Financial Audit:

Savings Association Insurance Fund's 1989 Financial Statements

AFMD-91-31: Published: Mar 1, 1991. Publicly Released: Mar 1, 1991.

Additional Materials:

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

GAO reviewed the Savings Association Insurance Fund's: (1) financial statements for the period August 9, 1989, through December 31, 1989; and (2) internal accounting controls and compliance with applicable laws and regulations.

GAO found that: (1) during fiscal year (FY) 1992 through FY 1999, the Fund would annually receive at least $2 billion; (2) the Department of the Treasury was required to make those annual payments to the Fund, not to exceed a total of $16 billion, through FY 2000; (3) the Fund might confront significant costs, perhaps even a backlog of failed institutions, when it assumes resolution responsibility in 1992; (4) funding sources for the Fund might be inadequate under those conditions; (5) except as noted, the financial statements presented fairly the Fund's financial position for the period August 9, 1989, through December 31, 1989; (6) the Fund's internal control structure and its operations did not have any material weaknesses; and (7) the Fund complied with laws and regulations that could have materially affected its financial position.

Sep 20, 2016

Sep 6, 2016

Aug 19, 2016

Aug 12, 2016

Jul 29, 2016

Jul 28, 2016

Jul 13, 2016

Jul 11, 2016

Jun 13, 2016

Looking for more? Browse all our products here