National Public Issue Webinar Series - 2018 Economic Vulnerability and Poverty

$21 Trillion in Unsupported Adjustments in the Departments of Defense and Housing and Urban Development: Implications:

On July 26, 2016, the Office of the Inspector General (OIG) issued a report “Army General Fund Adjustments Not Adequately Documented or Supported”. The report indicates that for fiscal year 2015 the Army failed to provide adequate support for $6.5 trillion in journal voucher adjustments. This is not the only report with large adjustments; the webinar presenter, Dr. Skidmore compiled official government reports between years 1998-2015, which indicate $21 trillion in unsupported adjustments. According to the GAO's Comptroller General, journal vouchers are summary-level accounting adjustments made when balances between systems cannot be reconciled. Often these journal vouchers are unsupported, meaning they lack supporting documentation to justify the adjustment or are not tied to specific accounting transactions. The learning outcomes for this webinar are to explore these adjustments, discuss potential impacts on economically vulnerable populations, and the implications for citizens in general and Extension, specifically related to personnel benefits and federal retirement. Find more information at https://www.forbes.com/sites/kotlikoff/2017/12/08/has-our-government-spent-21-trillion-of-our-money-....

Created by Mark Locklear

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Primary Audience: Extension Professionals