Profiles of Existing Government Corporations - US Government ...

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CORPORATION PRVPILZ
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TRBASVRY STATVS: ObligetiOnS purchased by FFB are subject to
such t8~8 and condition8 as t0 yield a return not lehh than a
rate determined by the Secratary of the Treasury taking into
account the currant markat yields on outstanding TraaSU~
8ecuritie8 of comparable maturity or as deemed appropriate, on
FFB 8ecuriti.8. The Secretaary of the Treasury is authorized to
use as a public debt transaction, the prOC88dS of the Sal@ of any
8ecuritie8 fS8U.d under the Second Liberty Bond Act for tha
pu1po88 of purchasing obligation8 i88ued by FFB to the
S8cretary.a
RZPORTING STATVS: FFB is to transmit to the President and the
Congress, an annual report of its operation8 and activitias, as
soon as practicable after the end of each fiscal year.
LITIGATION STATVS: FFB has the pover to sue and be sued,
complain, and defend in ita corporate name.
FIMANCIALAVVIT -43: FFB is subject to the audit
provi8ion8 of the GCCA as they apply to a wholly owned government
corporation. The General Accounting OffiC8 (GAO) 18 to p@rfOmt a
financial audit at laaat once every three years in a manner
con8i8tent vit the principle8 and prOCmdUr88 applicable to
commercial corporate tran8actions. GAO 18 to be r@iUburS@d for
the Coht Of SUCh audit.
PINANCIN AUDITOR: GAO
- AVDIT WS: None Sp@Cified in enabling legi8lation
&mm! AvDmR: None specified ih enabling legislation. Hovever ,
the TrSeSUry Department'8 Office of the InSp@CtOr Gener8l revieva
FFB~a financial 8taterent8 in those fiscal years vhen GAO do.8
not perform an audit.
AImITEm fG, fiscal year 1986 audit
OPINION: Vnguelffied
A-PRIWCIPLES: Accounting record8 are maintained on an
accrual basis and financial 8taterenta are prepared I 6 accordance
with generally accepted accounting principles (GAAP).
REvmmEs: $17,732,059,000
APPROPRIATIONS EXPENDED: None
-ES: $17,529,436,000
NET IN01111 (-8): $202,623,000
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