DOD's Management of the Asset Capitalization Program Needs Improvement
T-NSIAD-89-30: Published: May 12, 1989. Publicly Released: May 12, 1989.
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GAO discussed its review of the Department of Defense's (DOD) management of its Asset Capitalization Program (ACP). GAO found that: (1) although the program offered great potential for financing projects needed to modernize industrial fund activities' operations, some projects had not achieved benefits because of management weaknesses; (2) DOD provided either limited guidance or unclear and conflicting guidance on what program funds could purchase, resulting in a wide-range of projects, including some that appeared inconsistent with the program's intent; (3) even when DOD issued specific guidance, the activities did not always follow it; (4) the services had not adequately implemented program elements, including providing adequate management support, well-defined criteria for justifying, reviewing, and approving projects, and post-investment analysis; (5) the services lacked or failed to follow internal control procedures to accurately account for and protect capital equipment; (6) the increasing value of nondiscretionary purchases such as management information systems, coupled with funding reductions, restricted the activities' ability to buy needed plant equipment; (7) because the activities had to obligate program funds by the end of the budget execution year or lose them, some activities bought lower priority items that were readily available from commercial sources; and (8) the current means of reporting program purchases to Congress did not provide sufficient visibility over the use of program funds.
Nov 16, 2020
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Financial Audit:
Bureau of Consumer Financial Protection's FY 2020 and FY 2019 Financial StatementsGAO-21-174R: Published: Nov 16, 2020. Publicly Released: Nov 16, 2020. -
Financial Audit:
Federal Housing Finance Agency's FY 2020 and FY 2019 Financial StatementsGAO-21-201R: Published: Nov 16, 2020. Publicly Released: Nov 16, 2020. -
Financial Audit:
Securities and Exchange Commission's FY 2020 and FY 2019 Financial StatementsGAO-21-192R: Published: Nov 16, 2020. Publicly Released: Nov 16, 2020.
Nov 10, 2020
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Financial Audit:
IRS's FY 2020 and FY 2019 Financial StatementsGAO-21-162: Published: Nov 10, 2020. Publicly Released: Nov 10, 2020. -
Financial Audit:
Office of Financial Stability's (Troubled Asset Relief Program) FY 2020 and FY 2019 Financial StatementsGAO-21-173R: Published: Nov 10, 2020. Publicly Released: Nov 10, 2020.
Nov 9, 2020
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Financial Audit:
Bureau of the Fiscal Service's FY 2020 and FY 2019 Schedules of Federal DebtGAO-21-124: Published: Nov 9, 2020. Publicly Released: Nov 9, 2020.
Nov 6, 2020
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FY 2020 Excise Tax:
Agreed-Upon Procedures Related to Distributions to Trust FundsGAO-21-163R: Published: Nov 6, 2020. Publicly Released: Nov 6, 2020.
Oct 13, 2020
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DOD Financial Management:
Continued Efforts Needed to Correct Material Weaknesses Identified in Financial Statement AuditsGAO-21-157: Published: Oct 13, 2020. Publicly Released: Oct 13, 2020.
Sep 30, 2020
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Financial Management:
DOD Needs to Implement Comprehensive Plans to Improve Its Systems EnvironmentGAO-20-252: Published: Sep 30, 2020. Publicly Released: Sep 30, 2020.
Sep 9, 2020
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Defense Real Property:
DOD-Wide Strategy Needed to Address Control Issues and Improve Reliability of RecordsGAO-20-615: Published: Sep 9, 2020. Publicly Released: Sep 9, 2020.
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