Profiles of Existing Government Corporations - US Government ...

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CORPORATION PROFILE
APFILIA~D AGIMCIES: Tha Sacratary of the Traasury 18 authorized
to purchase and hold at any one tfmm obligations of SLNA in an
amount up to 51,000,000,000. prior to October 1, 1964, the
Sacratary of Education was authorized to guarantor when payment
of principal and interaet on obligations issued by SLMA was due.
BUDSET STATUS: Covmrnmont-sponsored enterprime, privately ovned,
whourn budget statements are included in the budgat documents but
axcludad from th* budget totals for the government.
TRRASDRY STATUS: The Secretary of tha Treasury mU8t approve the
inwance of obligations by SLuA.
SIRPORTING STATUS : SLNA is raquirmd to transmit to the President
and the Congrosa a raport of its oparations and activities during
each year. A report of a financial audit for l ach fiscal year
@hall ba made by the Secretary of the Treasury to the President
and to the Congroas not latar than eix months following the close
of the fiscal year. A copy of each report shall bo furnished to
th8 Sacretary of Education and to SLXA.
LITIGATION STATDS: SLHA can mue and be sued, Litigation is
handled by sl#A’S legal dapartmont and, vherm appropriate, by
OUtSida COUIlSe1.
?fMANCIALAUDIT REQ-9: ACCOUntS of SLMA must be audited
annually. Such Audit8 shall ba conducted in accordance with
generally accaptod auditing l tandards by independent licanaad
public accountant8 or by indapondant certified public accountants
(CPA.).
PINANCIALAUDITDR: Arthur Young C Company (CPA.)
-AUDIT RxQoIRpawT8: Nona spocifiad in l nabling laqi8lation
-AuDIToIL: Nona l pacified in l nabling legislation
ADDITKD: Arthur Young k Company, Dacombor 31, 1967
OPINION: UngualiFiad
ACCDDX4TINGPRIlKIPLZS: Accounting record8 arm maintained on an
ACCrIlAl basis, and financial stat~rmts are prmparad in
accordance with generally accepted accounting principles (CAAP).
RmmNJRs: $1,666,105,000b
APPRoPRxATIoNs RxPmDRD: Nom
-sRs : s1,467,086,000c
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