Federally Chartered Corporation: Review of the Financial Statement Audit Report for The Foundation of the Federal Bar Association for Fiscal Year 1997

Published by the Government Accountability Office on 1999-03-30.

Below is a raw (and likely hideous) rendition of the original report. (PDF)

          United States

GAO       General Accounting Office
          Washington, D.C. 20545

          Accounting and Information
          Management Division

          B-28 1846

          h4arch 30,1999

      The Honorable Henry J. Hyde
      Chairman, Committee on the Judiciary
      House of Representatives

          Subject: Federallv Chartered Corooration: Review of the Financial Statement
                   Audit Renort for The Foundation of the Federal BearAssociation for Fiscal
                   Year 1997

      Dear Mr. Chairman:

      As requested, we reviewed the audit report covering the financial statements of The
      Foundation of the Federal Bar Association, a federally chartered corporation, for the fiscal
      year ended September 30,1997. The corporation’s purposes are to promote the study of law
      through various programs and to provide for the acquisition, presentation, and exhibition of
      rare objects of historical interest relating to the law, the courts and the legal profession.
      These purposes were carried out primarily through a law library until it was closed on
      September 30,1998. However, the Foundation has stated that they will continue to pursue
      their purposes through other means.

      Federally chartered corporations are required under 36 ti.S.C. 1102-1103to

      l      present the corporation’s assets and liabilities and reasonable detail on the corporation’s
             income and expenses in annual financial statements,

      *      obtain an annual financial audit by an independent public accountant, and

      .      submit the auditor’s report and the corporation’s financial statements to the Congress.

      The objective of our review was to determine whether the audit report complied with the
      financial reporting requirements of the law. In carrying out our work, we reviewed the
      corporation’s financial statements and the accompanying notes, performed certain analytical
      procedures related to information presented in the financial statements, reviewed the
      auditor’s report, and made inquiries to corporation officials or the auditor as we deemed
      necessary. We did not review the auditor’s working papers. Our review disclosed no
      reportable instances of noncompliance.

                                   GAO/AI&ID-99-127R The Foundation of the Federal Bar Association

The audit report included th& auditor’s opinion that’the financial statements of the
corporation were presented in conformity with generally accepted accounting principles. We
are returning the audit report you sent with your letter.

David L. Clark.
Director, Audit Oversight and Liaison

w/o enclosure


Page 2
                         GAO/AIMD-99-127R The Foundation of the Federal Bar Association
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