Auditing and Financial Management:
Report on Examination of Virgin Islands Corporation, Department of the Interior, Financial Statements, Fiscal Year 1965
B-114822, Mar 2, 1966
GAO examined the financial statements of the Virgin Islands Corporation for the fiscal year ended June 30, 1965 and reported the results of the examination as required by section 106 of the Government Corporation Control Act (31 U.S.C. 851).
Our report for fiscal year 1964 disclosed that the President of the Virgin Islands Corporation was planning to use funds aggregating about $257,000 at June 30, 1964, which had been derived from the management of certain properties on the island of St. Thomas for the Department of the Navy, to make extensive improvements and repairs to these properties. In view of the pending transfer to the Government of the Virgin Islands of these properties, which include that portion of the former Marine Corps Air Facility being used as a public airport, we recommended that the President of the Virgin Islands Corporation authorize only those expenditures of Federal funds required for normal operation and maintenance of the properties. The President of the Virgin Islands Corporation advised us that, other than emergency expenditures required to protect the traveling public, no further expenditures would be made with respect to these properties except for normal operation and maintenance. Written instructions to implement this policy were issued to the responsible Corporation operating officials.