is hein.gao/gaobacvph0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE . . .....REGIONAL OFFICE FEDERAL BUILDING. 16TH FLOOR WEST 230 SOUTH DEARBORN STREET CHICAGO, ILLINOIS 60604 A PR 1978 Colonel Herbert B. Allen Commanding Officer Fort Sheridan, Illinois 60037 Dear Colonel Allen: We recently surveyed cash management practices at several Federal agencies one of which was the U. S. Army Finance and Accounting Office (F&AO), Fort Sheridan, Illinois. 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 F&AO at Fort Sheridan collects an average of over $1 million monthly. We could not determine the length of delays because the F&AO did not record when collections were received. However, F&AO staff advised us that processing of collections for deposit was delayed pending availability of staff time and some collections were held pending identification of accounting data. Army regulations require (1) daily deposit of collections and (2) deposit to the suspense account pending identification of accounting data. We were advised that action would be taken to comply with the Army regulations and that a log of remittances received should be established for better control. A concerted practice of daily deposit by Army Finance offices and other Federal agencies could help immensely to reduce the borrowing burden on the U. S. Treasury. We would appreciate being advised of corrective actions you carried out'. &:...

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