Financial Audit:

Trans-Alaska Pipeline Liability Fund

AFMD-92-29: Published: Jan 17, 1992. Publicly Released: Jan 17, 1992.

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Pursuant to a congressional request, GAO reviewed an independent accountant's audit of the Trans-Alaska Pipeline (TAP) Liability Fund's financial statements, as of December 31, 1990.

GAO found that: (1) the TAP Fund's financial statements presented fairly in all material respects its financial position as of December 31, 1990, in accordance with generally accepted accounting principles; (2) as of December 31, 1990, the TAP Fund had $286 million of net assets available to pay outstanding claims and administrative expenses; (3) due to pending claims and associated administrative expenses, no amounts were currently available for transfer to the Oil Spill Liability Trust Fund; (4) since total damages related to the Exxon Valdez oil spill exceeded the TAP Fund liability per incident of $100 million, a federal court ruled that claimants were required to seek administrative resolution of claims with the TAP Fund before proceeding against the Fund in court; and (5) the audit did not disclose any material weaknesses or noncompliance with laws and regulations.

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