United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office General Government Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1994-07-08 monographic deposited born digital GA 1.13:GGD-94-147 https://www.govinfo.gov/app/details/GAOREPORTS-GGD-94-147 P0b002ee18038e9a6 f:gg94147 DGPO 2010-08-12 2011-03-24 GAOREPORTS-GGD-94-147 machine generated eng fdlp REPORT GAOREPORTS-GGD-94-147 GGD-94-147 Assets Bank failures Financial records Auditing procedures Corporate audits Contractor performance Contract monitoring Savings and loan associations Accounting procedures Internal controls RTC Accelerated Expiration Program RTC Standard Asset Management and Disposition Agreement Letter Report GGD The Resolution Trust Corporation (RTC) hired private sector contractors under Standard Asset Management and Disposition Agreements (SAMDA) to manage and dispose of assets from failed financial institutions; as of October 1993, nearly $24 billion in assets were being handled under nearly 300 SAMDA contracts. In April 1993, SAMDA established the Accelerated Expiration Program to cut its administrative expenses by terminating SAMDA contracts before their original expiration date. RTC's procedures for the program, however, did not ensure that RTC made cost effective decisions that were in its best interests. Although the program requirement for a written justification that accelerated expiration of a contract was in RTC's best interests, RTC had not estimated program benefits or related costs. Although program procedures include final contract reviews by independent auditors to determine whether the SAMDA contractors met their obligations, these reviews have been hindered because the SAMDA contractors did not have adequate records and some of the costs charged to RTC were based on unofficial contract interpretations made by local RTC oversight managers. In addition, few of the recommendations from the final reports were implemented because RTC officials believed that RTC's many contract interpretations made strict adherence to the recommendations impractical. RTC can remove the barriers to completion of the independent auditors' final reviews by requesting that its SAMDA oversight managers work with contractors to ensure that their record keeping complies with contract requirements before the independent auditors conduct their final reviews. https://www.govinfo.gov/content/pkg/GAOREPORTS-GGD-94-147/html/GAOREPORTS-GGD-94-147.htm GAO/GGD-94-147 https://www.govinfo.gov/app/details/GAOREPORTS-GGD-94-147 Letter Report GAO/GGD-94-147; Resolution Trust Corporation: Better Analyses Needed Before Terminating Asset Management Contracts; Assets Bank failures Financial records Auditing procedures Corporate audits Contractor performance Contract monitoring Savings and loan associations Accounting procedures Internal controls RTC Accelerated Expiration Program RTC Standard Asset Management and Disposition Agreement