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093213 1 (1971-03-04)

handle is hein.gao/gaobacxbk0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE REGIONAL OFFICE 3086 FEDERAL OFFICE BUILDING 909 FIRST AVENUE SEATTLE, WASHINGTON 98104 MAR 4 1971 Mr. Henry R. Richmond, Administrator Bonneville Power Administration P. 0. Box 3621 Portland, Oregon 97208 Dear Mr. Richmond: We have examined the Bonneville Power Administration (BPA) account- ing records and practices in connection with our annual financial audit of the Federal Columbia River Power System (FCRPS) for the fiscal year ended June 30, 1970. Our review, completed in November 1970, was directed toward determining the reasonableness and propriety of BPA's financial statements included in the fiscal year 1970 consolidated FCRPS financial statements. Our review included an evaluation of admini- strative procedures and controls and such tests of financial transactions as we considered necessary. We are pleased to report that we found administrative procedures and controle to be adequate. We are also pleasea to report that certain matters discussed in the following paragraphs were mutually-resolved as a result of discussions with your staff, except as noted. Financial Statement Adjustments Your staff adjusted the financial statements for the following matters disclosed by our audit. 1. The balance sheet line items Trust Funds and Trust Fund Advances were overstated by $1,429,000 due to inclusion of a sub-account twice. Adjustments were made to reduce the account balances. 2. The balance sheet line item Other Assets and Deferred Charges in- cluded $750,000 of expired contract option costs charged to the Celilo-Mead DC line, construction of which has been indefinitely deferred. After discussing these costs we agreed to write them off against Accumulated Net Revenues. 3. Other Assets and Deferred Charges was also overstated by $109,000 as a result of charging this account rather than the Transfers to Federal Agencies account with the cost of certain material and equipment transferred to Southwestern Power Administration. Appropriate adjustments were made. 50TH ANNIVERSARY 1921-1971

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