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114190 1 (1980-08-21)

handle is hein.gao/gaobacxto0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20548 IN REPLY REFER TO- COMMUNITY AND ECONOMIC DEVELOPMENT DIVISION Mr. Raymond Fontaine Assistant Administrator for Plans, Programs and Financial Management General Services Administration > / Dear Mr. Fontaine: On July 1, 1980, we issued a report to the Congress expressing our opinion on the fiscal year 1979 financial statements of the Pennsylvania Avenue Development Corpora- tion(PADC). The General Services Administration (GSA) provides necessary accounting services to PADC and produces the Corporation's statements. Although we reported that overall the financial statements were fairly presented, certain procedural problems needed attention in order to provide more accuracy to PADC's accounting records. In summary, we found that a cash reconciliation to the U.S. Treasury records had not been completed for fiscal year 1979. This resulted in PADC's cash balances being understa- ted by over $31.5 million because several transactions were not recorded in the accounting records. Further, we noted that a periodic analysis of accounts payable and receivable needs to be made to assure that these accounts do not contain invalid data. The Director of Finance at GSA agreed with our findings and told us that cash reconciliations and analyses of PADC payable and receivable accounts would be made. CASH TRANSACTIONS WERE NOT ENTERED INTO THE ACCOUNTING RECORDS Fiscal Year 1979 cash transactions of over $31.5 million were not recorded in the accounts until after the end of the fiscal year. One of the three PADC cash accounts, (Land Acqui- sition and Development Revolving Fund) had a negative balance of over $16.5 million at September 30, 1979 although the actual balance was about $71,000. GSA prepared a cash reconciliation with Treasury Department records that showed the following adjustments were necessary to correct the cash accounts. 114190

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