Stockpile Fund

AIMD-95-35R: Published: Dec 16, 1994. Publicly Released: Dec 16, 1994.

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Pursuant to a congressional request, GAO reviewed the propriety of the National Defense Stockpile Transaction Fund's accounting for recent noncash transactions, focusing on whether the Fund: (1) reasonably reported its cash and obligated balances; and (2) used its $215.8-million appropriation as required. GAO noted that: (1) noncash transactions were not separately identified or disclosed in the Fund's 1993 financial statements or in its annual report to Congress; (2) the misclassification of noncash transactions resulted in unobligated fund balances of $113.6 million; (3) the Fund's unaudited financial statements for 1993 did not adequately reflect its net position; (4) the Fund's invested capital balance was overstated by $181.8 million because it included unobligated appropriations and undelivered cash and noncash orders that should have been disclosed separately; (5) the Fund has attempted to correct its reporting problems for its fiscal year 1994 financial statement report; (6) it was unable to assess the reasonableness of the Fund's balances and corrective actions as of September 30, 1994, because the statements were under year-end review; (7) it could not determine whether the Fund was in compliance with its legislated spending requirements because Fund officials did not adequately document transactions and expenditures; and (8) Fund officials have agreed to maintain transaction information in the future.

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