Financial Audit: Resolution Trust Corporation's 1994 and 1993 Financial Statements
DIANE Publishing, 1996 - 44 pages
Presents results of audits of the financial statements of the Resolution Trust Corporation (RTC) for the 1994 and 1993. Also presents opinions on management's assertions regarding the effectiveness of its system of internal controls and an evaluation of compliance with laws and regulations. Discusses internal control weakness identified and recommendations to correct this weakness; issues affecting estimated recoveries from failed thrifts; the estimated unused loss funds after the RTC's completion of all resolution activities; and the progress made in reducing risk. Charts and tables.
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1993 Financial Statements accepted accounting principles accrued interest Accumulated Deficit Administrative operating advances and subrogated Allowance for losses Appendix assets sold Auditor balances Bowsher cash flows Chief Financial Officer compliance Corporation Completion Act Corporation's 1994 cost of unresolved credit losses December 31 decrease Disbursements Due to receiverships effectiveness eligible employees ended December 31 Estimated cost estimated loss funding estimated recoveries estimated unused loss FDIC FINANCIAL AUDIT FIRREA included Insurance interest rates internal control system internal control weakness laws and regulations loss funding needs losses on subrogated management's assertion March 31 misstatements mortgage-backed securities notes payable obligations offsetting OIG appropriated postretirement benefit receivership assets receiverships and conservatorships recoveries from receiverships remaining assets repayment reportable condition representations and warranties reserve funds resolution activities Resolution Trust Corporation resolving failed institutions respectively RTC's securitization transactions significant subrogated claims TDP Oversight Board Treasury Trust Corporation Completion unauthorized acquisition unused loss funds
Page 1 - Services; and other interested parties. This report was prepared under the direction of Robert W. Gramling, Director, Corporate Financial Audits, who may be reached at (202) 512-9406 if you or your staff have any questions. Major contributors to this report are listed
Page 22 - These statements pertain to the financial position, results of operations and cash flows of the RTC, and are presented in accordance with generally accepted accounting principles. These statements do not include the reporting of assets and liabilities of closed thrifts for which the RTC acts as receiver/liquidating agent or of thrifts in
Page 7 - The Resolution Trust Corporation Refinancing, Restructuring, and Improvement Act of 1991 (Public Law 102-233) provided $25 billion in December 1991, which was only available for obligation until April 1, 1992. After the deadline passed, the Corporation returned $18.3 billion of unobligated funds to the Treasury in April 1992. In December 1993, the RTC Completion Act removed the April
Page 4 - effective in safeguarding material assets against loss from unauthorized acquisition, use, or disposition; assuring the execution of transactions in accordance with management's authority and material laws and regulations; and assuring that there were no material misstatements in the financial statements. While we identified
Page 21 - Oversight Board include: the Secretary of the Treasury; the Chairperson of the Board of Governors of the Federal Reserve System; the Director of the Office of Thrift Supervision (OTS); the Chairperson of the Board of Directors of the Federal Deposit Insurance Corporation (FDIC); the Chief Executive Officer of the RTC; and two independent members appointed by the President, with the
Page 23 - for comparative purposes. 3. Office of Inspector General: FIRREA established an Inspector General of the Corporation and authorized to be appropriated such sums as may be necessary for the operation of the Office of Inspector General (OIG). All financial transactions related to the OIG are included in the Corporation's financial statements. The OIG has received
Page 1 - sending copies of this report to the Chairman and members of the Thrift Depositor Protection Oversight Board; the Deputy and Acting Chief Executive Officer of the Resolution Trust Corporation; the Director of the Office of Management and Budget; the Chairmen and Ranking Minority Members of the Senate Committee on Governmental Affairs, the House Committee on Government Reform and Oversight, the Senate Committee on Banking, Housing and
Page 4 - presents the Corporation's financial statements. Appendix HI presents management's report on internal controls. The Corporation's written comments on a draft of this report are included in appendix IV. Major contributors to this report are included in appendix V. A list of related GAO products is presented at the end of this report.
Page 23 - million of appropriated funds from the US Treasury since it was established of which $32.0 million relate to the Government's Fiscal Year (FY) 1995 and $34.3 million relate to FY 1994. These funds are used to finance the activities of the OIG. Restricted amounts of
Page 32 - Pension Plan and Accrued Annual Leave: The FDIC eligible employees assigned to the RTC are covered by the Civil Service Retirement System and the Federal Employees Retirement System. Employer contributions provided by the RTC for all eligible employees for the years ended December 31,