Financial Statements of Overseas Private Investment Corporation for FY 1980 and 1979
ID-81-45: Published: Apr 15, 1981. Publicly Released: Apr 15, 1981.
- Full Report:
GAO examined the balance sheets of the Overseas Private Investment Corporation (OPIC) as of September 30, 1980 and 1979, related statements of income, changes in capital and reserves, and changes in financial position for the years then ended.
An insurance and guaranty reserve for the respective discharge of liabilities under the insurance and guaranty contracts of OPIC totalled $576 million. If claim settlements exceed available resources, Congress would have to appropriate funds to fulfill a U.S. pledge for the full payment and performace of the insurance and guaranty liabilities of OPIC. In the opinion of GAO, the financial statements present fairly the financial position of OPIC as of September 30, 1980 and 1979, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year.