Financial Position of the National Consumer Cooperative Bank
AFMD-81-45: Published: Mar 13, 1981. Publicly Released: Mar 13, 1981.
- Full Report:
The National Consumer Cooperative Bank is a mixed-ownership Government corporation which was chartered by Congress for the purpose of providing loans, technical assistance, capital investment advances, and interest supplement payments to cooperatives. GAO examined the balance sheet, statements of income, changes in equity, and changes in financial position for the Bank's first full year of operation.
GAO found that the financial statements fairly presented the Bank's financial position and that the results of the Bank's operations and the changes in its financial position were in conformity with generally accepted accounting principles and standards.