Financial Audit:

Savings Association Insurance Fund's 1990 and 1989 Financial Statements

AFMD-92-21: Published: Jan 8, 1992. Publicly Released: Jan 8, 1992.

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GAO reviewed the Savings Association Insurance Fund's: (1) financial statements for the period from August 9, 1989 through December 1989 and the year ended December 31, 1990; and (2) internal control structure and compliance with applicable laws and regulations.

GAO found that: (1) the financial statements presented fairly, in all material respects, the Fund's financial position for the years ended December 31, 1990 and 1989, in conformity with generally accepted accounting principles; (2) the Fund will be responsible for resolving all federally insured thrifts placed into conservatorship or receivership through September 30, 1993; (3) the Fund complied with applicable laws and regulations; and (4) if there is still a significant number of thrifts in need of resolution after September 30, 1993, the Fund could be insolvent when it assumes its full resolution responsibility.

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