Financial Audit:

Federal Savings and Loan Insurance Corporation's 1986 and 1985 Financial Statements

AFMD-87-41: Published: May 27, 1987. Publicly Released: May 27, 1987.

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GAO examined the Federal Savings and Loan Insurance Corporation's (FSLIC) consolidated statements of financial condition as of December 31, 1985 and 1986, and the related statements of income and expense and reserves, and changes in financial position for the years then ended.

GAO found that FSLIC: (1) lost almost $11 billion in 1986 and had a deficit of over $6 million; and (2) might not be able to continue its mission unless Congress recapitalizes it. GAO also found that, subject to FSLIC obtaining sufficient funds to continue operating and meeting its obligations, the financial statements presented fairly the FSLIC financial position, and the results of its operations and the changes in its financial position, in conformity with generally accepted accounting principles applied on a consistent basis.

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