ABSTRACT

Federal Real Property: GSA Should Fully Assess Its Prospectus Process and Communicate Results to Its Authorizing Committees, Report to Congressional Committees   [open pdf - 2MB]

From the Highlights: "Each year, GSA [General Services Administration] spends hundreds of millions of dollars in funding to construct, repair, and alter buildings in its portfolio and another $5.7 billion in rent for over 8,000 leases of privately owned space. GSA's prospectus process can pose challenges to its ability to effectively manage its assets. GAO [Government Accountability Office] was asked to review GSA's prospectus process. This report: (1) describes GSA's process for developing and obtaining approval of prospectuses; (2) determines average time frames for prospectuses' reviews and approvals; and (3) examines the extent to which GSA has assessed the prospectus process to identify and address challenges, if any, that may affect GSA's management of federal assets. GAO reviewed, among other things, relevant statutes and regulations and GSA documents; analyzed data for prospectuses submitted for funding for fiscal years 2014 through 2020; and interviewed GSA and OMB [Office of Management and Budget] officials. [...] GAO recommends: (1) that GSA fully assess the prospectus process for leases and capital projects--including identifying, analyzing, and responding to risks associated with the process-- and implement potential improvements to the process, and (2) that GSA communicate to its authorizing committees the results of its assessment, including any proposed changes that may require legislative action to implement. GSA agreed with the recommendations and stated that it is developing a plan to address them."

Report Number:
GAO-22-104639
Publisher:
Date:
2022-01
Copyright:
Public Domain
Retrieved From:
Government Accountability Office: https://www.gao.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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