A review of trust funds administered by Economic Development (ED) found the majority of the trust funds were inactive, and according to ED management, had been established between 1983 and 1991 for a variety of purposes. ED management said they found no activity in the majority of these trusts. ED had closed approximately 11 inactive trust funds as of July 27, 2007. Our review further found that documentation of these trust agreements was limited. TVA management could not provide documentation to show the recipients of fund balance distributions or the reallocation of the funds beyond a 2006 closeout memorandum from TVA to the recipients that certified that the contract requirements had been met and that funds had been used as required by the contract. In addition, TVA management could not provide us with account statements for 11 of the 16 trust accounts, bank account numbers for 6 of the 16 trusts, or the underlying agreements for half the trusts. Because of the limited documentation, we were unable to determine whether the trust funds are being administered in accordance with the terms of the agreements and whether the trust funds are being administered in accordance with the terms of the agreements and applicable laws and regulations. According to the Senior Vice President, ED, TVA no longer establishes trust accounts, and it does not intend to do so in the future.
| Report Date | Agency Reviewed / Investigated | Report Title | Type | Location | |
|---|---|---|---|---|---|
| Tennessee Valley Authority | Trust Funds Administered by Economic Development | Audit | Agency-Wide | View Report | |
| Department of the Treasury | BANK SECRECY ACT: FinCEN Has Taken Action to Improve Its Program to Register Money Services Businesses (Corrective Action Verification on OIG-05-050) | Audit | Agency-Wide | View Report | |
| Department of the Treasury | Semiannual Report to Congress, October 1, 2007 - March 31, 2008 | Semiannual Report | Agency-Wide | View Report | |
| Department of the Treasury | SAFETY AND SOUNDNESS: Material Loss Review of NetBank, FSB | Audit | Agency-Wide | View Report | |
| Government Accountability Office | Semiannual Report October 1, 2007, through March 31, 2008 | Semiannual Report | Agency-Wide | View Report | |
| Department of the Treasury | FOREIGN INVESTMENTS: Review of Treasury's Failure to Provide Congress Required Quadrennial Reports in 1998 and 2002 on Foreign Acquisitions and Industrial Espionage Activity Involving U.S. Critical Technological Companies | Audit | Agency-Wide | View Report | |
| Appalachian Regional Commission | Hancock County Picture Archiving Communications System | Audit |
|
View Report | |
| AmeriCorps | Review of Bank Street College of Education’s Justification for Compelling Personal Circumstances of an AmeriCorps Member | Review | Agency-Wide | View Report | |
| Peace Corps | Audit of Peace Corps/Azerbaijan | Audit | Agency-Wide | View Report | |
| Appalachian Regional Commission | Audit of the ARC's Grant Management System | Audit |
|
View Report | |
