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Financial Management: Army Industrial Fund Did Not Recover Costs

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Report Type Reports and Testimonies
Report Date Nov. 26, 1993
Report No. AIMD-94-16
Subject
Summary:

The Army Industrial Fund, which is supposed to break even, posted losses from 1989 through 1991 for its maintenance and storage activities. Depot maintenance, the largest activity, sustained losses of nearly $98 million on revenues of about $4 billion during that period. In fiscal year 1992, the fund was incorporated into the Defense Business Operations Fund and its billing rates were adjusted to recover prior year losses. Fund maintenance operations, although profitable as of late, project a loss for fiscal year 1994. This report (1) determines the reasons for the fund's continuing operating losses, (2) assesses the impact that operating losses had on the fund's working capital and identifies steps taken to minimize that impact, and (3) evaluates the reasonableness of the Army's projected cost savings from the competition initiative.

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