Federally Chartered Corporation: Review of the Financial Statement Audit Report for the Daughters of Union Veterans of the Civil War 1861-1865 for Fiscal Year 1997

Published by the Government Accountability Office on 1999-02-19.

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

        Accounting and Information
        Management Division



        February 19,1999

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

    Subject: Federallv Chartered Corooration: Review of the Financial Statement
             Audit Reoort for the Dauahters of Union Veterans of the Civil War 1861-
             1865 for Fiscal Year 1997

    Dear Mr. Chairman:

    As requested, we reviewed the audit report covering the financial statements of the
    Daughters of Union Veterans of the Civil War 1861-1865,a federally chartered corporation, for
    the fiscal year ended August 34199i. The main purpose of the corporation is to perpetuate
    the memories of the fathers of the Daughters of Union Veterans of the Civil War 1861-1865.
    This purpose is accomplished primarily through the maintenance of a Civil War Museum and
    associated library and through scholarship programs at the national and state level.

    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 financial statements,

    e      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

                           GAOIPJMD-99-55R Daughters of Union Veterans of the Civil War 1861-1865

 auditor’sreport, and madeinquiries to corporation officials or the auditor as we deemed
 necessary.We did not review the auditor’s working papers. Our review disclosedno
 reportableinstancesof noncompliance.

 The audit report includedthe auditor’s opinion that with one exception,the fins&al
 statementsof the corporation were fairly presentedon a cash basis of accounting. The
 exceptionrelated to the property accounting records for the years prior to 1996. The records
c were not adequate for the auditor to form an opinion regarding the amounts at which
 property and equipmentand accumulateddepreciationare recorded,or the amountof
 depreciationexpensefor the year. We are returning the audit report you sent with your

 David L. Clark
 Director, Audit Oversightand Liaison



                     GAO/AIMD-99-65RDaughtersof Union Veteransof the Civil War 1861-1866
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