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DOCUMENT RESUME
02313 - [A1993047] (Restricted)
(Financial Operations of the United States Railway Association].
Jujy 11, 1977. 4 pp.
Report to Donald C. Cole, Acting President and Chief Executive
Offic~er, United States Railway Associaticn; by Hugh J.
Wessinger, Associate Director, Community and Economic
Development Div.
Issue Area: Accounting and )Iinancial Reporting (2800).
Contact: Community and Economic Development Div.
Budget Function: Miscellaneous: Financial Management and
Information Syattaz tOOZI.
Authority: Government Corporation Control Act.
An audit of the financial statements of the United
States Railway Association (USRA) for the period July 1, 1975,
througL June 30, 1976, demonstrated that there were several
areas where the need for corrective action was indicated.
Findings/Conclusions: USRA had not reconciled its bank
statements regularly, nor followed up on checks outstanding for
an undue amount of time, nor stamped supporting documentation to
indicate that a payment had been made. These practices weaken
control over cash disbursements. The Comptroller advised that
additional personnel had been assigned to Us office so that
these problems could be corrected. A new cashier for the petty
cash fund has Len appointed, and a revised order on petty cash
procedures has been issued in order to prevent the recurrence of
petty cash fand activities deficiencies. Payment of traffic
fines by USRA is an unauthorized expenditure of appropriated
funds and should be discontinued. Tests of accounting records
revealed that many errors could have 'een avoided if accounts
were regularly reviewed. Routine analysis and closer supervision
would hell' to avoid the recurrence of many errors in the
accounting codes and amounts charged to incorrect accounts for
travel and representation expenses. Recommendations: USRA
should require that a statement of source and application of
funds be prepared at the end of each fiscal year in order to
assis management in evaluating the ways in which current
resources are used. (SC)](ViewImageLocal?handle=hein.gao/gaobacxpe0001&div=1&collection=&method=preview&ext=.png&size=3)