Correct Balance of Defense's Foreign Military Sales Trust Fund Unknown

Abstract

The Department of Defense does not have adequate control over foreign military sales accounting. As a result, it could not provide foreign governments with an accurate accounting for their funds deposited in trust accounts. Also, Defense could not determine the amount of money available for purchases of military goods and services by these countries. By comparing September 30, 1979, balances, GAO found that cash balances on trust fund records differed from balances on detailed sales case accounting records for all foreign military sales customers. In total, trust fund accounts differed by $1.5 billion from the detailed records of sales cases. This problem has continued because Defense has not made a concerted effort to determine why trust fund account balances did not agree with detailed accounting records. This report examines the reasons for these differences, recommends corrective action that can be taken quickly and reiterates the need for Defense to centralize accounting and disbursing functions.

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Document Details

Document Type
Technical Report
Publication Date
Jun 03, 1980
Accession Number
ADA091894

Entities

Organizations

  • United States Government Accountability Office

Tags

Communities of Interest

  • Weapons Technologies

DTIC Thesaurus Topics

  • Accounting
  • Agreements
  • Air Force
  • Army
  • Business Administration
  • Data Processing
  • Department Of Defense
  • Financial Management
  • Foreign Military Sales
  • Government (Foreign)
  • Governments
  • House Of Representatives
  • Instructions
  • Law
  • Money
  • Sri Lanka
  • United States

Readers

  • Defense Financial Management and Audit.
  • Government Contracting/Procurement.