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HRD-80-12 1 (1979-10-25)

handle is hein.gao/gaobaazvk0001 and id is 1 raw text is: 


                  UNITED STATES GENERAL ACCOUNTING OFFICE
                          WASHINGTON, D.C. 20 4

ruMAN It
   alV'sION


   B-164031 (1)                         OCTOBER 25. 1979



   The Honorable Patricia Roberts Harris
   The Secretary of Health, Education,
     and Welfare

   Dea:: Mrs. Harris:

        Subject: Student Loan Insurance Fund (HRD-80-12)

        Under the Higher Education Act of 1965 (20 U.S.C. 1001,
   et seq., as rme.ded), the Comptroller General is required
   to examine annually the financial statements of the Student
   Loan Insurance Fund. The Fund is used to finance Federal
   insurance and reinsurance of loarns made under the Guaranteed
   Student Loan (GSL) program. Section 432(b)(2) of the act
   requires that the Commissioner, Office of Education (OE):
        * * * maintain with respect to insurance
        under this part an integral set of accounts,
        which shall be audited annually by the Gen-
        eral Accounting Office in accordance with
        principles and procedures applicable to
        commercial corporate transactions, as
        provided by section 105 of the Government
        Corporation Control Act, except that the
        transactions of the Commissioner, including
        the settlement of insurance claims and of
        claims for payments pursuant to section
        428, and transactions related there..o
        and vouchers approved by the Commissioner
        in connection with such transactions,
        shall be final and conclusive upon all
        accounting and other officers of the
        Governme.-t.
        n seven reports issued to the Congress since 1968
  on the financial aspects of the Fund, we have discussed the
  inability of OE's accounting and computer systems to provide
  accurate information for the Fund's financial statements


(990594)

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