Financial Management

Financial Management PDF

Author: U S Government Accountability Office (G

Publisher: BiblioGov

Published: 2013-06

Total Pages: 22

ISBN-13: 9781289061753

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GAO discussed the Department of the Interior's management of Indian trust funds. GAO noted that: (1) the Bureau of Indian Affairs (BIA) has completed its reconciliation of trust fund accounts, but the accounts could not be fully reconciled due to missing records and the lack of an audit trail; (2) the January 1996 BIA report to the tribes did not explain limitations in scope and methodologies used for the reconciliation process; (3) two tribes have accepted their reconciliation results, three tribes are disputing their results, and the remaining 275 tribes have not yet decided whether to accept or dispute their reconciliation results; (4) if Interior cannot resolve the tribes' concerns, the disputes can be resolved through a legislated settlement process; (5) Interior's trust fund management improvements will take several years to complete; (6) although BIA is replacing its inadequate management and accounting systems, it has not developed systems requirements to ensure that the new systems provide accurate information; (7) Interior has appointed a special trustee for Native Americans who has developed an outline of needed trust fund management improvements, but this outline needs to include various departmentwide options and alternatives and their associated costs and benefits to become a comprehensive strategic plan; and (8) resource constraints have limited Interior's ability to make trust fund management improvements.

Management and Reconciliation of Indian Trust Fund Accounts: Hearing Before the Task Force on Indian Trust Fund Management of the Committee on Resourc

Management and Reconciliation of Indian Trust Fund Accounts: Hearing Before the Task Force on Indian Trust Fund Management of the Committee on Resourc PDF

Author: United States Congress House Committe

Publisher: Palala Press

Published: 2018-03-02

Total Pages: 200

ISBN-13: 9781379084440

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Management and Reconciliation of Indian Trust Fund Accounts

Management and Reconciliation of Indian Trust Fund Accounts PDF

Author: United States. Congress. House. Committe

Publisher: Hardpress Publishing

Published: 2013-12

Total Pages: 204

ISBN-13: 9781314972931

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Financial Management

Financial Management PDF

Author: U S Government Accountability Office (G

Publisher: BiblioGov

Published: 2013-06

Total Pages: 22

ISBN-13: 9781289031978

DOWNLOAD EBOOK →

GAO discussed the Department of the Interior's efforts to reconcile Indian trust fund accounts, focusing on: (1) its efforts to implement trust fund management improvements; and (2) the usefulness of a legislated settlement process for resolving unsettled account balances. GAO noted that: (1) $2.4 billion in receipt and disbursement transactions could not be traced to supporting documentation at the end of fiscal year 1995; (2) Interior did not disclose the methodology used in the reconciliation process in its reconciliation report, or discuss the extent to which substitutions were made to lease samples; (3) 2 tribes have accepted their account reconciliations, 3 tribes are disputing their reconciliation results, and the remaining 275 tribes are undecided; (4) a legislated settlement process could be used to resolve disputes concerning tribal account balances; (5) this legislation would include a mediation process, and if needed, binding arbitration; (6) Interior's trust fund management, and accounting systems controls do not ensure accurate trust fund accounting and asset management; (7) Interior will face costly reconciliations and settlements in the future if it does not correct its trust fund management problems; and (8) Interior needs comprehensive planning, management commitment across all Indian trust program offices, and additional resources to resolve trust fund management problems.

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