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093034 1 (1971-02-05)

handle is hein.gao/gaobacwxl0001 and id is 1 raw text is: -~ 03 80 34- ONITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20548 CIVIL DIVISION FEB 5 1971 LM093034 Dear Mr. Postmaster General: During our review of certain aspects of philatelic stamp activities, we noted that the Post Office Department does not have adequate accounting controls to safeguard philatelic stamp material. This material consists of such items as postage stamps, die proofs (cards showing the first im- pression made by the metal engraving of stamps prepared for the Postmaster General's approval), and artistsO designs of stamps. Since this stamp material is not available for sale, an accurate market' value cannot be ascertained. However, we were informed that the estimated philatelic value of postage stamps on hand is about $5 million and that the stamp material is irreplaceable and has historical significance. Accordingly, we believe there is a need for establishing adequate accounting records and controls to safeguard this valuable philatelic stamp material. Our findings and recommendations are discussed in more detail in the following sections. NEED TO IMPROVE ACCOUNTING BEST DOCUMENT AVAILABLE CONTROLSAVIBL The Division of Philately (Division), Office of the Deputy Special Assistant for Philatelic Affairs and Special Projects, is responsible for matters relating to philately, including new stamp sales, first-day ceremonies for new stamp issues, and processing of suggestions for new stamps. The Division is also responsible for the Philatelic Exhibition Room (Exhibition Room), where foreign and domestic stamps are displayed. Philatelic stamp material is received by the Accountable Paper Branch, Office of Procurement, Bureau of Fadilities, from the Bureau of Engraving and Printing, Department of the Treasury. The Accountable Paper Branch transmits the philatelic stamp material to the Division. The Accountable Paper Branch does not maintain inventory records for philatelic stamp material received from the Bureau of Engraving and Print- ing. However, when stamp material is transferred from the Accountable Paper Branch to the Division, shipping documents are maintained by the Division and the Accountable Paper Branch to show the transfer of stamp material. We selected 125 items of stamp material for review that the Division had received during calendar year '11969 from the Accountable Paper Branch #at hiq

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