in inventory reports at a realistic estimated present-day evaluation. Prior to that date those lands had been listed at "no value." An attempt was made in 1937 by representatives of the Federal Government to evaluate public domain acreage. After considerable time, effort, and funds had been expended in this endeavor, the end result was an overall evaluation of these properties at $1.25 per acre. Such an unrealistic figure in no way reflects the true value of these lands either in 1937 or today. One of the objectives of the committee's preparation of a Federal property inventory report has been to encourage improved accounting of known Federal property assets on a realistic basis. As a result of much effort, coupled with experience and concentrated interest, it has been possible for all departments and agencies to complete the job of placing estimated present-day values on public domain acreage under their control. "FUNCTIONAL USE BASIS" DATA This Federal property inventory report reflects assets-real and personal-in a manner prescribed for Federal usage. Major categories, as listed, represent inventories as of June 30, 1964, 1966, and 1968 (for comparative purposes), and cover the major functions of— (a) National defense; (b) International affairs and finance; (c) Space research and technology; (d) Agriculture and agricultural resources; (e) Natural resources; (f) Commerce and transportation; (g) Housing and community development; (i) Education; () Veterans' benefits and services; and (k) General government. This functional breakdown follows the same analysis as the receipts and expenditure classifications, and has some utility in illustrating how the assets of the Government are being utilized. ACKNOWLEDGMENTS Acknowledgment is made to the Government department and agency representatives who have been of such great assistance to the committee in the preparation of this report. Representatives of the property offices of the Architect of the Capitol, the Supreme Court. of the United States, the Library of Congress, the Sergeant at Arms of the U.S. Senate, the Clerk of the House of Representatives, and the Administrative Office of the U.S. Courts have also been most helpful in furnishing data direct to the committee for inclusion in this report. Without this able assistance, the compilation of accurate and comprehensive data in the realty and personalty fields, as represented herein, would not have been possible. The committee is grateful for this continued interest and cooperation. CONCLUSION The compilation of Federal Real and Personal Property Inventory Reports by the Committee on Government Operations has been a most rewarding experience for the committee, and those who have followed the progress made by our offices in this endeavor continue to focus attention on the committee accomplishment. The reports contain such a wealth of information concerning investments in real and personal property assets of the Federal Government, on a worldwide basis an up-to-date compilation of the Nation's worth as visualized in the objectives of House Resolution No. 26, introduced in the House of Representatives on January 5, 1955, by former Congressman Martin Dies (which resolution was referred to the House Committee on Government Operations). The resolution recommended the compilation of an inventory report covering assets of the Federal Government. Our initial report, as of June 30, 1955, was a starting point and the report recorded Government-owned assets in the form of an annual property inventory report. Until the issuance of our initial report, there was no one central location where all real and personal property assets of the United States, located throughout the world, could be located. Inventory records up to that time were incomplete and up-to-date inventory accounting systems were not in operation. Good bookkeeping practices dictated that this situation be changed, and the committee feels today that property accounting records, centrally located, are current, accurate, and that inventory records are under accounting control. 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 lumpsum 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 $400 billion, as of June 30, 1968. 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 $348 billion as of June 30, 1968. 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. |