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B-129718-O.M. 1 (1956-11-05)

handle is hein.gao/gaobadaig0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON 25, D. C. CIVIL ACCOUNTING AiND AUDITING DIVISION ygg Jga Dorra 1OV 5 1956 The Comptroller General During our audit of the Jacksonville Distriot, Corps of Engineers, for the fiscal year 1956, we noted that surcbarges, included in rental receipts derived from leases of Government..owned plant to qualified parties other than Federal agencies, were retained in the Corps' Revolving Fund, established under the Act of July 27, 1953, 10 U.S.C. 190b, instead of being covered into the Treasury as miscellaneous receipts. Surcharge receipts are retained in the Revolving Fund in accordance with prescribed procedure. Paragraph 7116.71 of the Orders and Regula- tiona, Corps of Engineers, provides that a surcharge of 25 percent be made in computing charges for rental of Government-owned plant to certain qualified parties. This Burcharge is required to be added to the esti. mated cost base-comprised of all elements of cost, including overhead, insurance, depreciation, and accrued leave.-established for the plant rented. Par. 207.8(o) of the Corpst Programming and Accounting Manual requires that all receipts applicable to the established cost base be credited to a corresponding cost account within the Revolving Fund, and that receipts applicable to the 25 percent surcharge be credited to a nonoperating income account of the Fund. During the fiscal years 1955 and 1956, the Jacksonville District rented the dredge Hyde to private parties for dredging operations in Venezuela and Puerto Rico under authority of the aot of August 5, 1947, (10 U.S.C. 1270) cited In both leases. Collections under the two leases totaled $16o,591, of which `118s282 was credited in the Revolving Fund as a recovery of coots incurred and $42,309, representing 25 percent surcharges, was credited to a nonoperating income account in the Fund. The Corpet practice of augmenting the Revolving Fund with collections applicable to rental surcharges has bee.n in existence since at least 1953. In our Report on Programming and Acounting Under the Nlew System Installed July 1, 1953, for the fiscal year 1954 transmitted to the Chief of Engineers (0.118634), we stated in connection therewith that, The 25 perdent surcharge iaposed on such loans is in addition to the revolving fund coets of making the loan and is not intended as a recovery of costj rather it is to azsure that the Corps does not compete with pr ivate enterprie oand ecomoended that collections Zrom this source

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