(RealClearWire)—A Department of Energy lab in Illinois logged over $160 million in questioned costs due to lost invoices, excessive reimbursements, and holiday pay, according to a recent audit by the agency’s inspector general.
The audit examined costs incurred in 2018 by Fermi Research Alliance LLC, the contractor that operates the Fermi National Accelerator Lab near Batavia, Illinois. The Energy Department owns the lab, which receives millions in funding from the federal government. The lab also received $260 million from the Inflation Reduction Act of 2022.
The inspector general’s audit found that costs claimed by the contractor were not always allowable or reasonable. The inspector general questioned $160 million in indirect costs as unsupported, $15 million in subcontract costs as unresolved (pending an audit), and $2.5 million as unsupported, unallowable, or unreasonable.
Specifically, the inspector general had many concerning findings. They include Fermi Research Alliance’s loss of over $2.4 million in vendor invoices, unreasonable subsistence reimbursements to visiting scientists and researchers in excess of $30,000, and excessive holiday pay exceeding $50,000. He also found that Fermi Research Alliance was not in compliance with federal cost-accounting standards.
The Energy Department’s inspector general concluded: “These issues could result in the department reimbursing [Fermi Research Alliance] for costs that were unallowable, not allocable, or unreasonable.”
This mismanagement directly impairs the Energy Department’s mission, the audit found, since these questionable expenditures could have gone toward further research efforts at the lab by purchasing more equipment or hiring more researchers.
The waste was completely preventable by enforcing accounting standards and frequently auditing to ensure they are met, the audit found, but instead lax oversight meant these issues went undiscovered for five years.
It’s becoming increasingly clear that fiat currencies across the globe, including the U.S. Dollar, are under attack. Paper money is losing its value, translating into insane inflation and less value in our life’s savings.
Genesis Gold Group believes physical precious metals are an amazing option for those seeking to move their wealth or retirement to higher ground. Whether Central Bank Digital Currencies replace current fiat currencies or not, precious metals are poised to retain or even increase in value. This is why central banks and mega-asset managers like BlackRock are moving much of their holdings to precious metals.
As a Christian company, Genesis Gold Group has maintained a perfect 5 out of 5 rating with the Better Business Bureau. Their faith-driven values allow them to help Americans protect their life’s savings without the gimmicks used by most precious metals companies. Reach out to them today to see how they can streamline the rollover or transfer of your current and previous retirement accounts.
