Financial Audit : Farmers Home Administration's Losses Have Increased Significantly
Title | Financial Audit : Farmers Home Administration's Losses Have Increased Significantly PDF eBook |
Author | United States. General Accounting Office |
Publisher | |
Pages | 52 |
Release | 1988 |
Genre | Agricultural credit |
ISBN |
Financial Audit
Title | Financial Audit PDF eBook |
Author | U S Government Accountability Office (G |
Publisher | BiblioGov |
Pages | 56 |
Release | 2013-08 |
Genre | |
ISBN | 9781289275877 |
GAO examined the Farmers Home Administration's (FmHA): (1) financial statements for the year ended September 30, 1987; (2) internal accounting control system; and (3) compliance with laws and regulations. GAO found that, although the financial statements presented fairly the FmHA financial condition, FmHA: (1) had a significantly deteriorating financial condition, with an accumulated deficit of $36 billion; (2) relies on Treasury loans to continue its operations and may require significantly increased congressional assistance to sustain operations; (3) had an operating loss of $22 billion for fiscal year (FY) 1987; and (4) owed the Treasury $85 billion, with $24 billion due in 1989. GAO also found that FmHA: (1) made loans at interest rates far below what it had to repay; (2) as a lender of last resort, made loans to individuals who were not otherwise creditworthy, resulting in a large number of delinquent loans; (3) did not record property it received by voluntary conveyance at fair-market value; (4) lacked a policy for writing off uncollectible loans and did not analyze the ultimate collectibility of its loan portfolio in accordance with Office of Management and Budget (OMB) requirements; (5) had numerous control weaknesses in its Automated Multiple Family Housing Accounting System (AMAS); (6) lacked adequate controls over the entry of guaranteed loans into its accounting system; and (7) did not reconcile its detailed property files with general ledger control accounts.
Financial Audit
Title | Financial Audit PDF eBook |
Author | United States. General Accounting Office |
Publisher | |
Pages | 47 |
Release | 1988 |
Genre | Agricultural credit |
ISBN |
Review of the Farmers Home Administration (FmHA) Farm Loan Programs
Title | Review of the Farmers Home Administration (FmHA) Farm Loan Programs PDF eBook |
Author | United States. Congress. House. Committee on Agriculture. Subcommittee on Conservation, Credit, and Rural Development |
Publisher | |
Pages | 272 |
Release | 1991 |
Genre | Agricultural credit |
ISBN |
Farmers Home Administration
Title | Farmers Home Administration PDF eBook |
Author | |
Publisher | |
Pages | 116 |
Release | 1989 |
Genre | Agricultural credit |
ISBN |
Farmers Home Administration
Title | Farmers Home Administration PDF eBook |
Author | John W. Harman |
Publisher | |
Pages | 16 |
Release | 1991 |
Genre | Agricultural credit |
ISBN |
Review of Farmers Home Administration [FmHA] Farm Loan Program
Title | Review of Farmers Home Administration [FmHA] Farm Loan Program PDF eBook |
Author | United States. Congress. House. Committee on Agriculture. Subcommittee on Conservation, Credit, and Rural Development |
Publisher | |
Pages | 272 |
Release | 1990 |
Genre | Agricultural credit |
ISBN |