Renegotiation Act Amendments of 1981: Hearing Before the Subcommittee on General Oversight and Renegotiation of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-seventh Congress, First Session, on H.R. 5651 ... August 4, 1982
United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on General Oversight and Renegotiation
U.S. Government Printing Office, 1982 - Defense contracts - 90 pages
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accounting administration agencies amount annual appeals Armed Services BARNARD basis believe better bill Chairman MINISH circumstances Command Committee companies competition Congress contractors corporations cost cost accounting cost overruns Court of Claims decision defense contracts Department determinations Director division dollars effective effort emergency enactment estimated excessive profits existence fact factors fair figures follows fund give given going Gonzalez Government hearings HoRAN House increase industry involved kind legislation limitation look matter McCLOSKEY ment military million MITCHELL negotiated Office operations Oversight PARRIs past percent period present problem procurement product line programs provisions question reasonable record Renegotiation Act Renegotiation Board renegotiation process Representative requirements result small businesses spending statement Subcommittee sure testimony Thank things tion trying WEBER WoRTLEY yield
Page 89 - Office of the Assistant Secretary of the Army for Research, Development, and Acquisition (RD&A) and the Deputy Chief of Staff for RD&A.
Page 20 - Even assuming we had efficient and effective price negotiations for contract awards, we believe that renegotiation of actual profits realized is desirable to prevent excessive profits which result from changed conditions that cannot be anticipated at the time of contract award.
Page 74 - In conclusion, while the General Accounting Office agrees that the VinsonTrammell Act is outdated and should be replaced, we believe that the question of whether or not this Act should be replaced with a new statute is a matter of policy which the Congress should determine after considering all of the advantages and disadvantages. As a minimum, we...
Page 79 - ... with particular regard to attainment of quantity and quality production, reduction of costs, and economy in the use of materials, facilities, and manpower.
Page 24 - ... increased the average rate of return on capital by 33 percent and on net worth by 144 percent. Although the cost changes had a smaller effect on the rate of return on sales (profit-sales ratio) , we noted rate increases as high as 10 to 20 percent in a few cases . To determine the accuracy of data, the Board analyzed 800 filings processed in fiscal year 1970 by the regional boards' accounting divisions and found that the contractors...
Page 24 - GAO study on the causes of excessive profits citesa case wherein the contractor realized an actual profit rate on costs of 64 percent rather than the negotiated rate of ll percent.
Page 21 - We would be happy to respond to any questions that the chairman or members of the subcommittee might have of us.