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090181 1 (1977-09-22)

handle is hein.gao/gaobacvwo0001 and id is 1 raw text is: _~~ (761~ UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON PEGIONAL OFFICE lcc U r-I FTH FLOOR 803 WEST BROAD STREET FAuLS CHURCH, VIRGINIA 22046 oqo(Yv 22 3EP 177 Ms. Mary Jane Calais Acting Associate Commissioner Office of Guaranteed Student Loans Office of Education Department of Health, Education, and Welfare Dear Ms. Calais: We have completed our review of the financial statements of the Guaranteed Student Loan Fund (Fund) for the fiscal year ended June 30, 1976, and the transition quarter ended September 30, 1976. A congressional report will not be issued until we complete the fiscal year 1977 audit. That report will present the results of our examinations of the Guaranteed Student Loan Fund financial statements for fiscal years 1976 and 1977. Enclosure I presents certain matters we have identified in this and prior years, which in our view requiro management attention While we recognize that action on some matters must await installation of the new management information system, we urge that action be taken now where possible As you know, many needed improvements in the Fund's operations are closely associated with the system's implementation. Considering the results of the audit just completed, we anticipate our opinion on the Fund's fiscal years 1976 and 1977 statements will again be adverse. An overall conclusion based on this and prior years' audit work is that the Fund's auto- mated records do not provide reliable information to administer the program nor necessary, detailed accounting records adequate to support the financial statements. Our report to the Secretary of Health, Education, and Welfare,'Collection Efforts, Not Keeping Pace with Growing Number of Defaulted Student Loans,' B-117604 issued August 11, 1977, contains recommendations whicn are also pertinent to the Guaranteed Student Loan Fund's financial statements, Speci- ficaliy improved collection procedures to process defaulted student loans to collection, referral for legal action, or BEST DOCUMENT AVAILABLE

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