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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
Maritime Administration: Efforts To Improve Data on the Federal Ship Financing Program: RCED-87-58

Maritime Administration: Efforts To Improve Data on the Federal Ship Financing Program: RCED-87-58

U. S. Government Accountability Office (G

Paperback

General Political Science

ISBN10: 1289107025
ISBN13: 9781289107024
Publisher: Bibliogov
Published: Jun 27 2013
Pages: 66
Weight: 0.30
Height: 0.14 Width: 7.44 Depth: 9.69
Language: English
In response to a congressional request, GAO examined the Maritime Administration's (MARAD) Federal Ship Financing Program and its estimated $5-billion portfolio of loan guarantees.
GAO found that: (1) MARAD considered 20 percent of the program loans to be at risk of default; (2) in 1986, default payments exceeded $1.2 billion; and (3) since the fund was not self-supporting, it needed approximately $1.4 billion in supplemental appropriations to repay outstanding loans. GAO also found that: (1) MARAD borrowed from the Treasury to cover the bulk of its 1987 program expenses; (2) improper and inadequate cost accounting procedures and underestimation of 1986 default payments caused the program's financial problems; and (3) MARAD plans to take corrective action to minimize its data problem.

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