oversight

Audit of the Financial Statements of the United States General Accounting Office Fiscal Year 1971

Published by the Government Accountability Office on 1971-11-12.

Below is a raw (and likely hideous) rendition of the original report. (PDF)

REPORT
R      TO THE
COMPTROLLER GENERAL
OF THE UNITED STATES




Audit Of The Financial Statements
Of The United States
General Accounting Office
Fiscal Year 1971




BY THE WASHINGTON REGIONAL OFFICE
FIELD OPERATIONS DIVISION
UNITED STA TES
GENERAL ACCOUNTING OFFICE

                                NOV 1 2 1971
            UNITED STATES GENERAL ACCOUNTING OFFICE
                   WASHINGTON REGIONAL OFFICE
                            FIFTH FLOOR
                       803 WEST BROAD STRZET
                    FALLS CHURCH, VIRGIN!A    22046




Dear Mr. Staats:

     We have made an audit of the financial statements and accounts
of the U.S. General Accounting Office, Washington, D.C., for the
fiscal year ended June 30, 1971. Our audit was made in accordance
with generally accepted auditing standards, and accordingly included
such tests of the accounting records and such other auditing proce-
dures as we considered necessary in the circumstances.

     As in prior years, the financial statements of the General
Accounting Office involve the status of appropriation accounts only
and do not show the cash on hand, receivables, and the transactions
resulting from the collection activities of the Claims and Transpor-
tation Divisions. Funds collected by these Divisions are either
deposited with the Treasury Department as miscellaneous receipts
or made available for the use of the governmental agencies whose
activities gave rise to the claims. Also, with minor exceptions,
the statements do not include costs relating to occupancy of office
space by the General Accounting Office. These costs, which include
rent, depreciation, utilities, and ordinary repairs and maintenance,
are borne by the General Services Administration. For fiscal year
1970, the most recent year for which information was available,
these costs totaled $817,577.

     In our opinion, the accompanying financial statements, schedules
1 through 4, present fairly the financial position of the appropria-
tion accounts of the General Accounting Office at June 30, 1971, and
the income and expenses and sources and applications of funds during
the year then ended, in accordance with principles and standards of
accounting prescribed by the Comptroller General of the United States,
applied on a basis consistent with that of the preceding year.

                                              Sincerely yours,



                                             H. L. Krieger
                                             Regional Manager



The Honorable Elmer B. Staats
Comptroller General
  of the United States




                    50TH ANNIVERSARY         1921 - 1971
FINANCIAL STATEMENTS




           2
                                                                   SCHEDULE 1


                      U.S. GENERAL ACCOUNTING OFFICE

          STATEMENT OF ASSETS, LIABILITIES, AND INVESITENT

                               JUNE 30, 1971


                                  ASSETS

Funds in U.S. Treasury:
    Appropriated funds                                $4,108,889
    Deposit funds                                        800,796   $4,909,685

Cash on hand and in transit                                               213

Employees' travel advances                                            435,569

Accounts receivable                                                    97,584

Inventories of supplies                                                94,871

Furniture, fixtures, and equipment                     2,925,807
    Less: Accumulated depreciation                     1,580,349    1,345,458

Legal library books                                                   144,000

Prepaid expenses                                                       18,611

        Total assets                                               $7,045,991

                         LIABILITIES AND INVESTMENT

Accounts payable                                                   $2,607,132

Accrued liabilities                                                 1,285,964

Funds held for others, principally employees'
  tax and other payroll deductions                                    800,796

Liability for accrued annual leave of
  employees                                           $5,832,898
    Less: Amount to be financed by future
      appropriations                                   5,832,898

       Total liabilities                                            4,693,892

Investment of U.S. Government (schedule 2)                          2,352,099

       Total liabilities and investment                            $7,045,991


                                      3
                                                                        SCHEDULE 2


                        U.S. GENERAL ACCOUNTING OFFICE

       SUDLMARY OF CHANGES IN INVESTMENT OF UNITED STATES GOVEPRNMIENT

                        FISCAL YEAR ENDED JUNE 30, 1971

Balance, June 1, 1970                                                   $ 1,639,570

Add:

       Legal library books (not previously
         included in investment of U.S.
         Government)                                   $      144,000

       Appropriation for salaries and expenses,
         1971                                              79,987,364

       Reimbursements                                         131,187    80,262,551

           Total                                                         81,902,121

Deduct:

       Operating expenses, 1971 (schedule 3)               79,753,637

       Less:   Amount of   annual leave earned by
               employees   and included in operating
               expenses,   which will be financed
               by future   appropriations                    -474,999

       Unobligated balance of 1971 appropriation
         lapsed                                               156,451

       Funds returned to Treasury because obliga-
         tions for prior year orders exceeded
         cost or were recovered                               114,933    79,550,022

           Balance, June 30, 1971                                       $ 2,352,O99

Composition of balances:

       Investment in:                                  July 1, 1970     June 30, 1971

           Inventories of supplies                     $      64,010    $      94,871
           Furniture, fixtures, and equipment              1,164,920        1,345,458
           Legal library books                                 -              144,000

   Funds reserved for payment of unfilled
     orders                                                   4_10640       _767770


          Total                                        $_1,639,570      $_2,352,099

                                        4
                     U.S. GENERAL ACCOUNTING OFFICE

      SUMTMARY OF OPERATING EXPENSES FOR THE FISCAL YEAR ENDED

                               JUNE 30, 1971



                                                             Total

Office of the Comptroller General                       $   791,013
Office of the General Counsel                             3,430,287
Office of Administrative Services                         2,334,181
Office of Personnel Management                              978,230
Office of Policy and Special Studies                      2,585,065
Civil Division                                           11,771,694
Defense Division                                          6,350,016
International Division:
    Washington, D.C.                                      2,978,614
    European Branch                                       1,817,750
    Far East Branch                                       2,067,357
Field Operations Division                                33,684,711
Claims Division                                           1,706,192
Transportation Division                                   8,669,302
Data Processing Center                                      589,225

    Total                                               $79,753,637

Reconciliation of accrued expenditures
  for year with total expenses:

    Accrued expenditures                                $79,490,037

    Add:
           Increase in accrued annual leave
             liability                                       474,999
           Depreciation of furniture, fixtures,
             and equipment                                   178,503

    Deduct:
        Purchase of furniture, fixtures,
          and equipment                                     -359,040
        Increase in inventory of supplies                    -30,862

               Operating expenses                       $79,753,637




                                      5
                                                     SCHEDULE 3




                     Employee
     Salaries        benefits             Travel         Other

$      689,812   $      53,907       $      19,477   $    27,817
     3,034,247         243,639              14,077       138,324
     1,758,585         221,906              14,290       339,400
       785,169          53,677              47,491        91,893
     2,187,015         188,362              58,747       150,941
    10,316,715         847,108             311,357       296,514
     5,543,274         450,670             185,951       170,121

     2,508,219         209,057             181,999        79,339
     1,093,380         143,069             224,318       356,983
     1,299,621         227,127             320,163       220,446
    27,107,846       2,243,716           3,588,393       744,756
     1,538,829         124,348               1,546        41,469
     7,767,242         635,055              28,076       238,929
       390,358          31,533                 901       166,433

$66,020,312      $5,673,174          $4,996,786      $3,063,365




                                 6
                                                                     SCHEDULE 4


                      U.S. GENERAL ACCOUNTING OFFICE

                SUILi.ARY OF SOURCES AtID APPLICATION OF FUNDS

                      FISCAL YEAR ENDED JUNE 30, 1971


Sources of funds:
    Appropriation for salaries and expenses, 1971                    $79,987,364
    Reimbursements                                                       131,187
    Funds carried over from preceding year to pay
      for orders placed in that year but filled
      in the current year                                                410,640
    Receipts for audit services                                          388,602
    Other receipts                                                        53,486

            Total                                                    $80,971,279

Application of funds:
    Accrued expenditures:
        Expenses                                       $79,130,997
        Purchase of furniture, fixtures, and
          equipment                                        359,040   $79,490,037
    Funds reserved at the yearend for payment
      of unfilled orders                                                 767,770
    Unobligated balance of 1971 appropriation
      lapsed                                                             156,451
    Funds returned to Treasury because obliga-
      tions for prior year orders exceeded cost
      or were recovered                                                  114,933
    Receipts deposited in U.S. Treasury                                  442,088

            Total                                                    $80,971,279




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