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Recreation Fund - 10287f_140
RECORDS AND At the end of an accounting period or at other required  times,  you,  as  a  leading  petty  officer,  will have an important responsibility for supervising inventory  procedures,  auditing  the  closeout  of records  and  the  preparation  of  returns,  and analyzing the operation of the ship’s store. In each of these areas, you will be assisting the ship’s store officer   in   maintaining   effective   control   of   the ship’s store operation. First, however, you should be  aware  of  the  significance  of  the  ship’s  store profits  that  appear  on  the  returns:  how  profits  are generated by sales and used by the Navy Resale and  Services  Support  Office  (NAVRESSO)  and by  your  own  ship  to  improve  the  welfare  and morale  of  shipboard  personnel.  As  you  read  the information  in  the  chapter,  keep  in  mind  the importance  of  accurate  ship’s  store  returns. Remember, your returns document the financial operation  of  your  ship’s  store. SHIP’S STORE PROFITS In chapter 6, the various types of sales from the ship’s store, vending machines, and fountain operation  were  discussed  from  the  supervisory point of view. As you learned in chapter 4, sales are  required  to  replenish  working  capital  (Navy Stock  Fund).  You  saw  how  sales  also  generate profit,  the  value  of  which  is  determined  by  the amount of markup applied to the various items. Profits derived from sales in the ship’s stores are held by the Treasury Department in a trust fund, Ship’s  Store  Profits,  Navy.  In  this  section,  you will read how ship’s store profits are transferred to  the  General  Fund  and  the  Recreation  Fund. You will also learn how certain charges are made against  ship’s  store  profits, GENERAL  FUND The General Fund is maintained by the Naval Supply  Systems  Command  (NAVSUP)  through the  Navy  Resale  and  Services  Support  Office Chapter   7 RETURNS (NAVRESSO).  The  General  Fund  accrues  from an  assessment  that  is  made  on  the  net  cash generated  from  sales  in  each  ship’s  store.  The exact  percentage  of  the  General  Fund  assessment is  dependent  upon  the  size  of  the  individual  ship’s allowance, In  addition,  the  General  Fund  takes  in  all excess profits that are reported by certain ships. The  net  ship’s  store  profits  that  are  generated during   a   single   accounting   period   should   not exceed  15  percent  of  the  cost  of  retail  sales. Profits  that  are  greater  than  the  15  percent  figure are considered to be “in excess” and are accrued into the General Fund. Finally, the General Fund accrues from the balance of any ship’s store pro- fits that remain after a ship is lost or decommis- sioned. A large percentage of the money that accrues to the General Fund is paid to the Chief of Naval Personnel  for  the  recreation  of  Navy  personnel. A large part of this money is used to finance the Navy  motion  picture  program  that  is  so  greatly appreciated  by  the  fleet,  Expenses  covering  the purchase and maintenance of athletic equipment are  also  among  the  many  benefits  supported  by the General Fund. After entertainment and recrea- tion expenses are covered, any remaining money in  the  General  Fund  is  used  for  the  benefit  of individual  ships. In  the  case  of  new  ships,  the  General  Fund provides   grants   for   the   initial   installation   of ship’s   store   facilities.   Existing  ships  that  are modernizing  their  ship’s  store  facilities  may apply  for  loans  from  the  General  Fund  to  cover the  costs  of  improvements.  Losses  that  occur when  a  ship  closes  the  ship’s  store  to  enter  a rehabilitation  program  can  be  properly  charged to  the  General  Fund.  Other  types  of  losses  that are not chargeable to the Navy Stock Fund (NSF) are also absorbed by the General Fund whenever these losses are too great for the individual ship’s store profits to offset. In fact, many surveys that cannot  be  absorbed  by  local  profits  are  paid  off by  the  General  Fund. 7-1

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