An evaluation of the application of a lock box system within the Department of the Navy
Andrzejewski, John J.
San Miguel, Joseph
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The premise of numerous proposals for improving cash management is that the Federal Government can save millions of dollars each year. Increasing attention is being given to cash management by the President, Congress, the Department of the Treasury and the federal agencies in the United States. A lock box system is one such cash management technique that provides a substantial savings through the reduction of float time. The Navy's Cash Management Action Plan stresses the use of this collection mechanism to increase the efficiency of its existing collection systems. This study provides a lock box model that can be used in the evaluation of potential lock box applications. Using the Navy Regional Accounting and Finance Center, Washington, D.C., as a comparative example, the results of the analysis show that the establishment of a lock box in Atlanta, would provide an estimated savings of over $260,000 to the Federal Government.
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