Improvements Needed in Controlling and Accounting for Treasury Banking Arrangements

Gao ID: AFMD-85-22 April 3, 1985

GAO reported on controlling and accounting for the Department of the Treasury's banking arrangements with commercial banks for handling federal agencies' deposits.

GAO found that Treasury's costs to have commercial banks process the deposits increase by about $14 million annually because delays deprive Treasury of the use of the funds and increase the government's interest costs, to the extent that Treasury must borrow additional funds to meet commitments. GAO also found deficiencies in controls over bank delays of funds collected through lockboxes and the Treasury Financial Communications System (TFCS).

Recommendations

Our recommendations from this work are listed below with a Contact for more information. Status will change from "In process" to "Open," "Closed - implemented," or "Closed - not implemented" based on our follow up work.

Director: John F. Simonette Team: General Accounting Office: Accounting and Financial Management Division Phone: (202) 275-9490


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