NASA's Financial Problems Explored at May 19 Congressional Hearing; CFO Magazine Article, 'NASA We Have a Problem' a Must-Read for Committee Members.Business Editors BOSTON--(BUSINESS WIRE)--May 17, 2004 NASA NASA: see National Aeronautics and Space Administration. NASA in full National Aeronautics and Space Administration Independent U.S. is unable to account for billions of taxpayer dollars spent, even as it asks for a significant budget increase this year. CFO See Chief Financial Officer. Magazine was the first to break this news in its May cover story "NASA We Have a Problem." CFO Senior Writer Kris Frieswick is available for interviews on NASA's financial mismanagement Financial mismanagement is management that, deliberately or not, is handled in a way that can be characterised as "wrong, bad, careless, inefficient or incompetent" and that will reflect negatively upon the financial standing of a business or individual. and can provide commentary around the Congressional hearings Congressional hearings are the principal formal method by which committees collect and analyze information in the early stages of legislative policymaking. Whether confirmation hearings — a procedure unique to the Senate — legislative, oversight, investigative, or a . The article has created a stir and is a 'must-read' for members of the Government Reform Committee in Congress. It examines NASA's financial mismanagement, human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. gaps and poor decision making that resulted in a recent disclaimed audit opinion on its 2003 financial reports - the second in three years. The article shows why NASA cannot properly account for billions of dollars. Frieswick brings -- a unique insight from her access to NASA's senior management and the General Accounting Office to prepare this story -- a perspective on why 14 years after Congress mandated that federal agencies produce auditable financial statements, NASA's finance team still can't get its act together -- and why Congress still doesn't does·n't Contraction of does not. care -- an overview on the difficulties NASA is having installing a new financial management system (at a cost of more than $600 million) - the third effort in 12 years -- thoughts on NASA's new CFO Gwendolyn Brown and the challenges she faces in getting NASA's finances back on track Frieswick's article can be seen at http://www.cfo.com/article/1,5309,13502,00.html?f=home_magazine To arrange an interview with Frieswick please contact: Jill Totenberg Chris McManus The Totenberg Group 718-324-0808 212 994-7363 917-324-0808 jtotenberg@totenberggroup.com cmcmanus@centerstagecomm.com |
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