Financial Audit:

Federal Home Loan Bank Board's Financial Statements for 1985 and 1984

AFMD-86-64: Published: Jul 15, 1986. Publicly Released: Jul 15, 1986.

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GAO examined the statements of financial condition of the Federal Home Loan Bank Board (FHLBB) as of December 31, 1985 and 1984, and the related statements of income and expenses and retained earnings, and changes in financial position for the years then ended.

GAO found that: (1) FHLBB transferred field examination personnel to the 12 federal home loan banks, resulting in a reduction of income, benefits, and travel expenses on the FHLBB 1985 financial statements; (2) FHLBB will no longer incur accounts receivable costs for examination fees, payroll, or annual leave for the transferred personnel, resulting in reduced income and expenses on future financial statements; and (3) FHLBB could improve its internal accounting controls system in some areas. GAO also found that the financial statements presented fairly the financial position of FHLBB as of December 31, 1985 and 1984, and the results of its operations and changes in financial position for the years then ended, in conformity with generally accepted accounting principles applied on a consistent basis.

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