Profiles of Existing Government Corporations - US Government ...
Profiles of Existing Government Corporations - US Government ...
Profiles of Existing Government Corporations - US Government ...
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132<br />
CORPORATION PROFILE<br />
GN?l&<br />
BUDGET STAT<strong>US</strong>: On-budget and SUbjOct to tha Govarnmant<br />
Corporation Control Act (GCCA). GNMA shall prepare annually a<br />
buminama-type budget for SubmiSSiOn to tha Pramident. The<br />
statements shall contain a‘tiaated financial condition for the<br />
currant and folloving fiscal year8 and result8 <strong>of</strong> operationm in<br />
tha prior year. It ahall al80 contain statements <strong>of</strong> financial<br />
condition, incoma and expanma, sources and use <strong>of</strong> money, an<br />
analysis <strong>of</strong> murplu8 and daficit, and othar statements as needed.<br />
The budget shall also provide for amarganciee and contingencies.<br />
TREASURY STAT<strong>US</strong>: Subject to the GCCA. Accounts are to be<br />
maintained in the Treasury or its designee, unless tha<br />
requirement is vaivad by thm Secretary <strong>of</strong> the Treamxy. The<br />
requirement in not applicabla to temporary accounts <strong>of</strong> not more<br />
than SSO,OOO in any ona bank. The Treasury mhall prescribe tha<br />
terms <strong>of</strong> obligations <strong>of</strong>farad to tha public. Treasury approval is<br />
raquirad, unless vaived, for transaction8 ovar $100,000 for U.S.<br />
govarnment obligations or guarantaad obligation8. If the agency<br />
agreas , the Treasury may del8gat8 tha ra8ponsibility regarding<br />
obligations to an agency OffiCOr or l mployea.<br />
REFORTING STAT<strong>US</strong>: None mpecified in enabling l8gislation<br />
LITIGATION STAT<strong>US</strong>: Department <strong>of</strong> Justica (DGJ) handles major<br />
litigation. GNUA may not mum vithout DC&7 claarance. Hovever, it<br />
in free to ba 8ued. Privat8 attorney8 handle litigation<br />
involving small dollarm, supeni‘ed by HUD~m general couneal.<br />
Tha private attorneys only handle single-family foraclomura<br />
actions vhich involvm #mall dollar amounts.<br />
FINANCIAL AUDIT RRWIRBaWT8r Subject to tha GCCA. The Ganaral<br />
Accounting Office (GAO) is to parform a financial audit at least<br />
onc8 every three years. The audit shall be conducted con8imtant<br />
with principlam and proceduram applicable to commarcial-typo<br />
tran8action8. GNXA shall reimburme GAO for the cost <strong>of</strong> the<br />
audit.<br />
FIRARCIALAUDIToR: GAO<br />
OTEKR AUDIT REQUU: None 8pecified in enabling<br />
lagi8lation, hovevar GAO reconendad an annual audit <strong>of</strong> GNUA.<br />
~AUDITOEI: Annual audit by th8 IPA (FY 1987)-Price<br />
Waterhouse<br />
ADDImD: Fi8Cal Year (FY) 1987 audited financial data (Price<br />
Wat8rhou88)<br />
OPIHION: Unqualifiecl<br />
;4<br />
.<br />
7 1<br />
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