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AFMD-85-54 1 (1985-09-30)

handle is hein.gao/gaobabfjy0001 and id is 1 raw text is: BY THE COMPTROLLER GENERAL Report To The Congress OF THE UN TED STATES Examination Of The Federal Crop Insurance Corporation's Financial Statements For The Year Ended September 30, 1984 GAO examined the financial statements of the Federal Crop Insurance Corporation (FCIC) for the year ended September 30, 1984. The examination was made in accordance with generally accepted gov- ernment auditing standards. In fiscal year 1984, the FCIC incurred a current year loss of $211 million from insuring agricultural crops against all unavoidable risks, and it could sustain future losses in subsequent periods. FCIC has not established premium rates that adequately cover losses on insured crops and, thereby, enable FCIC to build a reasonable reserve against unforeseen losses, as authorized by the Federal Crop Insurance Act. FCIC's losses from operations since fiscal year 1981 have resulted in a negative capital position as of September 30, 1984, of $11 million. FCIC contends that adverse weather conditions caused the fiscal year 1984 losses. FCIC has made the Congress aware of its financial difficulties and has requested additional funding authority to pay producers' claims. In GAO's opinion, the financial statements present fairly the deficit financial position of FCIC as of September 30, 1984, and the losses as a result of its 1984 operations and the changes in its financial position for the year then ended, in conformity with generally accepted accountjD& principles consistently applied, except for a change in the metb of matching costs and revenues with which GAO concurs. The tthange resulted in an additional loss of $191 million. \V,,D S 7,q 7 , GAO/AFMD-85-54 - SEPTEMBER 30,1985 -1cOU14ii&

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