About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

093571 1 (1974-01-02)

handle is hein.gao/gaobacxgc0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE REGIONAL OFFICE ~outL ROOM 403 U S CUSTOMHOUSE 610 SOUTH CANAL STREET (A3S CHICAGO, ILLINOIS 60607 JAN 2 1974 Mr. Donald L. Gillis, Director Minneapolis Commodity Office Agricultural Stabilization and Conservation Service U. S. Department of Agriculture 6400 France Avenue South Minneapolis, Minnesota 55435 Dear Mr. Gillis. We have completed our examination of the Commodity Credit Corporation financial records and reports at the Minneapolis Commodity Office (MPCO), Agricultural Stabilization and Conser- vation Service (ASCS), for fiscal year 1973. The examination was made pursuant to the Government Corporation Control Act (31 U S.C. 841). Our review disclosed no significant findings. We observed, however, one matter relating to the billing of contract price adjustments where we feel improvement is warranted. MPCO peri- odically sells dairy products for export to successful bidders on the basis of competitive offers submitted under the terms and conditions of announcement MP-23. If the buyer should fall to export the product, the announcement requires that at a minimum, the purchase price be adjusted upward by the difference between the contract price and the highest domestic market value that existed during the contract export period. During our review we noted two instances where butter buyers failed to export products in accordance with the terms of the con- tracts. Accordingly, MPCO issued additional billings to the two buyers. In preparing the billings, however, NPCO did not use the highest domestic maiket value for butter as reported in the De- partment of Agriculture's Dairy and Poultry Market News Instead, the billings were based on prices not fully indicative of market values telephoned to MPCO each week by the St. Paul representative of the Agricultural Marketing Service. If MPCO had used the highest domestic market value for butter as reported in the Dairy and Poultry Market News, its billings to the two buyers would have been higher by $9,674.30.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most