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FOD-77-6 1 (1977-05-23)

handle is hein.gao/gaobaacfu0001 and id is 1 raw text is: DOCUMENT RESUME 02180 - (A15325101 Examination of Financial Statements of the National Credit Union Administration for the Fiscal Years Ended June 30, 1976 and 1975. FOD-77-6; B-154031 (4). fay 23, 1977. 29 pp. Report to the Congress; by Robert F. Keller, Acting Comptroller General. Issue Area: Accounting and Financial Repoiting (2800). Contact: Field Operations Div. Bud;et Function: Miscellaneous: Financial Management and Information Systems (1002). Organization Concerned: National. Credit Union Administration. Congressional Relevance: House .ummittee on Banking, Currency and Housing; Senate Committee on Banking, Housing and Urban Affairs; Congress. Authority: Federal Credit Union Act (12 U.S.C. 1751 et seq.; 12 U.S.C. 1787(a) (2), 1787(h), 1787(i) (1)'. ExamiDatiou of the financial statements of the National Crelit Union Administration (NCUA) for the 1975 and 1976 fiscal years showed that the NCUA needs to improve certain aspects oZ its operations. Findings/Conclusions: GAO cannot express an opinion on the reasonableness of assets acquired from liquidating credit unions of $7,162,965 and $7,076,486 for fiscal years 1976 and 1975, respectively, or of the allowance for doubtful accounts of $4, 558,507 and $4,044,049 and financial axpenses of $723,963 and $554,358 for fiscal years 1976 and 1975, respectively. In addition, liquidation expense was not fair'.y presented in fiscal year 1975. With the exceptions of theF_ items, the share insurance fund's financial statements present fairly the fund's financial position at June 30, 1976 and 1975, and the results of its operations and the changes in financial position for the years then ended, in conformity with the priruciples and standards of accounting prescribed by the Comptroller General. Recommenditions: The Administrator of the NCUA stould continue efforts to elimiaate uncollectable loans from the accounts and establish an allowance for doubtful accounts based on the collectability of the remaining loans, and should periodically evaluate the collectability of its loan portfolio and develop a more accurate method of estimating losses as soon as adequate program experience is available. The Administrator should also expand the scope of the internal audit work performed in the Washington headquarters to include all Credit Union Administration activity and related mancgement controls. (kuthor/SC)

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