of Federal home loan banks) vested in or exercisable by
the Board shall be considered as nonadministrative
expenses.
The administrative expenses of the Federal Home Loan
Bank Board are paid from assessments against the 11
Federal home loan banks, the office of examinations and
the Federal Savings and Loan Insurance Corporation.
The expenses of the office of supervision are paid from
assessments against the 11 Federal home loan banks and
the Federal Savings and Loan Insurance Corporation.
P u b lic en terprise fu n d s :
Fe d e r a l Ho m e Lo a n Ba n k Bo a r d Re v o l v i n g Fu n d
Program and Financing (in thousands of dollars)
1962
actual estimate1963 estimate1964
Program by activities: Operating costs, funded:
Administrative expense subject to limita
tion_________________________ ________ 1,684 9,949 496 500 2,075 11,750 180 2,470 12,934 180 300 Nonadministrative expense subject to lim
itation_______________________________ Other expense _________________________ Credit allowed on prior-year assessments. __
Total operating costs, funded__________ Change in selected resources ...
Total obligations__________ __________ _ Financing:
Revenues and other receipts:
Examining fees and charges______________ Assessments for services and facilities:
Federal Savings and Loan Insurance Corporation________________________ Federal home loan banks______________ Division of examination and supervision. Reimbursements from other accounts___ Conservatorship and/or supervisory rep resentative in charge and other income. Miscellaneous revenue____ __________ 12,629 22 14,005 15,884 6 12,651 14,005 15,890 9,672 958 1,247 168 126 822 8 11,069 1,192 1,358 208 80 100 12,341 1,396 1,590 247 80 100
Total revenues and other receipts____ Unobligated balance brought forward_______ Unobligated balance carried forward ( —) ___ Financing applied to program__________
13,001 33 -3 8 3 14,007 383 -3 8 5 15,754 385 -2 4 9 12,651 14,005 15,890
1 B a la n ces o f s elected resou rces are id e n tifie d on th e sta te m e n t o f fin a n cial c o n d itio n .
Summary of Sources and Application of Funds (in thousands of dollars)
1962
actual estimate1963 estimate1964
Obligations (from program and financing) _ _ Increase ( —) in gross unpaid obligations______
Gross expenditures____________________ Revenues and other receipts (from program and financing)______________________ _____ 12,651 -9 0 9 14,005 -1 9 6 15,890 -411 11,742 13,809 15,479 13,001 -7 5 2 14,007 -1 5 3 15,754 -2 5 7 Increase ( —) in accounts receivable, net______
Applicable receipts... ... Budget expenditures... ...
12,249 13,854 15,497 -5 0 7 - 4 5 - 1 8
OTH ER IN D E P E N D E N T AGENCIES
841
The three-member Board supervises the Federal home
loan bank system, the system of Federal savings and loan
associations, and the Federal Savings and Loan Insurance
Corporation (12 U.S.C. 1421 et seq., 1461 et seq., and
1464 et seq.). Net administrative expenses of the Federal
Home Loan Bank Board are paid from assessments against
the 11 Federal home loan banks, the division of examina
tions, and the Federal Savings and Loan Insurance
Corporation.
[Dollars in millions]
1 9 6 2 actual 1 9 6 3 estimate 1 9 6 4 estimate Number of members______________ _____ 4,866 4,965 5,070 Total assets of m em bers-... $86,794 $99,021 $111,860 Savings invested in members___________ $74,810 $84,642 $94,966 Mortgage loans of members... ... $72,890 $83,316 $94,263 Insured institutions examined and super
vised_______________________________ 4,267 4,380 4,499 Federal home loan bank advances out
standing____________________________ $2,767 $2,500 $2,700 Budget program
.—The Board's budget is based on six
activities.
1.
Examination and supervision of Federal home loan banks.—The Board supervises and examines the operations
of the Federal home loan banks.
2.
Supervision oj Federal and State-chaptered institu tions.—The financial condition and operations of each in
sured institution is analyzed and corrective action is
instituted when warranted. Supervision of insured insti
tutions operating under State charter is carried on,
cooperatively, under arrangements made with the respec
tive State authorities.
3.
Chartering savings and loan associations.—Federal
savings and loan associations are chartered and regulated.
In addition, applications of State-chartered associations
for conversion into Federal savings and loan associations
are examined.
4.
Examining savings and loa,n associations.—Super
visory examinations are made of Federal savings and loan
associations, State-chartered associations insured by the
Federal Savings and Loan Insurance Corporation, and
such uninsured member institutions of the Federal home
loan bank system as are not examined by State examiners.
Audits are also made of approximately 60 percent of all
insured institutions in conjunction with supervisory ex
aminations. Examinations are also made of institutions
applying for insurance of accounts and for conversion from
a State to a Federal charter when required by the Board.
The costs of examinations and audits are assessed against
the institutions examined.
5.
Executive direction and staff services.—This includes
formulation of basic policy and the furnishing of staff
services that are common to the Board and the Insurance
Corporation,
6.
Administrative services.—These consist of auditing;
accounting; budgetary and financial reporting; internal
budget control; fiscal organization and management; and
general housekeeping and common operating services,
including printing and reproduction work.
The amounts shown in the schedules for the above
activities include administrative expenses under annual
limitation; nonadministrative expenses under a separate
limitation; and certain additional expenses not under
limitation. Administrative expenses are estimated to
increase from $2,075 thousand to $2,470 thousand reflect
ing staff increases and related costs to meet increasing
workload. Nonadministrative expenses covering the ex
penses of examining savings and loan associations are
discussed separately below.
Revenue, Expense, and Retained Earnings (in thousands of dollars)
1962 actual 1963 estimate 1964 estimate
Administrative expense subject to limitation:
Revenue_____________________________ _ 1,770 1,684 2.075 2.075 2.470 2.470 Expense_________________________________
Excess of revenue over expense________ 86 Nonadministrative expense subject to limitation:
Revenue_________________________ _______ 10,048 9,949 11,752 11,750 13,104 12,934 Expense__ ____________________ ______
Excess of revenue over expense__ ______ Other expense: Revenue___ ______ ____________________ 99 2 170 1,183 496 180 180 180 180 Expense __ - __ ______________ __________
Excess of revenue over expense _ _ ___ 687 Net excess of revenue over expense for
the year____________________ . __ 872 52 -5 0 0 2 424 170 426 -3 0 0 Analysis of retained earnings:
Retained earnings, start of y e a r . . . ____ __ Credit allowed on prior year assessments ___
Retained earnings, end of year __ 424 426 296
Financial Condition (in thousands of dollars)
1961 actual 1962 actual 1963 estimate 1964 estimate Assets: Treasury balance. __ __ . _______ 134 641 686 704 Accounts receivable, net___ _________ _ 1,538 2,290 2,443 2,700 Selected assets:1 Supplies__ __ _ __ 14 19 19 25 Fixed assets______ __________________ _ 413 456 560 632 Less portion charged off as depreciation. __ 413 456 560 632 Total assets. ____________________ . 1,686 2,950 3,148 3,429 Liabilities:
Current____ ______ __ ________ 1,634 2,526 2,722 3,133 Government equity:
Retained earnings. _ __ ________ 52 424 426 296
Analysis of Government Equity (in thousands of dollars)
Unpaid undelivered orders 1_____ _ _ 5 22 22 22 Unobligated balance __ _ _ _ 33 383 385 249 Invested capital and earnings _ _ _ _ _ 14 19 19 25 Total Government equity_____ 52 424 426 296
1 T h e changes in these item s are reflected on the p ro g ra m and fin a n cin g sch e d u le .
Object Classification (in thousands of dollars)
1962 actual 1963 estimate 1964 estimate 11 Personnel compensation: Permanent positions__________________ Positions other than permanent________ Other personnel compensation____ _____ Add excess of annual leave earned over
leave taken_______________ ______ Total personnel compensation... Deduct portion not chargeable to limita
tion_____________________________ 7,690 3 109 89 9,047 5 158 10,247 4 85 150 7,891 235 9,210 10,486