Resolution Trust Corporation: Oversight of SAMDA Property Management
Contractors Needs Improvement (Letter Report, 11/30/93, GAO/GGD-94-5).

The Resolution Trust Corporation (RTC) hires contractors under its
Standard Asset Management and Disposition Agreement program to manage
and dispose of assets from failed thrifts--everything from hotels to
parking lots to animal clinics.  RTC needs greater assurances that its
contractors are adequately overseeing their property management
subcontractors.  Although the contractors had visited most of the
properties included in GAO's review, none of them were doing regulator
on-site reviews of their property management companies to ensure that
RTC's assets were being adequately protected.  Further, only one of the
contractors had audited its property management company to ensure that
expenses paid were reasonable and correct and that all revenues were
properly recorded.  Although RTC has taken several steps to beef up
oversight of property management companies, including clarifying in
memos and documents its expectations in terms of supervising property
management companies, these changes do not guarantee that contractors
will adequately and regularly monitor their property management
companies.

--------------------------- Indexing Terms -----------------------------

 REPORTNUM:  GGD-94-5
     TITLE:  Resolution Trust Corporation: Oversight of SAMDA Property 
             Management Contractors Needs Improvement
      DATE:  11/30/93
   SUBJECT:  Federal property management
             Cash management
             Subcontractors
             Contractor performance
             Auditing procedures
             Bank failures
             Property disposal
             Surplus federal property
             Contract monitoring
             Accounting procedures
IDENTIFIER:  RTC Standard Asset Management and Disposition Agreement
             
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