Profiles of Existing Government Corporations - US Government ...

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CORPORATION PROFILE
FICO
TRXASURY STATUS: In accordance vith Section 21(h)(3) of the
Federal Home Loan Bank Act 12 u.s.C. Section 1441 (Bank Act),
FICO is subject to 31 U.S. Code Sections 9107 and 9108.
REPORTING STATUS: FICO, by implementinq Federal Home Loan Bank
Board remolutionm 87-933 and 87-934, dated August 28, 1987, 1s
required to submit reports to the Bank Board on a quarterly
basis.
LITIGATION STATVS: FICO ham the pov.r to sue and be sued in :ts
corporate capacity, and to complain and defend in any action
brought by or against FICO in any State or Federal court of
competent jurisdiction.
FINANCIAL AUDIT REQUIREMENTS: Th. Comptroller General audits the
financial transactions of FICO at least once every three years,
in accordance vith Section 21(h)(3) of the Bank Act and 31 U.S.C.
9105.
FIHAHCIAL AUDITOR: The Federal Home Loan Bank Bcard'm Inspector
General aVerd8 the contract for audit services to a public
accounting firm. In addition, as noted above, GAO also has a
requirement to audit FICO'm financial transactions. Therefore rn
order to fulfill it's audit respon8ibilitiem, avoid unnecessary
duplication and expense, and make the most efficient use of its
available resourcem, GAO, in 1987, revieved the independent
auditor's vork and reports in lieu of conducting the audit
itself. -1
CylgER AUDIT REQVIREllEwTS: Financial audit performed annually.
OTAER AUDITOR: 0*101tt., Hamkinm and Sells
AUDITED: 0*101tt., Hamkins and Sells December 31, 1987.
OPINION: Unqualified
ACCDCIMTTWO PRINCIPIZS: Accounting records are maintained on an -. 1
accrual bamis and financial statements are prepared in accordance
with generally accepted accounting principlem (GMP).
-: S21,908,623
APPROPRIATIONS EXPENDED: None
-sBs: S19,594,873
NZT INCOME (IBSS): S2,313,750a
GRANTS ISSDED: None
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