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NCJ Number: 63693 Add to Shopping cart Find in a Library
Title: WEAKNESSES PERSIST IN DEFENSE OVERSEAS CASH MANAGEMENT PROGRAM
Author(s): ANON
Corporate Author: US Comptroller General
United States of America
Date Published: 1979
Page Count: 28
Sponsoring Agency: National Technical Information Service
Springfield, VA 22151
US Comptroller General
Washington, DC 20548
Sale Source: National Technical Information Service
US Dept of Commerce
5285 Port Royal Road
Springfield, VA 22151
United States of America
Language: English
Country: United States of America
Annotation: THE GENERAL ACCOUNTING OFFICE (GAO) HAS ASCERTAINED THAT THE DEPARTMENT OF DEFENSE (DOD) IS MISMANAGING ITS CASH HOLDINGS OVERSEAS, RESULTING IN UNNECESSARY COSTS TO THE FEDERAL GOVERNMENT.
Abstract: THE MANAGEMENT, MONITORING, AND CONTROL OF DOD'S OVERSEAS CASH MANAGEMENT PROGRAM WERE REVIEWED. DOD REGULATIONS, CASH RECORDS, AND DOCUMENTS WERE ANALYZED, AND OFFICIALS OF DOD, THE TREASURY DEPARTMENT, AND VARIOUS BANKS WERE INTERVIEWED. A CASH EXCESS OF $6 MILLION WAS FOUND IN THE FAR EAST BECAUSE CASH REPLENISHMENT TECHNIQUES ARE CUMBERSOME AND INEFFICIENT. IN EUROPE, THE ARMY DID NOT KNOW THE DAILY AMOUNT OF DOLLARS AVAILABLE TO MEET PAYDAY AND OTHER DISBURSEMENT NEEDS. IT IS ESTIMATED THAT DOD CASH MANAGEMENT IMPROVEMENTS COULD REDUCE GOVERNMENT INTEREST COSTS BY ABOUT $1 MILLION ANNUALLY. BETTER CONTROLS AND MONITORING ARE NEEDED, AND CLEAR CRITERIA FOR DETERMINING REALISTIC CASH LEVELS SHOULD BE DEVELOPED. QUARTERLY INSPECTION REGULATIONS SHOULD BE OBSERVED, AND UNUSABLE CURRENCY SHOULD BE PROMPTLY RETURNED TO THE FEDERAL RESERVE. DOD NEEDS A SYSTEM OF INCENTIVES TO ENCOURAGE EFFECTIVE AND EFFICIENT CASH MANAGEMENT. (MRK)
Index Term(s): Budgets; Economic planning; Europe; Far East; Financial management; Public administration; US Armed Forces; US Government Accountability Office (GAO)
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http://www.ncjrs.gov/App/publications/abstract.aspx?ID=63693

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