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AFMD-92-36R 1 (1992-01-13)

handle is hein.gao/gaobacklv0001 and id is 1 raw text is: O nited States General Accounting Ornce %%&shington. D.C. 20548 Accounting and Financial Management Dilimon B-247216 January 13, 1992 The Honorable Mike Synar Chairman, Subcommittee on Environment, Energy, and Natural Resources Committee on Government Operations House of Representatives Dear Mr. Chairman: This letter responds to yo& request for GAO's views on the Bureau of Indian Affairs' (BYA) efforts to improve its methods for detecting and handling losses of Indian trust fund monies. These efforts were discussed at your May 20, 1991, oversight hearing on BIA's management of the Indian Trust Funds. First, regarding recovery of trust funds which had been deposited in financial institutions which later failed, we believe that BIA was remiss in investing trust funds above the insured limits of $100,000. As a fiduciary, BIA is liable for such losses. We have been monitoring BIA's efforts to recover funds invested in failed institutions insured by the National Credit Union Administration (NCUA) and the Federal Deposit Insurance Corporation (FDIC). The Bureau's Solicitors' Office advised us that NCUA will not cover losses in excess of the $100,000 insurance ceiling. The three largest credit union losses are as follows: Loss amount in Credit union excess of $100,000 Date of loss Zionic $3,037,766 03/22/84 Financial 249,173 10/31/84 Center Place 635,073 07/08/85 Total $2,22,012 The Solicitors' Office has told us that in addition to losses at these three large credit unions, BIA has also GAO/AFMD-92-36R BIA Reconciliation Monitoring 0513 1! 150o5§,S

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