Federal Credit Reform:

Information On Credit Modifications and Financing Accounts

AIMD-93-26: Published: Sep 30, 1993. Publicly Released: Sep 30, 1993.

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Pursuant to a congressional request, GAO provided information on federal agencies': (1) cost calculations of loan obligation and loan guarantee commitment modifications under credit reform; and (2) control of payments from financing accounts established by the Federal Credit Reform Act of 1990.

GAO found that: (1) of the five lending agencies reviewed, only the Department of Education has credit program modifications that require cost calculations under the Federal Credit Reform Act; (2) Education does not expect that its future loan obligation and loan guarantee commitment modifications will require cost estimates except possibly for loan sales under its construction loan program; (3) the other agencies believe that their loan programs will not generally experience the type of modifications requiring cost estimates; (4) the agencies use various estimating procedures to generate financing account information because their financial systems are not designed to meet the new accounting and financial reporting requirements; and (5) the agencies' financial accounting systems do not provide accurate and reliable data necessary for management budget analyses.

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