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Page Title: Ship's Store Profits (Own Ship)
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The only other circumstance under which you can request a survey to Ship’s Store Profits, Navy (General  Fund)  is  when  your  own  ship’s  profits are  considered  inadequate  to  absorb  the  cost  of a large loss and you cannot properly charge the loss  to  the  Navy  Stock  Fund.  The  value  of  the survey  must  generally  be  larger  than  the  expected profits  from  the  accounting  period.  An  example of this condition is when there is a break-in and a  large  amount  of  merchandise  is  lost  through theft. If  there  is  a  large  loss  of  merchandise  that profits from your ship’s store during the current accounting  period  will  not  cover,  a  DD  200 (Report  of  Survey)  should  be  prepared  as  a  charge to Ship’s Store Profits, Navy (General Fund). The ship’s   store   officer   will   usually   prepare   the DD   200   to   report   the   survey.   The   surveying officer will then conduct a review of the survey. After an inventory has been made and a review of the DD 200 has been completed by the survey- ing  officer  or  survey  board  and  the  DD  200  has been  approved  by  the  commanding  officer,  the original  and  four  copies  of  the  report  should  be sent   to   NAVRESSO   for   approval.   Until   the survey is approved by NAVRESSO, the value of the  loss  should  be  carried  as  inventory, If the survey is approved by NAVRESSO, the total approved amount should be included in the amount   that   is   entered   in   the   Journal   of Expenditures  (NAVSUP  978)  as  Survey  (SSPN GF).  The  total  approved  amount  should  also  be entered on line B23 or line B27 (as applicable) on the  Ship’s  Store  Balance  Sheet  and  Profit  and Loss  Statement  (NAVCOMPT  153).  At  the  end of  the  accounting  period,  the  total  money  value that was approved by NAVRESSO to be charged to  Ship’s  Store  Profits,  Navy  (General  Fund), should be included in the amount that is entered on line C07 of the NAVCOMPT 153. If the survey is  not  approved  by  NAVRESSO,  the  loss  should be  expended  to  local  ship’s  store  profits  on  line B23  or  line  B27  (as  applicable)  of  the  NAV- COMPT  153. SHIP’S STORE PROFITS (OWN SHIP).— The  value  of  any  surveys  that  you  cannot  properly charge either to the Navy Stock Fund or to Ship’s Store  Profits,  Navy  (General  Fund),  you  must charge  to  local  ship’s  store  profits.  The  most common  examples  of  a  local  profit  survey  are those covering misappropriation and negligence. Another   example   is   if   you   fail   to   accomplish timely  markdowns  of  perishable  stock  resulting in  stock  that  is  unfit  for  sale  at  any  price. A  markdown  is  always  preferable  to  a  local profits  survey,  since  some  of  the  original  value of  the  stock  may  be  returned  from  sales. Besides  charging  a  survey  to  the  correct appropriation,  you  will  also  be  faced  with  other considerations in your use of the survey method to expend ship’s store stock. In your supervision of  ship’s  store  expenditures  by  survey,  you  may have to account for merchandise you receive after you have surveyed it as missing in shipment. On occasion,  you  may  also  be  required  to  revalue ship’s  store  stock  instead  of  expending  it  totally by survey. Both these techniques are discussed in the  information  that  follows. SURVEYED  MATERIAL  SUBSEQUENTLY RECEIVED.—  Ship’s  store  stock  may  be  received after it has been surveyed as missing in shipment. The  receipt  of  the  surveyed  material  should  be covered  by  a  Requisition  and  Invoice/Shipping Document  (DD  1149).  The  DD  1149  will  credit the appropriation that was previously charged by the  survey.  No  entry  should  be  made  to  the Journal  of  Receipts  (NAVSUP  977),  however,  a credit entry (a minus entry in red ink) should be posted to the Journal of Expenditures (NAVSUP 978). The items received should be entered on the Stock Record (NAVSUP 464) in the Expenditure column  as  a  minus  entry  in  red  ink.  The  word Survey  should  be  entered  in  the  Received From/Expended To column of the NAVSUP 454. REVALUATION  OF  STOCK.—   Another aspect   of   the   survey   method   you   can   use   to expend ship’s store stock is to revalue the stock so  you  can  sell  it  at  a  reduced  price.  By  this method, you are surveying only part of the money value  of  the  stock  as  you  are  recovering  a  part of  your  expenditure  through  sales. The  question  that  may  cross  your  mind  is, Wouldn’t a markdown accomplish the same goal with less trouble? The answer is that in many cases it  would.  Markdowns  always  charge  local  ship’s store  profits.  If  items  were  damaged  through negligence or poor stock control, or for any other reason  that  would  properly  charge  local  profits in a survey situation, a markdown would be the proper course of action. However, to mark down items that are damaged upon receipt or uninten- tionally  damaged  by  fire,  water,  or  oil  would  be improper  since  damage  of  this  sort  is  properly chargeable  to  the  Navy  Stock  Fund. You  should  never  mark  down  Navy  clothing items. You should always revalue Navy clothing items  by  survey  since  clothing  cannot  affect 5-11

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