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ID-79-21 1 (1979-02-26)

handle is hein.gao/gaobaayzf0001 and id is 1 raw text is: COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON. .C. 2058 B-173240 S.7Aer70,,4e (; +fAe1MENT- I oq 0 February 26, 1979 e_ /, , To the Board of Directors Overseas Private Investment Corporation ,46,6 0 0 11 We have examined the balance sheet of the Overseas Private Investment Corporation as of September 30, 1978, and the related statements of income, changes in capital and reserves, and changes in financial position for the year then ended. This examination was made pursuant to the Government Corporation Control Act (31 U.S.C. 841 et seq.) and in accordance with generally accepted auditing standards and included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. We pieviously examined and repored on the Corporation's financial statements for fiscal year 1977. The Corporation insures U.S. investors against loss of their oversea$ investments due to expropriation: currency inconvertibility; and war, revolution, or insurrection. Due to the Uncertainties related to the Corporation's exoosure under these coverages (see note 5 to the financial statements), we are not able to express an opinion on the adequacy of the amounts available for losses the Corporation may suffer because of its insurance and claim settlements. Section 237(c) of the Foreign Assistance Act of 1961, as amended (22 U.S.C. 2197(c)), provides that the full faith and credit of the United States is pledged for the full payment and performance of ob~iga.ions incurred by the Overseas Private Investment Corporation under its insurance contracts. Thus, if claim settlements exceed available resources, the Corpora- tion would be required to either borrow funds from the U.S. Treasury or request supplementary Ttlnds from the Congress to pay the claims. In our opinion, except for the adequacy of the amounts available for losses, the accompanying financial statements present fairly the financial position of the Overseas Private Investment Corporation at September 30, 1978, and 1977, and the results of its operations, changes in its capital and reserves, and changes in its financial position for the years then ended in conformity with generally accepted accounting principles applied on a consistent basis. Comptroller General 4k 11111111 109122 ID-79-21 (48694) ....S 0QO4N8 I.-. K, ~ 0 -9 P7 v,

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