Profiles of Existing Government Corporations - US Government ...

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CORPORATIOI PROFILE
RT@
BUYCCRT STATUS: On-budget and eubjact to thb GoVerIUIIent
Corporation Control Act (GCCA). Annual bu#inbSS-typb budget sent
to the Presidsnt must contain estimated financial condition and
operations for the current and following fiscal years and results
of operations in ths prior year. It shall also contain
statanents of financial condition, incoms and l x-panse, sources
and usss of monsy, an analy8is of surplus or deficit, and other
reports as needed. The budqot shall also provide for l merqencies
and contingsncies.
TRRASORY STATWS: Subject to the GCCA. Account8 are to bS
maintained in tha Treasury or its designee, unlearn ths
reguiromont is waived by tha Sacretary of the Traasury. This
roguiromont is not applicabls to temporary accounts of not more
than $50,000 in any ona bank. Treasury shall prescribs the terms
of obligations offered to the public. Treasury approval is
reguirsd. unless waivsd, for transactions over $100,000 for U.S.
government obligations or guarantssd obligations. If the agency
agrees the Treasury may dolagats the rssponsibility regarding
obligations to an agency officer or employee.
RRPORTING STATUS: RTB's Board makes an annual report to the
Secretary of Agriculturs for transmission to tha Congrus on
administration of the Bar& and any othsr matters including
racomunded legislation.
LITIGATION STAmS : Litigation is handled by tha Dspartmsnt of
Justics under 28 U.S.C. 516. Also, ths bank 8ay sue and be sued
in its own nara.
FINANCIAL ADDIT RRQD-: subject to the GCCA. The Goneral
Accounting Oificb (GAO) is to prior8 a financial audit at laast
oncm avery three years. RTB shall roimburso GAO for the cost of
ths audit. The audit shall bo consistent with the principles and
procsdurss applicable to commercial corporata transactions.
IIRARCIALAUDI'NR: GAO, fiscal year 1967 audit.
- ADDIT 7: None spscifisd in enabling
lsgislation.
- ADDITDR: None spocifiod in l nablfng legislation.
ADDITRD: GAO, Ssptubor 30, 1987.
OPINION: Unqualifisd.
A- PRINCIPLES: Accounting records arm maintainad on an
accrual basis and financial stato8~nts are prmparod 1 accordance
with gonorally accepted accounting principles (GMP). I:
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