Audit Of The Financial Statements Of Federal Crop Insurance Corporation, Fiscal Year 1978 V. CED-79-72

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CED-79-72 1 (1979-05-31)

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BY THE COMPTROLLER GENERAL L,110951

Report To The Congress

OF THE UNITED STATES

Audit Of The Financial Statements

Of Federal Crop Insurance Corporation,

Fiscal Year 1978

The Corporation reported an operating loss of
$78.2 million for fiscal year 1978, due pri-
marily to drought conditions affecting the
corn, tobacco, and wheat crops.

At September 30, 1978, the Corporation had
a deficit of $152.4 million leaving $47.6 mil-
lion from the $200 million capital the Treas-
ury invested. Preliminary estimates indicate
that premiums in fiscal year 1979 will exceed
indemnities by about $43.2 million, reversing
the trend of the last 3 years. The Corporation
is a part of the Department of Agriculture.

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7 0-CED-79-72
O TMAY 31, 1979