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AFMD-82-69 1 (1982-04-13)

handle is hein.gao/gaobabddc0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 2054 % ACcoUMM AMO PINANCIAL MANAGEM DIVr IOV M4 April 13, 1982 B-207054 To the Board of Directors United States Railway Association The accompanying statement of financial position of United States Railway Association (Association) as of September 30, 1981, and the related statements of operations and changes in financial position for the year then ended have been compiled by us. A compilation is limited to presenting in the form of finan- cial statements information that is the representation of manage- ment. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other form of assurance on them. As discussed in the Association's financial statements under note 2 to the statements, Consolidated Rail Corporation (Conrail) securities are valued at cost, which equals their redemption value. As described in notes 4, 5, and.6 to the statements, current con- ditions arising from the provisions of the Northeast Rail Service Act of 1981 created uncertainties regarding the Association's in- terest in Conrail. Pursuant to these provisions, the Association's interest in the investments in Conrail as well as the loans re- ceivable from the Delaware and Hudson Railway Company is limited to an interest which attaches to such debt in the event of bank- ruptcy, substantial sale, or liquidation of the assets of these railroads. In addition, notes and loans receivable from Conrail and the bankrupt estates plus the accrued interest receivable on these notes and loans, as shown in notes to the statement, are subject to legal settlements of reorganization plans of the bank- rupt estates. We are not independent with respect to the Association since the Comptroller General is an active member of its Board of Direc- tors. W. D. Camp 1I Acting Director 118100 AFMD-82-69

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