DOD Financial Management:
Improper Use of Foreign Currency Fluctuations Account
NSIAD-86-173: Published: Jul 11, 1986. Publicly Released: Aug 5, 1986.
Additional Materials:
- Full Report:
Contact:
In response to a congressional request, GAO: (1) reviewed the Department of Defense (DOD) Foreign Currency Fluctuations, Defense (FCFD) account; (2) analyzed the need and justifications for transactions involving FCFD; (3) determined the source and type of funds being transferred into FCFD; and (4) determined the impact of the Balanced Budget and Emergency Deficit Control Act of 1985 on FCFD.
GAO found that DOD: (1) used budgeting records rather than accounting records to report on its FCFD funds; (2) substituted funds from its operations and maintenance account for FCFD funds which had already been spent to cover currency fluctuations; (3) retained $659.7 million of funds that it should have returned to the Treasury; and (4) circumvented a congressionally imposed ceiling on FCFD. GAO also found that the act reduced FCFD by $64.7 million.
Nov 20, 2020
![defense icon, source: [West Covina, California] Progressive Management, 2008](https://www.gao.gov/images/rip/defense.jpg "defense icon, source: [West Covina, California] Progressive Management, 2008")
GAO Audits Involving DOD:
Status of Efforts to Schedule and Hold Timely Entrance ConferencesGAO-21-185R: Published: Nov 20, 2020. Publicly Released: Nov 20, 2020.
Nov 19, 2020
-
Defense Acquisitions:
Joint Cyber Warfighting Architecture Would Benefit from Defined Goals and GovernanceGAO-21-68: Published: Nov 19, 2020. Publicly Released: Nov 19, 2020. -
Defense Intelligence:
Comprehensive Plan Needed to Improve Stakeholder Engagement in the Development of New Military Intelligence SystemGAO-21-57: Published: Nov 19, 2020. Publicly Released: Nov 19, 2020. -
Defense Production Act:
Opportunities Exist to Increase Transparency and Identify Future Actions to Mitigate Medical Supply Chain Issues:GAO-21-108: Published: Nov 19, 2020. Publicly Released: Nov 19, 2020. -
Weapon System Sustainment:
Aircraft Mission Capable Rates Generally Did Not Meet Goals and Cost of Sustaining Selected Weapon Systems Varied WidelyGAO-21-101SP: Published: Nov 19, 2020. Publicly Released: Nov 19, 2020.
Nov 18, 2020
-
Military Personnel:
Perspectives on DOD's and the Military Services' Use of Borrowed Military PersonnelGAO-21-27R: Published: Nov 18, 2020. Publicly Released: Nov 18, 2020.
Nov 5, 2020
-
Arleigh Burke Class Destroyers:
Observations on the Navy's Hybrid Electric Drive ProgramGAO-21-79R: Published: Nov 5, 2020. Publicly Released: Nov 5, 2020. -
Defense Reform:
DOD Has Made Progress, but Needs to Further Refine and Formalize Its Reform EffortsGAO-21-74: Published: Nov 5, 2020. Publicly Released: Nov 5, 2020.
Oct 29, 2020
-
Navy Maintenance:
Navy Report Did Not Fully Address Causes of Delays or Results-Oriented ElementsGAO-21-66: Published: Oct 29, 2020. Publicly Released: Oct 29, 2020.
Oct 21, 2020
-
Missile Defense:
Observations on Ground-based Midcourse Defense Acquisition Challenges and Potential Contract Strategy ChangesGAO-21-135R: Published: Oct 21, 2020. Publicly Released: Oct 21, 2020.
Looking for more? Browse all our products here
Explore our Key Issues on National Defense
- Countering Overseas Threats
- Department of Energy's Contract Management for the National Nuclear Security Administration and Office of Environmental Management - High Risk Issue
- DOD Approach to Business Transformation - High Risk Issue
- DOD Contract Management - High Risk Issue
- DOD Supply Chain Management - High Risk Issue
- DOD Support Infrastructure Management - High Risk Issue
- DOD Weapon Systems Acquisition - High Risk Issue
- Energy Management in DOD Facilities
- Ensuring the Effective Protection of Technologies Critical to U.S. National Security Interests - High Risk Issue
- Government-wide Personnel Security Clearance Process – High-Risk Issue
- Leading Practices in Acquisition Management
- Military Force Sizing and Organization
- NASA Acquisitions - High Risk Issue
- Nuclear Nonproliferation
- Nuclear Waste Disposal
- Nuclear Weapons and Forces Sustainment and Modernization
- Unmanned Aircraft Systems
- U.S. Arctic Interests
- U.S. - China Economic and Military Relations
Explore our other Key Issues here
