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CED-82-106 1 (1982-06-16)

handle is hein.gao/gaobabdki0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20548 1 NMI RELEASED June 16, 1982 COMMUNITY AND ECONOMIC DegI.OMCN DIVISION ICT D - Not to be reret.td olusde the General Aceuustlu Offtce excet a: ,, of specife approval B-207895 by tb. Office of Co. B-207895 The Honorable Robert N. Shamansky House of Representatives Dear Mr. Shamansky: 118782 Subject: Information on Commodity Credit Corporation Loan Repayment Practices (GAO/CED-82-106) In response to your May 27, 1982, request and subsequent discussions with you, we obtained certain information on the Commodity Credit Corporation's loan repayment practices for to- bacco and other commodities. In addition to responding to your specific questions, this report provides general background information on the Corporation. In summary, the information obtained showed that: --The Corporation allows loan repayments for the Tobacco and Peanut Support Programs to be applied first to principal and then to interest. This is contrary to commercial practices, which generally provide for the application of loan collections first to accrued interest due and then to the principal indebtedness. --There is no statutory authority which specifically states how loan repayments are to be applied. --The memorandum account, an account used by the Corporation to record interest due on nonrecourse loans, did, not meet generally accepted accounting practices and is no longer used. PROGRAM DESCRIPTION The Commodity Credit Corporation was created to stabilize, support, and protect farm income and prices; to help maintain balanced and adequate supplies of agricultural commodities and products; and to facilitate the orderly distribution of commod- ities. The Corporation is a wholly owned Government corporation which, in addition to carrying out its other programs, acquires commodities through price support and other programs. The Cor- poration has no operating personnel; its programs are carried out primarily through the personnel and facilities of the Department of Agriculture's Agricultural Stabilization and Conservation Service, hereafter referred to as the Service. (022854)

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