Financial Audit:

Office of Thrift Supervision's 1989 Financial Statements

AFMD-92-11: Published: Jan 24, 1992. Publicly Released: Jan 24, 1992.

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GAO examined the Office of Thrift Supervision's (OTS) financial statements for the period from October 8, 1989 through December 31, 1989.

GAO found that: (1) the financial statements presented fairly the OTS financial position as of December 31, 1989, in conformity with generally accepted accounting principles; (2) OTS assessments charged to the savings and loan industry provided funding in excess of OTS operating expenses and working capital requirements; (3) OTS did not comply with the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, because it used Federal Home Loan Bank Board (FHLBB) funds to conclude FHLBB affairs and did not distribute the appropriate amount of funds owed to the Federal Housing Finance Board (FHFB); (4) OTS and FHFB agreed to a payment of $8.9 million in satisfaction of the amount OTS owed; and (5) OTS has agreed to adjust its assessments to better reflect its working capital and operating needs.

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