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 7
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)