Financial and Management Practices of the Great Lakes Fishery Commission

Pursuant to a congressional request, GAO provided information on certain Great Lakes Fishery Commission (GLFC) practices and procedures, focusing on: (1) GLFC's sources and uses of funds; (2) GLFC's ability to reprogram, or reassign, funds; and (3) financial and managerial oversight over GLFC's activities for fiscal years (FY) 1995-1997.

GAO noted that: (1) funding from the U.S. and Canadian governments constituted the largest source of financing for GLFC during FY 1995 to FY 1997; (2) other revenue sources during this period included interest income, donations, and pledges; (3) GLFC allocates about 90 percent of its annual budget to sea lamprey management and research and the remaining 10 percent to administration and general research; (4) GLFC's internal financial regulations provide for a significant amount of flexibility in managing its financial resources; (5) it has used this flexibility in reprogramming funds to address funding shortages and other unanticipated requirements; (6) GLFC appears to have a multifaceted oversight structure, including a requirement for annual financial statement audits by an independent accounting firm; and (7) moreover, though not required, GLFC has had regular program audits and reviews conducted both internally and externally.