Profiles of Existing Government Corporations - US Government ...

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CORPORATION PROFILE
LITIGATION STATUS: The enabling legislation does not specify
whether or not Conrail can sue and br cued in it8 corporate name.
USRA handled litigation rmgardfng payments to bankrupt railroads
for their assets. Conrail'8 logal dfvi8ion handles, vith private
counsel baing retained vhon necessary, current litigation. A8 of
12/31/83, Conrail is involved in litigation concerning antitruet
mattarm and challenge8 to tha reasonableness of certain freight
rate8. The amount of any liability, if any, cannot be
ascertained by management.
I'INANCIALAUDIT V: The General Accounting Offica
(GAO) is authoritod to audit Conrail's program., activities, and
financial oprrations for any period during vhich federal funds
provided purwant to Chapter 16 of Title 45 U.S.C. are being used
to finance currant operation8 or Fedbral funds have been invested
therain pursuant to Chapter 16 of Tit10 45 U.S.C. The GAO has
access to all books, account8, and other papars of Conrail.
USRA, GAO, and the Secretary of DOT shall have the authority to
audit and examine Conrail until financial assistance in repaid
under 45 U.S.C. 722.
IINANCIAL AUDITOR: GAO: USRA; Secrmtary of DOT; L Coopers C
Lybrand, CPA8
- AUDIT RR-: Sara a8 "?inancial Audit Requirements"
above
OTIIHl AUDITOR: GAO, USRA, Socratary of DOT
AUDITED: Coopers and Lybrand, calendar-year 1983 audit
OPINION: Ungualified
AmmmmNG PNnIcIPLNs: Account8 are uintainod on an accrual
ba8is. Financial statomants arm prosentul on a consolidated
basis. "Plant and l guipunt, net' includes reduction for an
allovanca for dispo8ition.
-: $3,203,200,000d
APPROPRXATIONS NXPNNDND: Nome
RxPmIsNs: 52,890,200,000f
NRT INcolm (IMS): $313,000,000
GRANTN 1ssoRD: Nom