Correct Balance of Navy's Foreign Military Sales Trust Fund Unknown
FGMSD-79-2
Published: Nov 15, 1978. Publicly Released: Nov 15, 1978.
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Highlights
The Navy's foreign military sales (FMS) trust fund account is used to hold and account for cash collected from foreign countries until it is disbursed. The Department of the Treasury maintains trust fund records, but balances on those records result from data reported to it by the services. Cash collections and disbursements are accounted for in detailed sales case accounting records which are maintained by the Defense Department's Security Assistance Accounting Center. The Center is also responsible for managing the trust fund.
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Topics
Accounting errorsFederal agency accounting systemsFinancial managementForeign currency accounts (Treasury)Foreign military salesRecords managementTrust fundsMilitary forcesAccounting recordsCash collections