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089449 1 (1969-02-27)

handle is hein.gao/gaobacvlf0001 and id is 1 raw text is: 0 0 2u UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D C 20548 FEB 2 7 1969 CIVIL DIVISION Dear Mr. Luft: We rece tly completed our annual audit of the Federal Crop insurance Corporation FCIC), Department of Agriculture, pursuant to the provisions of the Govnment Corporation Control Act (31 U.S.C. 841) and the Federal Crop Insurance Act of 1938, as amended (7 U.SC. 1513). During the audit we noted two reserve accounts which, in our opinion, were overstated and in one instance, possibly not needed. These accounts are the Reserve for Uncollectible Debts Receivable and the Reserve for Surety Losses. Our comments on the accounts follow, RESERVE FOR UNCOLLECTIBLE DEBTS RECEIVABLE At June 30, 1968, the Reserve for Uncollectible Debts Receivable had a balance of $1,561,888, which represented the estimated uncollectible premiums due under insurance contracts for crop years 1963 thiough 1968. As shown in the following schedule, the portion of the Reserve for Un- collectible Debts Receivable attributable to crop years 1963, 1964,and 1965 is about $202,000 in excess of the actual amounts still outstanding for those years. Balance in reserve for uncollectible debts receivable $ 218,391 250,784 277,141 292,133 347,747 175,692 $1,561,888 Balance in debts receivable $ 162,329 165,329 216,584 473,083 Z,227,582 21,204,244 $24,449,151 Excess in reserve account $ 56,062 85,455 60,557 0 Wj q I q :?I Crop year 1963 1964 1965 1966 1967 1968

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