oversight

Examination of Financial Statements--U.S. Government Printing Office, Fiscal Year 1970

Published by the Government Accountability Office on 1971-02-26.

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

     REPORT TO THE CONGRESS

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     Examination Of Financial Statements
     U.S. Government Printing Office
     Fiscal Year 19708.174829




‘4
     BY THE COMPTROLLER GENERAL
     OF THE UNITED STATES
                       COMPTROLLER     GENERAL      OF      THE   UNITED   STATES
                                     WASHINGTON.     D.C.     20548




       B- 114829




       To the President   of the Senate and the
c/lJ   Speaker  of the House of Representatives

                This    is our report    on the examination          of financial
       statements        of the Government        Printing     Office for fiscal
       year 1970.        Our examination       was made pursuant           to the
       Legislative-       Judiciary   Appropriation        Act, 1954 (44 U.S.C.
       309).

                 Copies of this report     are being sent to the Director,
       Office of Management         and Budget; the Joint Committee        on
       Printing;     and the Public    Printer.




                                                   Comptroller             General
                                                   of the United           States




                              50TH ANNIVERSARY                    1921- 1971
  COMPTROLLERGENERAL'S                      EXAMINATION OF FINANCIAL STATEMENTS
* REPORTTO THE CONGRESS                     GOVERNMENTPRINTING OFFICE,
                                                                           m
                                        )   FISCAL YEAR 1970 B-114829


 DIGEST
 _--m-v

 WHYTHE EXAMINATIONWASMA.DE
        The Legislative-Judiciary       Appropriation     Act, 1954, requires   the Camp
        troller  General to audit      annually    the activities   of the Government
        Printing   Office     (GPO).


 FINDINGS AND CONCLUSI'ONS
        The General Accounting       Office   (GAO) is of the opinion that the accom-
        panying financial      statements   of the GPO present fairly     its financia'l
        position   at June 30, 1970, and the results        of its operations     and the
        sources and application       of its funds for the year then ended, in con-
        formity   with principles     and standards   of accounting   prescribed    for
        executive    agencies by the Comptroller      General of the United States
        applied on a basis consistent        with that of the'preceding      year except
        for the change, which GAO approves,         to include accrued liabilities       for
        unbilled   contract   work.     (See p. 9.)


 RECOMMENDATIONS
              OR SUGGESTIONS
        None.


 AGENCYACTIONS AND UNRESOLVED
                            ISSUES
        None.


 MATTERSFOR CONSIDERATION
                        BY THE CONGRESS
        This report  contains     no recommendations    or suggestions     requiring     action
        by the Congress.

        As the result    of a suggestion      made in a prior GAO report,    a bill  was
        introduced    in October 1969 in the House of Representatives         to autho-
        rize the Public Printer's       practice    of granting compensatory    time off
        from duty in lieu of overtime         pay to employees who work overtime     and
        who are paid on an annual basis.          Public Law 91-369, enacted July 31,
        1970, authorized     this practice.      (See p. 7.)

 Tear Sheet


                                                                 FEB. 26,19            -v 1
                         Contents
                                                               Page

DIGEST                                                          1
CHAPTER

  1       INTRODUCTION
  2       FINANCING OF GPO ACTIVITIES
              Activities    financed through revolving
                fund
              Appropriation     for congressional    print-
                ing and binding
              Appropriation     for activities    of the Of-
                fice of the Superintendent        of Docu-
                ments                                           4
  3       COMMENTS
                 ON FINANCIAL STATEMENTS                         6

  4       GPO'S AUTHORITYTO GRANT COMPENSATORY
                                             TIME
          CLARIFIED

  5       SCOPEOF EXAMINATION

  6       OPINION OF FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

SCHEDULE

  1       Statement of assets       and liabilities   as of
            June 30, 1970                                       13
  2       Revolving fund, comparative statement of
            income and expenses, fiscal  years ended
            June 30, 1970 and 1969                              14

  3       Other funds, status of appropriations and
            other fund balances as of June 30, 1970             15

  4       Other funds, statement of payments from
            appropriations   to the revolving fund,
            fiscal   years ended June 30, 1970 and 1969         16
                                                                       I




SCHEDULE                                                         Page      '

  5        Revolving fund, amounts due U.S. Treasury
             from sales of publications,  fiscal years
             ended June 30, 1970 and 1969                         17

  6        Revolving and other funds, statement of
             sources and application  of funds, fiscal
             year ended June 30, 1970                             18

APPENDIX

  I        Principal     officials     of the Government
              Printing     Office    during the period covered
              by this    report                                  21




                                                                               c
 COMPTROLLERGENERAL'S                   EXAMINATION OF FINANCIAL STATEMENTS
'REPORTTO THE CONGRESS                  GOVERNMENTPRINTING OFFICE,
                                        FISCAL YEAR 1970 B-114829


DIGEST
_-----

WHYTHE EXAMIUATIONWASMARE
    The Legislative-Judiciary       Appropriation    Act, 1954, requires  the Comp-
    troller  General to audit      annually    the activities  of the Government
    Printing   Office     (GPO).


FINDINGS AND CONCLUSIONS
     The General Accounting       Office    (GAO) is of the opinion that the accom-
     panying financial      statements    of the GPO present fairly     its financial
     position   at June 30, 1970, and the results         of its operations     and the
     sources and application       of its funds for the year then ended, in con-
     formity   with principles     and standards    of accounting   prescribed    for
     executive    agencies by the Comptroller       General of the United States
     applied on a basis consistent         with that of the'preceding      year except
     for the change, which GAO approves,          to include accrued liabilities       for
     unbilled   contract   work,      (See p. 9.)


RECOMMENDATIONS
             OR SUGGESTIONS
     None.


AGENCYACTIONSAND UNRESOL?BD
                          ISSUES
     None.


MATTERSFOR CONSIDERATION
                       BY TH.E CONGRESS
     This report contains      no recommendations     or suggestions     requiring   action
     by the Congress.

     As the result    of a suggestion      made in a prior GAO report,    a bill was
     introduced    in October 1969 in the House of Representatives         to autho-
     rize the Public Printer's       practice    of granting compensatory    time off
     from duty in lieu of overtime         pay to employees who work overtime     and
     who are paid on an annual basis.          Public Law 91-369, enacted July 31,
     1970, authorized     this practice.      (See p. 7.)




                                           1
                                CHAPTER1

                             INTRODUCTION

      The General Accounting Office has made an examination
of the financial    statements of the Government Printing Office
for the fiscal    year ended June 30, 1970. The scope of the
examination    is described in chapter 5.

      GPO is responsible for furnishing printing  and binding
work ordered by the Congress, departments of the executive
branch, and independent agencies of the Federal Government.
In addition,  GPO prints documents of general interest   for
sale to the public.
      The Public Printer,     appointed by the President of the
United States with the advice and consent of the Senate,
is responsible   for the management of GPO. The Joint Com-
mittee on Printing,    consisting    of the Chairman and two mem-
bers of the Senate Committee on Rules and Administration        and
the Chairman and two members of the House Committee on House
Administration,    in essence, acts as board of directors    of
GPO.

       GPO operates printing      plants in New York, New York;
Chicago, Illinois;      Denver, Colorado; Seattle,     Washington;
San Francisco,     California;    and Washington, D.C. GPO also
contracts   with commercial printers       to fill a substantial
portion of its printing        and binding requirements.

        The Superintendent      of Documents, appointed by the Pub-
lic Printer,      directs   the Public Documents Division         which
sells Government publications           to the general public.        This
Division     prepares official     catalogs and indexes, distributes
publications      to depository    libraries,    and mails certain pub-
lications     for other Federal departments and agencies.              The
Division     also operates bookstores         in Washington, D-C.;
Chicago, Illinois;        Kansas City, Missouri;      Boston, Massa-
chusetts;     and Los Angeles and San Francisco,          California.




                                    2
                               CHAPTER2

                    FINANCING OF GPO ACTIVITIES

      The activities     of GPO are financed by a revolving           fund
which is reimbursed by customers for whom printing              services
have been provided.       The Congress provides annual appropri-
ations for congressional      printing     and binding work and for
the activities     of the Superintendent       of Documents.     The
methods of financing      the printing     and related  activities
are discussed in the following         sections.

ACTIVITIES FINANCED THROUGHREVOLVINGFUND

        The revolving   fund provides temporary financing      for
composition     work, printing   and binding of publications       req-
uisitioned     by the Congress and Government agencies,       and
printing    of additional    quantities  of publications   for sale
to the public.

       The revolving     fund is reimbursed for this work by pay-
ments from Government agencies or by charges against the
congressional      appropriation   for printing     and binding.      (Size
p. 4.)    The excess of receipts       from the sales of publica-
tions over related costs is periodically            transferred    from
the revolving      fund to miscellaneous     receipts     in the U.S.
Treasury.     Selling    prices on publications       are established
in accordance with section 1708, title           44, United States
Code, which provides that:

      "The price at which additional     copies of Govern-
      ment publications   are offered for sale to the pub-
      lic by the Superintendent     of Documents shall be
      based on the cost as determined by the Public
      Printer  plus 50 percent **.'I

The publication   prices include a 75-percent    factor    to cover
the estimated cost of setup, mailing,      and administration     in
addition   to the 50-percent  markup required by law.

     During fiscal   year 1970 the revolving   fund was reduced
by payments to the U.S. Treasury of $8.8 million.      Of the
$8.8 million,   $6.8 million represented   the balance of the

                                    3
                                                                           h




net income from fiscal   year 1969 sales of publications     and
the remaining $2 million   represented    a partial payment of
income from fiscal  year 1970 sales.      It has been the prac-
tice of GPO to transfer   to the Treasury a part of the net
income from sales of publications      in the year in which the
sales were made and the remaining part in the following
fiscal  year,

APPROPRIATIONFOR CONGRESSIONAL
                             PRINTING
AND BINDING

        The Congress annually appropriates        funds to GPO for
congressional    printing    and binding work.       The appropriation
also provides funds for printing          and binding work for the
Architect    of the Capitol;     for printing,    binding,   and dis-
tributing    the Federal Register and the Code of Federal Reg-
ulations;    and for printing      and binding Government publica-
tions authorized      by law to be distributed       without charge.,
Appropriated    funds are transferred       to the revolving     fund to
reimburse it for the cost of the printing            and binding work
performed.     The appropriation      for fiscal   year 1970 was
$30.3 million,     of which $21 million       had been expended as of
June 30, 1970.

       GPO officials     estimate that an additional       $4 million
will be required       to complete unfinished    printing    and bind-
ing work authorized       during fiscal    year 1970 and have in-
cluded this amount in the budget request for fiscal             year
1972. This action is consistent          with the practice     of prior
years.     Starting   with fiscal   year 1958 the appropriation
acts for GPO have contained a provision          permitting    the ap-
propriation      for the year to be used for paying obligations
incurred    in preceding fiscal     years.

APPROPRIATIONFOR ACTIVITIES OF
THE OFFICE OF THE SUPERINTENDENTOF DOCUMENTS
        The Congress annually appropriates       funds for the Of-
fice of the Superintendent        of Documents to finance the sal-
aries and other expenses of employees engaged in selling
and distributing     documents to the public and to depository
libraries.      The appropriation    also finances the salaries
and other expenses of employees engaged in cataloging           and
indexing activities      and in distributing     documents for other

                                   4
L




i   .
        agencies.   As shown in schedule 6, appropriations      and re-
        imbursements to the appropriations     totaling  $10.4 million
        were made available  in fiscal   year 1970 for salaries     and
        other expenses of the Office of the Superintendent       of Doc-
        uments.   This amount represented    an increase of $1.8 mil-
        lion over the comparable funds made available      for fiscal
        year 1969.

                The increased funds were used primarily      for expanding
        activities     under the depository libraries    program,for   the
        opening of three new book stores,and        for paying increased
        employee costs.
                                                                                             .




                                      CHAPTER 3

                    COMMENTS ON FINANCIAL            STATEI%NTS

       GPO has made the following       changes,     which we approve,
in the format    and content   of its fiscal        year 1970 financial
statements    to more clearly   disclose     significant     financial
data.

        --For     fiscal   year 1970 a combined statement         of revolv-
           ing fund operations          presents data relating     both to
           printing      and binding     and to sales and distribution
           of publications.          (See sch. 2.)    In former years these
           data were reported         in two separate   schedules.

        --The Statement         of Assets and Liabilities,               for the
           first    time,    includes     the accrued     liability         for print-
           ing and binding         work performed     by suppliers           under
           contracts      scheduled     for completion       by June 30, 1970,
           but not then billed          to GPO. (See sch. 1.)                 This
           change is consistent          with section       13.6,     title      2, of
           the General Accounting            Office  Policy       and Procedures
           Manual for Guidance          of Federal    Agencies.           The state-
           ment shows a June 30, 1970, accounts                   payable      balance
           of $17,271,582.          This amount represents            an increase
           of $5,634,700        over that of the previous             year.

         Schedule      2 shows that net income to the revolving                       fund
declined       by $2.8 million           in fiscal     year 1970 compared with
that of the previous               year.     This decline        is largely     attrib-
utable      to a decline         in other      income.       In fiscal     year 1969,
GPO's other         income included          revenues      of $1.5 million       de-
rived     principally        from the sale of charts               and maps'by      the
Environmental          Science      Services      Administration        (since   Octo-
ber 3, 1970, the National                 Oceanic and Atmospheric             Adminis-
tration),       Department         of Commerce.        In fiscal       year 1970, GPO
had very little           income from this          source.       The Administration
advised      GPO that,       effective       July 1, 1969, the Administra-
tion's     receipts      would be deposited            to its own account with
the Treasury          Department.




                                           6
 *
.
                                 CHAPTER4

        GPO'S AUTHORITY TO GRANTCOMPENSATORY
                                           TIME CLARIFIED

            In our report for fiscal       year 1965, we pointed out that
     the legal authority      for granting     compensatory time in lieu
     of overtime pay to employees of GPOwas not clear and rec-
     ommended that the Public Printer          initiate  action to obtain
     specific    legislative    authority   for this practice.    The Pub-
     lic Printer     subsequently    informed us that proposed amend-
     ments to the law had been submitted to the Joint Committee
     on Printing,
           Further action on   the amendment, however3 was deferred
     pending recodification    of title 44 of the United States
     Code, "Public Printing    and Documents.10 The recodification
     was accomplished under    Public Law 90-260 enacted on Octo-
     ber 22, 1968.

            On July 31, 1970, section 305 of title  44 of the United
     States Code was amended by Public Law 91-369.      The amendment
     authorized    the Public Printer to grant compensatory time
     off from duty in lieu of overtime pay to employees who work
     overtime and who are paid on an annual basis.
                                                                        9
                                                                        !

                             CHAPTER5

                      SCOPEOF EXAMINATION
                      ---
        Our examination    included a review of GPO's statement of
assets and liabilities        as of June 30, 1970, related   state-
ments of income and expense, status of appropriations           and
other fund balances, payments from appropriations          to the re-
volving    fund, amounts due to the U.S. Treasury from the
sale of publications,       and t'he statement of sources and ap-
plication     of funds for the year then ended.     Our examination
included auditing      procedures and tests of the accounting
records which we considered necessary in the circumstances.
                             CHAPTER6

                OPINION OF FINANCIAL STATEMENTS'
       The financial  statements accompanying this report were
prepared by GPO. In our opinion the financial          statements
 (schs. 1 through 6) present fairly     the financial     position
of GPO at June 30, 1970, the results of its operations,            and
the sources and application      of its funds for the year then
ended, in conformity with principles       and standards of ac-
counting prescribed     for executive agencies by the Comptrol-
ler General of the United States applied on a basis consis-
tent with that of the preceding year except for the change,
which GAO approves, to include accrued liabilities          for un-
billed   contract work.     (See p. 6.1




                                   9
                                     GOVERNMENT                         PRINTING                   OFFICE


                                                    STATEMENT OF ASSETS AND LIABILITIES
                                                              AS OF JUNE 30,         1970


                                                                     ASSETS

                                                                                                  Revolving       Other funds           Combined
                                                                                                    fund             (note a)             fur.ds
FUND BALANCES WITH U.S. TREASURY AND CASH:
    Fund balances  in U.S. Treasury                                                            $ 17,941,251       $14,869,775         $ 32,811,026
    Cash.on  hand and in transit    -                                                                589,054                                583,054
                                                                                                  18,530,305        14,869,775          33,400,080
ACCOUNTS RECEIVABLE AND ADVANCES:
    Accounts   receivable:
         Government     agencies                                                                  61,988,675             61,938         62,055,613
         Other                                                                                         359,842            1,105             360,947
    Advances   to employees                                                                               8,240                                 9,240
                                                                                                  62,356,757             63,043         62,41?,800
INVENTORIES:
     Publications       for        sale,    at cost (note         b)                               7,000,200                             7,000,200
     Printing     work in          process,    at standard         cost                           15,695,820                            15,659,820
     Paper,     envelopes,          and other     supplies,        at cost                        11,012,280                            11,012,280
                                                                                                  33,708,300                            33,708,300
DEFERRED CHARGES                                                                                       33,285                                  33,285
PROPERTY, PLANT, AND EQUIPMENT:
    Land and buildings,       at cost                                                                                9,085,173           9,083,173
    Equipment    and building    appurtenances                                                   33,0;2,423             935,855         33,986,278
    Construction    in progress                                                                        97,419                                 9,,419
                                                                                                 33,149,842        10,021,028           43,170,870
     Less    allowance       for     depreciation                                                23,133,048         7,101,939           30,23-,987
                                                                                                 10,016,794         2,919,089           12,935,883
            Total   assets                                                                    $124,645,441        $17,851,907        $142,49;,348

aOther funds consist         of account  balances      of the Printing        and Binding      appropriation,           the Office     cf
  the Superintendent       of Documents   Salaries       and Expenses appropriation,            and the value of building
  structures      and land which is specifically           excluded    from the Government          Printing       Office   revo1vir.g
  fund by law (44 U.S.C.        309).   The expenditures          from the Congressional          Printing       and Binding       Appro-
  priation     can be used only to reimburse         the Government        Printing     Office    revolving        fund for work zr-
  dered by the Congress.
b Publications      for sale,   at cost after     deduction       of allowance      for unsalable        publications       of $927,546.
'Does not include      a contingent        liability   estimated    at $79,407  for the value of compensatory          timi off
  in lieu  of overtime       pay earned      and accumulated     by employees  of the Government    Printing    Office;     and
  does not include     $13,295,000       for the net value of sick leave earned         and accumulated      by employees     of
  the Government    Printing     Office.
dAccounts  payable  other funds consist      of               amounts owed to the Government   Printing      Office     revolving
 fund by the Office    of the Superintendent                   of Documents  Salaries and Expenses      appropriations.

eRetained      earnings      of    $2,676.454       have   been     reserved   for   the    purchase    of machinery      and     equipment.
                                                                                                                    SCHEDULE1




                                                         LIABILITIES
                                                                                        Revolving          Other funds      Combined
                                                                                          fund                (note a)        funds
LIABILITIES        (note c):
     Accounts       payable                                                           S 16,620,033     $       651,54gd   S 17,271,582
     Accrued       salaries      and wages                                               3,747,738             344,541       4,092,279
     Amounts       withheld      from employees    for   purchase      of   savings
          bonds    and payment       of taxes                                                836,560                             836,560
      tiployees'        accrued     annual leave                                          3,831,720            2;8,430        4,090,150
      Customers'        deposits     and prepaid   subscriptions                          3,928,260              -            3,928,260
                                                                                         28,964,311         1,254,520       30,218,831




INVESTMENT OF U.S. GOVERNMENT:
     Capital                                                                            59,815,383              -           59,815,383
    Retained      earnings      (note e) (schedule     2)                               28,767,454                          28,767,454
    Appropriations         and other   fund balances       (schedule   3)                                  16,597,387       16,597,387
     Income from sales of publications             payable     to U.S. Trea-
        sury (schedule        5)                                                          7.098,293             -             7,098,293
           Total      investment    of U.S.    Government                               95,681,130      16,597,387         112,278,517




           Total.liabilities         and investment         of U.S.    Government     $124,645,441     $17,851,907        $142,497,348




                                                                            13
 SCHEDULE        2



                        GOVERNMENT                PRINTING                OFFICE

                                               REVOLVINGFLJND



                               COMPARATIVESTATEMENTOF INCOMEAND EXPENSES
                                FISCAL YEARS ENDEDJUNE 30, 1970 AND 1969



                                                              Fiscal year          Fiscal year   Increase or
                                                                  ggQ                  gfg&      decrease(-)
INCOME:
    Printing and binding services performed for
       Government agencies and the Congress                  $214,843,105      $184,595,474      $30,247,631
    Document sales to the public                               20,946,687        18,082,405        2,864,282
    Services associated with document sales:
          Reimbursements by appropriations   to the
            Superintendent of Documents (schedule 3)             5,980,295           4,821,855     1,158,440
    Services associated with depository libraries,
       cataloging and indexing, and distributions
       for other agencies:
          Reimbursements by appropriations   to the
            Superintendent of Documents (schedule 3)             4,395,383           3,885,329       510,054
    Blank paper sales:
          Receipts from other Government agencies               12,599,788          12,697,484       -97,696
    Other                                                          563,647           2.085.479   -1.521.832
              Total   income                                  259.328.905          226.168.026   33.160.879
DIRECT COSTS:
    Labor                                                      65,397,413           57,976,902    7,420,511
    Material                                                   31,286,084           30,468,037      818,047
    Purchases of printing                                     117.144.158           94.825.681   22.318.477
              Total   direct   costs                          213.827.655          183.270.620   30.557.035
GENERALAND ADMINISTRATIVE COSTS                                 35.383.731          30,011.521     5.372.210
              Total   costs                                   249.211.386          213.282.141   35.929.245
NET   INCOMETO THE REVOLVINGFUND                                10,117,519         12,885,885    -2,768,366
      Less amount payable to the United States
        Treasury (schedule 5)                                    9.098.294          10.629.363   -1.531.069
NET INCOMERETAINED BY THE REVOLVINGFUND                      $1.019.225        $ 2.256.522       $1.237.297
CHANGEIN EARNINGSRETAINED BY THE REVOLVINGFDIND:
   Balance July 1, 1969                                      $ 27,748,229
   Addition:
        Net income retained by revolving fund
           (as above)                                            1.019.225
      Balance June 30, 1970 (schedule     1)                 $ 28.767.454




                                                    14
                                                                                             SCHEDULE3


                       GOVERNMENT                 PRINTING               OFFICE

                                               OTHERFUNDS
                        STATUS OF APPROPRIATlONSAND OTHERFUND BALANCES

                                          AS OF JUNE 30, 1970

                                               Appropriation   Appropriation
                                                for printing   for the.Office
                                                and binding    of the Super-
                                                   for the -    intendent of
                                                   Congress       Documents            Other       Total
APPROPRIATIONBALANCESAT JULY 1, 1969            $13,659,215     $      262,178      $2,756,030 Sl6.677,423
ADDITIONS:
   Appropriations:
         TQ cover obligations  incurred
           in excess of appropriated
           funds in 1968                          2,500,OOO                                       2,500,OOO
         For fiscal year 1970                    27,800,OOO      10,045,400              w       37,845,400
    Reimbursements                                                  366,675                          366,675
    Increase in investment in furni-
      ture and fixtures                                                 c               57,980        57,980
   Miscellaneous                                                            1,105                      1,105
             Total                               43,959,215         10,675,358      2,814,OlO    57.448,583
LESS:
    Amounts paid to the revolving fund
      in payment for:
          Congressional printing and
            binding (schedule 4)                 30,204,458                                      30,204,458
          Sales distribution    (sched-
            ule 4)                                                   5,980,295                    5,980,295
          Other expenses (schedule 4)                                4,395,383                    4,395,383
    Unobligated funds returned to U.S.
      Treasury                                                         117,708           w          117,708
    Depreciation on buildings and fur-
      niture and fixtures                                               -              137,828       137,828
    Increase in liability     for employees'
      annual leave, Office of Super-
       intendent of Documents                                           -               15,524        15,524
             Total   deductions                  30,204,458         10,493,386         153,352   40,851,196
BALANCEJUNE 30, 1970 (schedule 1)               $13,754,757     $      181,972      $2,660,658 $16,597,387
UNOBLIGATEDBALANCESOR OVEROBLIGA-
  TION(-1:
    Unexpended balance at June 30, 1970
      (as above)                                813,754,757     $      181,972
    Less:
         Obligations outstanding                  17,793,430           181,972
             Overobligation                      $4.038,673a     s       -

aTo be funded from subsequent years'      appropriations.




                                                      15
SCHEDULE4


                           GOVERNMENT                      PRINTING              OFFICE


                                                          OTHERFUNDS



                                               STATEMENT OF PAYMENTS

                                  FROM APPROPRIATIONS         TO THE REVOLVING   FUND

                                  FISCAL YEARS ENDEDJUNE 30, 1970 AND 1969



                                                                Fiscal   year    Fiscal   year
                                                                    1970             1969           Increase

 Payments     from congressional             printing
   and binding         appropriations          to re-
   volving      fund:
      Congressional            Record                           $ 6,491,896      $ 4,848,765       $1,643,131
      Hearings                                                    7,429,858        4,250,413        3,179,445
      Miscellaneous            printing     and binding           3,041,961        2,796,257           245,704
      Bills,      resolutions,and           amendments            2,903,286        2,059,243           844,043
      Miscellaneous            publications                       2,196,454        1,668,473           527,981
      Federal       Register                                      1,834,157        1,595,570           238,587
      Committee        prints                                     1,474,863        1,307,719           167,144
      Rouse and Senate calendars                                    938,970          869,582            69,388
      Documents                                                     856,095           740,847          115,248
      Supplements          to the Code of Federal
         Regulations                                              1,058,928           668,633          390,295
      Committee        reports                                    1,044,321           619,843          424,478
      Franked       envelopes                                         607,721         528,982           78,739
      Publications           for international
         exchange                                                     293,918         249,251           44,667
      Document       franks                                            32,030             26.542         5.488

            Total     (schedule       3)                        $30.204.458      $22.230.120       $7.974.338

 Payments     from appropriations        to the
   Office     of the Superintendent         of
   Documents       to the revolving      fund:
      Sales distribution         expense
          (schedule     3)                                      $ 5.980.295      $ 4.821.856       $1.158.439

      Other:
            Distribution         for other     agencies           1,602,596        1,396,084           206,512
            Depository       library    distribution              2,304,880        2,058,769           246,111
            Cataloging       and indexing                            487,907          430.475           57.432

            Total     (schedule       3)                          4.395.383        3.885.328           510,055

            Total     disbursements                             $10.375.678      $ 8,707,1%        $1.668.494




                                                             16
                                                                                     SCHEDULE       5


                    GOVERNME.NT               PRINTING                 OFFICE

                                         REVOLVING FUND



                                  AMOUNTSDUE U.S. TREASURY
                                 FROM SALES OF PUBLICATIONS

                        FISCAL YEARSENDEDJUNE 30, 1970 AND 1969



                                                           Fiscal         Fiscal
                                                            year           year        Increase or
                                                            1970           1969        decrease(-)

INCOME:
    Income from document sales to the public           $20,946,687     $18,082,405     $2,864,282
    Reimbursements by appropriations to the
       Superintendent of Documents                        5,980,295      4,821,856       1,158,439
    Other income                                             394,024     1,905,703     -1,511,679
            Total    income                              27,321,006     24,809,964      2,511,042

COST OF PRINTING AND BINDING                              9,133,653      6,637,366      2,496,287
OTHEREXPENSES:
   Salaries and expenses                                  5,980,295      4,821,856      1,158,439
   Administrative                                         1,705,495      1,373,779         331,716
   Mailing costs                                          1,403,269      1,347,600          55,669

            Total    other    expenses                    9,089,059      7,543,235      1,545,824
NET INCOME FROM SALESOF PUBLICATIONS PAYABLE
  TO U.S. TREASURY(schedule 2)              $ 9,098,294                $10,629,363    -$1,531,069
STATUSOF PAYMENTSDUE U.S. TREASURY:
   Balance payable July 1, 1969                        $ 6,834,956
   Add:
        Income from sales of publications
          during fiscal year 1970 (as above)              9,098,294
            Total                                        15,933,250
    Less:
         Payments to U.S. Treasury       during
           fiscal year 1970                               8,834,957
        Balance payable June 30, 1970
          (schedule 1)                                 $ 7,098,293




                                                  17
 SCHEDULE      6



               GOVERNMENT                   PRINTING             OFFICE


                               REVOLVINGAND OTHER FUNDS


                     STATEMENTOF SOURCESAND APPLICATION DF FUNDS

                           FISCAL YEAR ENDEDJUNE 30, 1970


FUNDSWERE PROVIDEDBY:
   Printing     and binding services performed                               $214,843,105
   Document sales to the public                                                20,946,687
    Sales of paper                                                             12,599,788
   Appropriations:
         For congressional printing     and binding                               30,300,000
         For the Superintendent     of Documents $10,045,400,
            plus reimbursement's of $366,675                                      10,412,075
   Miscellaneous                                                                      526.761

             Total   funds provided                                              289.628.416

FUNDS WEREAPPLIED TO:
   Operating costs, less allowance for depreciation   not
      requiring expenditure of funds                                             277,467,820
   Payments to U.S. Treasury of income from publications
     sold                                                                          8,834,957
   Purchases of equipment                                                            931,257
   Unobligated balance returned to U.S. Treasury                                     117,708

             Total   funds applied                                               287.351.742
INCREASE IN WORKINGCAPITAL                                                   $     2.276,674

                                                                                 Increase or
                                                                  p6J            decrease(-)
INCREASE IN WORKINGCAPITAL:
    Fund balances with U.S. Treasury
       and cash                                $33,400,080    $36,150,202    $ -2,750,122
    Accounts receivable and advances            62,419,800     52,584,737        9,835,063
    Inventories                                 33,708,300     33,492,228           216,072
    Deferred charges                                 33,285         72,193         -38,908
                                                                                   7,262,105
    Less:
         Liabilities    excluding employ-
            ees ' accrued annual leave,
            other funds                        29,960,400     24,974,969           4,985,431
             Total                                                           $     2,276,674


                                              18
APPENDIX




     19
                                                              APPENDIX I

                       PRINCIPAL OFFICIALS OF THE

                       GOVERNMENT
                                PRINTING OFFICE

         RESPONSIBLEFOR THE ADMINISTRATION OF ACTIVITIES

                       DISCUSSEDIN THIS REPORT


                                                  Tenure of office
                                                  From            -To
PUBLIC PRINTER:
   A. N. Spence                            Apr.       1970   Present
   James L. Harrison                       Mar.       1961   Mar. 1970

DEPUTYPUBLIC PRINTER:
   Harry J. Humphrey                       Dec.       1970   Present
   James W. Tew                            Nov.       1969   Dec. 1970
   Harry D. Merold                         Mar.       1961   Oct.    1969
ADMINISTRATIVE ASSISTANT TO THE
  PUBLIC PRINTER (note a):
    Harry J. Humphrey                      Jan.       1966   Dec.       1970

COMPTROLLER:
   Walter C. DeVaughn                      May        1968   Present

ASSISTANT PUBLIC PRINTER (OPER-
  ATIONS):
    Wallace L. Burton                      Dec.       1970   Present

ASSISTANT PUBLIC PRINTER (MANAGE-
  MENT AND ADMINISTRATION):
    Walter C. DeVaughn (acting)                Dec.   1970   Present

arhe adm'inistrative assistant      position      was eliminated    in a
 December 1970 reorganization.




U.S. GAO Wash., D.C.

                                   21