United States General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-281834 February 19,1999 The Honorable Henry J. Hyde Chairman, Committee on the Judiciary House of Representatives Subject: Federallv Chartered Coruoration: Review of the Financial Statement Audit Renort for the American Chemical Societv for Year 1997 Dear Mr. Chairman: As requested, we reviewed the audit report covering the financial statements of the American Chemical Society, a federally chartered corporation, for the year ended December 31,1997. The Society was chartered to encourage the advancement of chemistry, thereby fostering public welfare and education and aiding the development of industry in the United States. 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 annual financial statements, l obtain an annual financial auditby 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/AlMD-99-60R American Chemical Society B-281834 The audit report included the auditor’s opinion that the financial statements of the corporation were fairly presgnted in accordance with generally &xepted accounting principles. We are returning the audit report you sent with your letter. David L. Clark Director, Audit Oversight and Liaison Enclosure (911907) Page 2 GAOMMD-99-60R American Chemical Society 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 tonchtone 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: firstname.lastname@example.org or visit GAO’s World Wide Web Home Page aa;: httpz/Ywww.gao.gov United States General Accounting Office Washington, D.C. 20548-0001 Official Business Penaltg for Private Use $300 Address Correction Requested
Federally Chartered Corporation: Review of the Financial Statement Audit Report for the American Chemical Society for 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)