Need for More Detailed Cost and Income Reporting for GSA's Public Buildings Operations
LCD-78-342: Published: Nov 20, 1978. Publicly Released: Nov 20, 1978.
- Full Report:
A survey of the financial management of the Federal Buildings Fund sought to determine if the accounting and financial reporting system for the Fund provides: (1) full disclosure of the financial results of operations; (2) adequate information needed for budgeting, management, and oversight of operations; and (3) effective control over the Fund's income, expenses, and property.
The financial information available on the General Services Administration's (GSA) public buildings operations is not adequate for good internal management or proper disclosure. GSA management should prepare at least annually a statement of income and expenses from all sources of funds for each of its major buildings and leases, with small buildings and leases grouped within appropriate management areas.
Recommendation for Executive Action
Comments: Please call 202/512-6100 for additional information.
Recommendation: The Office of Finance and the Public Buildings Service should develop the appropriate formats and computer programs for preparation of periodic income and cost reports for each of the GSA property units and for preparation of financial statements on the Fund's condition and operating results. They should also prepare the necessary clarifying instructions and training program to assure accurate identification of expenditures that should be capitalized.