Financial Management:

DOD's Efforts to Improve Operations of the Defense Business Operations Fund

T-AIMD/NSIAD-94-146: Published: Mar 24, 1994. Publicly Released: Mar 24, 1994.

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GAO discussed the Department of Defense's (DOD) management of the Defense Business Operation Fund. GAO noted that: (1) although DOD believes it has made significant progress in improving Fund operations, many of the scheduled policies, procedures, and systems have not been implemented; (2) DOD needs to implement fund policies, upgrade its accounting systems, and improve the accuracy of financial reports so that it can identify the total cost of operations and provide managers with sufficient information to reduce costs; (3) DOD plans to recover the costs of the Fund's operations by increasing customer charges and customers' budget requests; (4) although DOD plans to adjust its pricing policy to recover prior year losses, it could distort the Fund's annual operational costs; (5) DOD management and Congress do not have accurate financial data to sufficiently monitor the execution of the capital asset program; (6) DOD needs to strengthen its financial reporting and provide strong leadership and periodic assessments to improve the Fund's financial operations; and (7) DOD may need to appoint a fund director to oversee the Fund and implement the improvement plan.

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