Profiles of Existing Government Corporations - US Government ...

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CORPORATXON PROFILE
ae
REPORTING STATUS: Armual report to the President and tha
Congroee , no later than April 1 of each year on CLP'e activities
and additional reports as deemed nece8eary by tha COngrsSS.
LITIGATION STATUS: The Board on bahalf of CLP may sua and be
mued. Litigation is referred to NCUA General Counsel. The Board
shall l ettlo claims vhich are not in litigation and have not beon
referred to the Department of Justice.
PINANCIALAUDITV: CLF is SUbjeCt to the Government
Corporation Control Act. The act provides for an audit by the
General AcCounting Office during period8 when there ie government
capital. The act also provides for an audit at lmamt once every
three yeam.
PYXANCIAL AUDITOR: GAO: Price Waterhouse 6 Company, CPA’m
OTE5t AUDIT RBQuIREIlEwTs: None l pocified in enabling
legislation.
m AUDITOR: Nom specified in enabling logielation.
ADDITRD: PY 1967.
OPXNION : Ungualifimd
AWODNTING PPINCIPLSS: Accounting records arm uinteined on an
accrual basis and financial l tatuente are preparad in accordance
with genorally accepted accounting principloe (GMP).a
RsvmmBs: 525,651,000b
APPBOPRIATIONS -: None
-as: $7,214,000
NET IX- (-8): $16,637,000 (lees dividonde of 916,047,OOO
for a not transfer to retained l aminge of $590,000).
GRANTS 1ssuBD: Nono
mAIfs xssmD: $105,510,619
UAN PA- RBCBIVSD: $104,050,000
lLul USSRS: None
I&AN-: CLP may provide mub~re vfth 90 day loan
conitnnte. At September 30, 1907 there wore approxhatoly