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AIMD-98-66R 1 (1998-02-27)

handle is hein.gao/gaobaclzz0001 and id is 1 raw text is: United States General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-279268 February 27, 1998 Mr. Van Zeck Acting Commissioner Bureau of the Public Debt Subject: Financial Audit: Schedule of Loans Receivable Serviced by the Bureau of the Public Debt Dear Mr. Zeck: This report presents the results of the audit of the Schedule of Loans Receivable From Federal Entities and Related Interest Receivable Serviced by the Bureau of the Public Debt (BPD) at September 30, 1997 (Schedule of Loans Receivable).' Loans Receivable From Federal Entities represents an intragovernmental receivable. These receivables arise from certain federal entities that have been granted specific legislative authority to borrow from the Department of the Treasury. Using the funds borrowed, these entities make loans to various nonfederal borrowers, such as students and farmers. During fiscal year 1997, Treasury transferred to BPD the responsibilities for accounting and servicing of loans made to federal entities. Accordingly, the Schedule of Loans Receivable presents the September 30, 1997, balances of federal loans receivable and related interest receivable that are serviced by BPD. We contracted with the independent public accounting firm of KPMG Peat Marwick LLP (KPMG) to audit the Schedule of Loans Receivable at September 30, 1997. The 'As provided by the Government Management' Reform Act of 1994, the Office of Management and Budget (OMB) designated BPD as a component of the Department of the Treasury required to issue audited financial statements. As approved by OMB, BPD's fiscal year 1997 financial statements submission, which also represents BPD's annual report, will consist of the (1) Administrative Financial Statements, (2) Schedule of Federal Debt Managed by the Bureau of the Public Debt for the fiscal year ended September 30, 1997, (3) Schedule of Loans Receivable From Federal Entities and Related Interest Receivable Serviced by the Bureau of the Public Debt at September 30, 1997, and (4) Overview to the Financial Statements. GAO/AIMD-98-66R Schedule of Loans Receivable

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