A recent Government Accountability Office report estimates that a taxpayer-funded website launched to track the awarding of taxpayer-funded grants and contracts only has accurate and complete information for 2 to 7 percent of all contracts.
The federal government makes over $1 trillion in grants and awards annually, of which, according to the report, about $620 billion worth in 2012 were not recorded with the proper information.
The transparency requirements that are almost never being met were created by a 2006 bipartisan bill meant to achieve greater transparency in federal funding. It created a website called USASpending.gov in 2007 to report how the federal government spends money on loans, grants, contracts, and other awards.
GAO released the report on Friday.