Audit of the Northeast Service Center's Subsidiaries Inventory

AUDIT OF THE NORTHEAST SERVICE CENTER’SSUBSIDIARIES INVENTORYAudit Report No. 00 -003OFFICE OF INSPECTOR GENERALOFFICE OF AUDITSMarch 13, 2000 Federal Deposit Insurance Corporation 1201 W. Peachtree St., NE, Suite 1800 Office of Audits Atlanta, Georgia 30309 Office of Inspector General 13, 2000TO:FROM:SUBJECT: Audit of the Northeast Service Center’s Subsidiaries Inventory (Audit ReportNo. 00 -003)1BACKGROUND2 1subsidiary’s parent failed financial institution receivership.2 1, 1996. took over its functions on January 31, 1995, and the FDIC , the RTC went out of existence on December RTC Completion Act of 1993 As provided in the Upstreaming is used to describe the posting of assets belonging to a dissolved subsidiary to the books of themany cases, those failed financial institutions owned subsidiaries that provided diverse businessassumed control of the management and disposition of the assets of failed financial institutions. InThe Federal Deposit Insurance Corporation (FDIC) and the Resolution Trust Corporation (RTC)returns, among other things. discovered assets, and preparing annual and final tax identifying management goals, upstreamingidentifying the status of each subsidiary, performing asset searches to identify all assets owned,needed to ensure the proper management and disposition of each subsidiary, which includesshould include all items that it is designed to track. A complete inventory of ...