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Resolution Trust Corporation: Disposal of Furniture, Fixtures, and Equipment Needs Improvement

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Report Type Reports and Testimonies
Report Date Aug. 13, 1992
Report No. GGD-92-112
Subject
Summary:

The Resolution Trust Corporation (RTC) has developed policies and procedures for managing and disposing of furniture, fixtures, and equipment from failed savings and loans. Although these are typically low-value items--office supplies, desks, rugs, plants, and the like--they have at times included unusual assets ranging from magic memorabilia to race horses. RTC's controls over these assets do not ensure, however, that the government is getting the highest possible price when they are sold. Problems exist because (1) marketing plans do not always encourage using the most effective way to dispose of these items and (2) RTC has not defined the dollar value of nominal assets; consequently, these low-value items may be handled inefficiently. Marketing of furniture, fixtures, and equipment is also hampered because inventories and appraisals are not always done promptly. Although RTC has abandoned its national inventory system for these items, it still needs to develop accurate inventories at each thrift to help local officials quickly establish control over these assets and dispose of them faster.

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