Financial Audit:

Federal Crop Insurance Corporation's Financial Statements for 1989 and 1988

AFMD-90-107: Published: Sep 28, 1990. Publicly Released: Sep 28, 1990.

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GAO examined the financial statements of the Federal Crop Insurance Corporation (FCIC) for the fiscal years ended September 30, 1988 and 1989.

GAO found that: (1) FCIC oversight of reinsured companies' loss adjustment activities improved, but FCIC needed to continue to strengthen its oversight activities; (2) FCIC lacked effective internal controls over certain administrative expenses; and (3) the financial condition of FCIC is bleak due to an increasing deficit, rapid expansion, low producer participation, adverse weather conditions, and competition with the disaster payments program. GAO also found that the financial statements presented fairly the FCIC financial position, the results of its operations, and its cash flows for the years then ended, in conformity with generally accepted accounting principles applied on a consistent basis.

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