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One of the primary objectives in improving our Federal property inventory reports has been the recording of real and personal property assets of the Federal Government in a realistic manner-recording realty assets at acquisition cost, as well as at estimated present-day values where possible, and recording personal property assets at acquisition cost. Personal property assets will continue to be reported in inventory reports at acquisition cost. This decision has been made by the chairman of the committee as a result of recommendations made by the General Accounting Office representatives and other accounting specialists within the Government.
As stated earlier, the report lists estimated present-day evaluations of public domain properties, as well as real properties previously recorded at “zero value, or at $1 (for accounting purposes)”. This accomplishment has been achieved as a result of efforts of property representatives of departments and agencies having such properties under their control and a dedicated interest in a quest for evaluation knowledge in attempting to place a realistic evaluation on such properties. This undertaking has been a tremendous task and the results achieved have been most gratifying.
The scope of an inventory covering properties owned by the Federal Government is tremendous in size and complex in nature. These inventories are located in areas throughout the world and the recording and reporting of such assets is a massive undertaking. Government property representatives assisting in the property inventory endeavor are keenly interested in improving their property records. It has been definitely established that the need is great for an up-to-date Federal property inventory accounting such as the committee has undertaken. The project will continue to reflect various economic changes in values, as well as improved inventory reporting practices. These results, represented in informative report form, will be of constant utility.
In compiling and reporting data of a classified nature for inclusion in this report, the committee has, of course, complied with necessary security regulations. Efforts have been made to record classified data in a manner which will insure secrecy, and at the same time remain informative and accurate. This is reflected particularly in some areas of Department of Defense inventories. Breakdown figures have been used in each instance possible, and only in restricted areas have lump-sum figures been recorded. Substantial data covering classified areas are available within the departments for those qualified to see and study on a need-for-use basis.
This Federal property inventory report records Federal real and personal property assets located throughout the world as being $347 billion, as of June 30, 1966. It is evident that recordkeeping operations involved in the accurate accounting of inventories of this magnitude is an exacting undertaking. Likewise, when considering the values of real and personal property listed in our Federal property inventory, it is interesting to observe the recorded amount of our national debt. It was $320 billion as of June 30, 1966.
Favorable commendations continue to be received on the inventory project and the work the committee is doing in continuously improving this worthwhile and informative public undertaking. The results attained to date bear eloquent validating evidence of an effective performance by the Committee on Government Operations of a task assigned to it by the Congress of the United States. Even so, we remain mindful of the fact that constant surveillance of inventories is necessary to assure that they are kept up to date and that the federally owned property assets are properly and accurately accounted for.
MASTER RECAPITULATION OF FEDERAL PERSONALTY AND REALTY OF THE UNITED STATES GOVERNMENT
OF ASSETS AS OF 1966, 1964, AND 1963
GRAND RECAPITULATION OF THE PERSONALTY AND REALTY ASSETS
OF THE U.S. GOVERNMENT AGENCIES, OFFICES, AND ESTABLISHMENTS OF THE GOVERNMENT, INCLUDING THE DEPARTMENT OF DEFENSE, AS OF JUNE 30, 1966, 1964, AND 1963 1
Total, personal property.
Departments and agencies (other than Department of Defense)
Total, real property.
471 10, 186
290 19, 024
459 9, 849
295 18, 026
1 Figures as of June 30, 1965, were not compiled.
VOTE.- All properties reported are shown in gross amounts without deductions for allowances for losses and depreciation. Only wholly Government-owned corporation assets and other wholly owned assets are included. Assets held under trust arrangements and interagency assets, including public debt securities owned, are excluded. The properties have been valued at acquisition cost or estimated cost when the actual costs were not known. Public domain, donated property, and properties under supervision of the Architect of the Capitol are shown at estimated present-day values. Properties acquired as gifts or without cost to the Government are shown at estimated present-day values.