Examination of Financial Statements Bureau of Engraving and Printing Fund for Fiscal Years 1974 and 1975 Shows Need for Statutory Authority to Increase Capitalization
FOD-76-22: Published: Mar 7, 1977. Publicly Released: Mar 7, 1977.
- Full Report:
The Bureau of Engraving and Printing Fund finances the Bureau's operations and any surplus the Fund accrues during any fiscal year is paid into the Treasury's general fund as miscellaneous receipts. Agencies using the Bureau's services make payments at prices adequate to recover the cost of producing the requisitioned items. In fiscal year 1975, a surcharge was added to prices charged to customers in order to finance a machinery and equipment modernization program.
The Bureau cannot continue to levy the surcharge without specific statutory authority. The financial statements of the Fund present fairly its financial position at June 30, 1974 and 1975, in conformity with principles and standards prescribed by the Comptroller General, with the exception that the Fund's increased capitalization is not authorized.
Recommendation for Executive Action
Comments: Please call 202/512-6100 for additional information.
Recommendation: The Secretary of the Treasury should obtain legislative authority for the Bureau to borrow funds from the Treasury's general fund as the optimum approach to financing capital improvements.