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ERIC Number: ED443182
Record Type: Non-Journal
Publication Date: 2000-May-24
Pages: 15
Abstractor: N/A
Reference Count: N/A
Financial Management: Education's Financial Management Problems Persist. Testimony before the Task Force on Education, Committee on the Budget, House of Representatives.
Jarmon, Gloria L.; Engel, Gary T.
This document discusses the Department of Education's (DOE) fiscal year 1999 financial audit results; the relationship between the audit findings and the potential for waste, fraud, and abuse; and the results of the General Accounting Office's (GAO) review of the DOE's grantback account. The DOE's financial activity is important to the federal government because Education is the primary agency responsible for overseeing the more than $75 billion annual federal investment in support of education programs. The DOE is also responsible for collecting about $175 billion owed by students. In fiscal year 1999, more than 8.1 million students received over $53 billion in federal student financial aid through programs administered by the DOE. The DOE's stewardship over these assets has been under question as the agency has experienced persistent financial management weakness, beginning with its first agencywide financial audit effort in fiscal year 1995. Each year, DOE auditors have reported largely the same serious internal control weaknesses, which have affected the ability to provide reliable financial information to decision makers both inside and outside the agency. (DFR)
Full text:
Publication Type: Legal/Legislative/Regulatory Materials; Reports - Descriptive
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: General Accounting Office, Washington, DC.