Southeastern Federal Power Program. Combined Financial Statements, September 30, 1996 and 1995 PDF Download
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Languages : en
Pages : 40
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Book Description
The Southeastern Federal Power Program (SEFPP) consists of all activities associated with the production, transmission and disposition of Federal power marketed under Section 5 of the Flood Control Act of 1944 from projects in the ten southeastern states. The ten states are: Virginia, West Virginia, North Carolina, South Carolina, Georgia, Florida, Alabama, Mississippi, Tennessee, and Kentucky. Power is marketed to customers in 11 states - the above ten plus Illinois. SEFPP includes the accounts of two separate Federal government agencies- the Southeastern Power Administration (Southeastern) of the Department of Energy and the U.S. Army Corps of Engineers (Corps). Southeastern purchases, transmits, and markets power within four separate power systems (each including one or more Corps generating projects for which rates are set). Specific and joint-use costs allocated to power are included in the attached statements of assets. Federal investment and liabilities under utility plant and cash. The accounts of SEFPP are maintained in conformity with generally accepted accounting principles and the Uniform System of Accounts prescribed for electric utilities by the Federal Energy Regulatory Commission (FERC). SEFPP's accounting policies also reflect requirements of specific legislation and executive directives issued by the applicable government agencies. Southeastern and Corps properties and income are exempt from taxation. Southeastern and the Corps receive Congressional appropriations through the Department of Energy (DOE) and the Department of Defense to finance their operations. The Corps also receives Congressional appropriations to finance construction of its hydroelectric projects.
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Category :
Languages : en
Pages : 40
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Book Description
The Southeastern Federal Power Program (SEFPP) consists of all activities associated with the production, transmission and disposition of Federal power marketed under Section 5 of the Flood Control Act of 1944 from projects in the ten southeastern states. The ten states are: Virginia, West Virginia, North Carolina, South Carolina, Georgia, Florida, Alabama, Mississippi, Tennessee, and Kentucky. Power is marketed to customers in 11 states - the above ten plus Illinois. SEFPP includes the accounts of two separate Federal government agencies- the Southeastern Power Administration (Southeastern) of the Department of Energy and the U.S. Army Corps of Engineers (Corps). Southeastern purchases, transmits, and markets power within four separate power systems (each including one or more Corps generating projects for which rates are set). Specific and joint-use costs allocated to power are included in the attached statements of assets. Federal investment and liabilities under utility plant and cash. The accounts of SEFPP are maintained in conformity with generally accepted accounting principles and the Uniform System of Accounts prescribed for electric utilities by the Federal Energy Regulatory Commission (FERC). SEFPP's accounting policies also reflect requirements of specific legislation and executive directives issued by the applicable government agencies. Southeastern and Corps properties and income are exempt from taxation. Southeastern and the Corps receive Congressional appropriations through the Department of Energy (DOE) and the Department of Defense to finance their operations. The Corps also receives Congressional appropriations to finance construction of its hydroelectric projects.
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Category :
Languages : en
Pages : 38
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Book Description
The report presents the results of the independent certified public accountants' audit of the Southeastern Federal Power Program's (SEFPP) combined financial statements of assets; Federal investment and liabilities; and the related combined statements of revenues, expenses and accumulated net revenues, and cash flows. The auditors' report on SEFPP's internal control structure disclosed no new reportable conditions directed to the Southeastern Power Administration. However, the report did disclose a reportable condition directed to the Army Corps of Engineers (Corps). The reportable condition was regarding the conversion of the Corps' financial management system to a system that was not designed to properly account for the allocation of plant investment to multi-purpose projects. The Corps concurred with recommendations made to correct the deficiency. The auditors' report on SEFPP's compliance with laws and regulations disclosed no new instances of noncompliance. A noncompliance related to not recovering workers' compensation benefits in power rates reported in prior years remains uncorrected. Based on KPMG's unqualified opinion and the review of their audit work, the Office of Inspector General believes the financial statements fairly present the financial condition and results of operations of the SEFPP for the period under audit.
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Languages : en
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The attached report presents the results of the independent certified public accountant's audit of the Department of Energy's Southeastern Federal Power Program (SEFPP) financial statements as of September 30, 1995. In the auditor's opinion, SEFPP's statements are fairly presented in all material respects in conformity with generally accepted accounting principles. Their reports on SEFPP's internal control structure and on compliance with laws and regulations are also provided. SEFPP has the responsibility for the Federal electric power production, transmission and disposition of Federal power marketed under the Flood Control Act of 1944 in ten southeastern states. Electricity marketed by SEFPP is generated in power facilities operated by the US Department of Defense, Army Corps of Engineers. Additional information about SEFPP is provided in the notes to the financial statements. The 1995 financial statement audit was made under provisions of the Inspector General Act (5 USC. App.), as amended, the Chief Financial Officer's (CFO) Act (31 USC. 1500), and Office of Management and Budget implementing guidance to the CFO Act. The auditor's work was conducted in accordance with generally accepted government auditing standards. To fulfill our audit responsibilities, we contracted with the independent public accounting firm of KPMG Peat Marwick (KPMG) to conduct the audit for us, subject to our review. The auditor's report on SEFPP's internal control structure disclosed four reportable conditions that require corrective action. The auditor also considered the overview and performance indicator data for completeness and material consistency with the basic financial statements as noted in the internal control report. Furthermore, the auditor's report on compliance with laws and regulations disclosed two material instances of noncompliance which require corrective action.
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Category :
Languages : en
Pages : 31
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This report presents the results of the independent certified public accountants' audit of the Southwestern Federal Power System's (SWFPS) combined power system statement of assets, Federal investment and liabilities, and the related combined statements of revenues, expenses and accumulated net revenues, and cash flows. The 1996 financial statement audit was made under the provisions of the Inspector General Act (5 U.S.C. App.), as amended, the Government Management Reform Act (31 U.S.C. 3515), and Office of Management and Budget implementing guidance. The auditors' work was conducted in accordance with generally accepted government auditing standards. To fulfill audit responsibilities, the Office of Inspector General contracted with the independent public accounting firm of KPMG Peak Marwick LLP (KPMG) to conduct the audit for them, subject to their review. The auditors' report on SWFP's internal control structure disclosed a reportable condition directed to the Southwestern Power Administration concerning a delay in properly classifying the value of plant assets. The report also included two reportable conditions directed to the Army Corps of Engineers regarding the inconsistent calculation of depreciation expense and the misallocation of multipurpose costs. None of these reportable conditions were considered to be material weaknesses. The auditors' report on SWFP's compliance with laws and regulations disclosed no new instances of noncompliance by Southwestern.
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Category :
Languages : en
Pages :
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Author: United States. Southeastern Power Administration
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Category : Electric power production
Languages : en
Pages : 60
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Author: United States. General Accounting Office
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Category : Electric utilities
Languages : en
Pages : 192
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Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Electric utilities
Languages : en
Pages : 192
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Author:
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ISBN:
Category : Electric utilities
Languages : en
Pages : 632
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Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Electric utilities
Languages : en
Pages : 170
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