Profiles of Existing Government Corporations - US Government ...

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CORWRATIOl PROFILE
6U%BT STATUS: on-budqmt and l ubjact to the Gov8~8nt
Corporation Control Act (GCCA). The annual budget sent to the
President must contain the 88timatad financial condition and
operations for tha current and following fi8cal years and the
condition and results of operations in the prior year. It shall
also contain statements of financial condition, income and
expanse, source and ~888 Of mOn*y, and an analysis of surplus or
deficit and other r8pOrtS am needed. The budget shall also
provide for l nergenciem and contlnqenciem.
TREASURY STATUS: Upon the approval of the Secretary of Treasury,
monies of FSLIC not required for Current operations, mhall be
deposited in any Federal ReseNe Bank or inV88t.d in obligations
guaranteed by the United States. The Secretary of the Treasury
is authorized to prescribe the regulations necessary to enable
institution8 to become depomitoriem of public money and fiscal
agents of the United States. The Secretary of the Treasury im
authorized and directed to loan FSLIC on much terms as may be
fixed by FSLIC and the Secretary. FSLIC is also subject to the
Tr8aSUry provisions of the GCCA.
RXPORTING STATUS: FSLIC is required to make an annual report to
the Conqrsms (via FHLBB) of its operation of insured
inmtitutions in default and maintain complete records of its
administration of the as8et8 of those inStitUtiOn8.
FSLIC is required to make reports to COngr.88 on its recent and
anticipated activities, rscsipts and WCp8nditUr88 on a quarterly
and semiannual baSi8. The activitiem, raceipts and expenditures
of FADA are included in them rmportm.
In addition, the Federal Home Loan Sank Board is required to
submit an annUa1 report to COngr.88 Containing a description of
the Board's existing and projected manpover and talent, the
Board's goal8 and objective8 and its plans for accomplishing
them, and a summary of the operations, rmcsipt8, l xpsnsem and
expenditure8 of the Board and its related entities during the
preceding year.
LITIGATIOU STATUS: PSLIC ham the pover to sue and be 8U.d.
PSLIC use8 the administrative and legal 8ervi~e8 of FRLBB.
FIIWICIAL AUDIT m: Subject to the GCCA. The
Corptrol1.r Ganeral shall audit financial transactions of vholly
0vn.d govornmnt corporations. The Comptroller G.neral Shall
audit PSLIC on a calendar-year-basis. The financial audit Shall
be conducted consimtsnt vith principles and prOCSdUr.8 applicable
to conrrorcial corporate transaction8. FSLIC shall reimburse the
COlaptrOll8r General for the cost of the audit.
PIRARCIALAUDITOR: General Accounting Office (GAO)
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