OPM's Revolving Fund Policy Should Be Clarified and Management Controls Strengthened

Highlights

GAO reported on activities financed by the Office of Personnel Management's (OPM) revolving fund, focusing on the planning, budgeting, and other financial management aspects of the fund.

Recommendations

Recommendations for Executive Action

Agency Affected	Recommendation	Status
Office of Personnel Management	The Director, OPM, should clearly define the terms "actual cost basis" and "reasonable period of time." The clarification should: (1) state the period of time over which actual costs must be recovered; (2) require activities to account for and recover their full costs; and (3) prohibit using appropriated funds to pay for revolving fund expenses.	Closed – Implemented When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
Office of Personnel Management	The Director, OPM, should: (1) establish financial performance standards for revolving fund activities and require written plans for correcting deviations from the standards; and (2) require that plans and budgets for subsequent years recognize past financial performances and identify how and when financial problems will be corrected.	Closed – Implemented When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

Full Report

Full Report (32 pages)

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Topics

Auditing and Financial Management

Education or training costsFinancial managementFunds managementInternal controlsIntragovernmental revolving fundsPolicy evaluationStandards evaluationRevolving fundsBudget deficitPerformance measures