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.

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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.

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