United States General Accounting OffIce Washington, D.C. 20648 Accounting and Information Management Division B-281853 May 27,1999 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 Non Commissioned Officers Association of the United States of America, Incornorated for 1997 and 1996 Dear Mr. Chairman As requested, we reviewed the audit report covering the financial statements of the Non Commissioned Officers Association of the United States of America, Incorporated, a federally chartered corporation, for the years ended December 341997 and 1996. The corporation is an association of active, reserve, national guard, and retied non commissioned and petty officers of the armed forces of the United States of America. Federally chartered corporations are required under 36 U.S.C. 1102-l 103 to l present the corporation’s assets and liabilities and reasonable detail on the corporation’s income and expenses in annual fmancial 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 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/~99-191R Non Commissioned Officers Association of the U.S.A. B-281858 The corporation reported that its liabilities exceeded its assets by approximately $882,000 and $462,000at the end of 1996 and 1997,respectively. 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. David L. Clark Director, Audit Oversight and Liaison w/o enclosure (911929) Page 2 GAO/AIMD-99-191RNon Commissioned Officers Association of the U.S.I Ordering Information The first copy of each GAO report and testimony is free. Additional copies are $2 each. Orders should be sent to the following address, accompanied by a check or money order made out to the Superintendent of Documents, when necessary. VISA and Mastercard credit cards are accepted, also. Orders for 100 or more copies to be mailed to a single address are discounted 25 percent. Orders by mail: U.S. General Accounting Office P.O. Box 37050 Washington, DC 20013 or visit: Room 1100 700 4th St. NW (corner of 4th and G Sts. NW) U.S. General Accounting Office Washington, DC Orders may also be placed by calling (202) 512-6000 or by using fax number (202) 512-6061, or TDD (202) 512-2537. Each day, GAO issues a list of newly available reports and testimony. To receive facsimile copies of the daily list or any list from the past 30 days, please call (202) 512-6000 using a touchtone phone. A recorded menu will provide information on how to obtain these lists. For information on how to access GAO reports on the INTERNET, send an e-mail message with “info” in the body to: email@example.com or visit GAO’s World Wide Web Home Page at: httpd//www.gao.gov PRINTED ON (&& RECYCLED PAPER United States Bulk Mail General Accounting Office Postage & Fees P-’ Washington, D.C. 20548-0001 GAO Permit No. GlOO Official Business Penalty for Private Use $300 Address Correction Requested
Federally Chartered Corporation: Review of the Financial Statement Audit Report for the Non Commissioned Officers Association of the United States of America, Incorporated for 1997 and 1996
Published by the Government Accountability Office on 1999-05-27.
Below is a raw (and likely hideous) rendition of the original report. (PDF)