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114893 1 (1981-03-12)

handle is hein.gao/gaobacxtq0001 and id is 1 raw text is: - I --At, ~ - ~-.-~-j, -~ C 7~ ~ V, 1 2 1C31 Mr. Edward Hews Acting Executive Vice President Commodity Credit Corporation U.S. Department of Agriculture 114893 Dear Mr. Hews: Our current/ eview of thre financial statements of 40M Commodity Credit Corporation has disclosed the need for more timely deposits of cash by The Corporation. The Corporation determines its cash requirements on a daily basis and, on the basis of these determinations, either borrows from or repays the Treasury. If cash receipts exceed disbursements by more than a million dollars, the balance over a million is repaid to Treasury in even million dollar increments. Delays in depositing cash receipts can result in unnecessary interest expense to the Corporation. We found delays of 1 to 6 days in the deposit of FY 1980 remittances that caused the Corpora- tion to incur approximately $472,000 of unnecessary interest on its borrowings from Treasury (see attachment). Procedures Inhibit Promnt Cash DeDosits Our review of the Agricultural Stabilization and Conser- vation Service (ASCS) Mail Room and Claims and Collections Branch cash receipt procedures disclosed several weaknesses that prevent prompt cash deposits. These weaknesses include: --requiring the deposit of all remittances with the designated depository the morning of the next business day following the day of receipt, --having cash receipts delivered to the designated depositories between the hours of 11:00 a.m. and 12:00 p.m., although deposits may be credited up to 2:00 p.m., It C/~/ / (' /(,e/K' / UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20548 COMMUNITY AND ECONOMIC DEVELOPMENT DIVISION

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