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ID-76-89 1 (1976-10-01)

handle is hein.gao/gaobaabtr0001 and id is 1 raw text is: -) V, C1 COMPTROLLER GENERAL 01' THE UNITED STATES WASHINGTON. D.C. 20548 B-173240 OCT 11976 OCTI7 Illll I MI100I24I5lI II I II IIIIIIII hII IM1 00245 To the Board of Directors Overseas Private Investment Corporation we have examined the balance sheet of the Ovecseas Private Investment Corporation as of June 30, 1976, and the related statements of income, changes in capital and reserves, and changes in financial position tor the year then ended. This examination was made pursuant to the Government Corporation Control Act (31 U.S.C. 841 et seq.) and in accordanca with generally accepted auditing-stanarus and incluaed such tests of he accounting records and sucn other auditing procedures as we considered necessary in the circuimstances. We previously examined and reporteu on the Corporation's fiiancial statements 'or fiscal year 1!75. The Overseas Private Investment Corporation insures ahd. gudtants U.S. investors against potent. al r-isks ot-- loss of their overseas investments due to expropriation; inconvertiility of currency; and war, revolution, or insurrection. As of June 30, 1976, the Cororation's insurance reserve for such losses amounted to $204.7 million. However, as explained in note 7 to the financial statements, potential charges against this reserve for claims filed totaled $395.5 million, consisting of direct liabilities related to claim settlements ($39.1 million), claim settlement guarantees ($121.7 million), pending claims ($80.7 million), and unresolved disputeu claims ($154.0 million). Section 237(c) of the Foreign Assistance Act of 1931, as amended, (22 U.S.C. 2197(c) (Sup. V, 1975)), provides that the full faith and credit of the Unitea States of America is pledged for the full payment and performance of obligations incurred by the Overseas Private Investment Corporation under its insurance and guaranty contracts. Thus, if claim settlements exceed availaDle reserves, the Corporation will oe required to either borrow funds from the U.S. Treasury or request supplementary funds from the Congress to pay the claims. COPV mcrofilmed ID-76--89 waofPowqualty, ( v 0 2,Y Y/

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