Federally Chartered Corporation: Review of the Financial Statement Audit Report for the National Society Daughters of the American Colonists for Fiscal Year 1998

Published by the Government Accountability Office on 1999-05-14.

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

      United States

GAO   General Accounting OfJ5ce
      Washington, D.C. 20548

      Accounting and @formation
      Management Division


      May 14, 1999

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

      Subject: Federallv Chartered Cornoration: Review of the Financial Statement Audit Renort
               for the National Societv Daughters of the American Colonists for Fiscal Year 1998

      Dear Mr. Chairman:

      As requested, we reviewed the audit report covering the financial statements of the National
      Society Daughters of the American Colonists, a federally chartered corporation, for the fiscal
      year ended February 28,1998. The corporation provides scholarships and awards, publishes
      a yearbook, and participates in a variety of patriotic projects.

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

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

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

      l   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 &uu-&l statements, reviewed the
      audit&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/AIMD-99-183R National Society Daughters of the American Colonists

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

Sincerely yours,


David L. Clark
Director, Audit Oversight and Liaison

w/o enclosure


Page 2              GAO/AIMD-99-183R Natibnal Society Daughters of the American Colonists
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