United States General Accounting Office Washington, DC 20548 June 5, 2003 The Honorable F. James Sensenbrenner, Jr. Chairman, Committee on the Judiciary House of Representatives Subject: Federally Chartered Corporation: Review of the Financial Statement Audit Report for the Aviation Hall of Fame for 2001 and 2000 Dear Mr. Chairman: As requested, we reviewed the audit report covering the financial statements of the 1 Aviation Hall of Fame, a federally chartered corporation, for the years ended December 31, 2001 and 2000. The corporation’s purpose is to honor citizens, aviation leaders, pilots, and others for outstanding contributions to the establishment, development, advancement, or improvement of aviation, and to perpetuate the memory of them and record their contributions. Federally chartered corporations are required under 36 U.S.C. §10101 to • present the corporation’s assets and liabilities and reasonable detail on the corporation’s income and expenses in annual financial statements, and • obtain an annual financial audit by an independent public accountant. 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, and reviewed the auditors’ report. However, we did not review the auditors’ working papers, and we are not rendering an audit opinion. 1 The Aviation Hall of Fame and the National Aviation Hall of Fame, an Ohio nonprofit corporation, operate together as the National Aviation Hall of Fame. GAO-03-856R Aviation Hall of Fame In addition to the general requirements of section 10101, Aviation Hall of Fame is required by 36 U.S.C. §23109 to include in its audit report under section 10101 a schedule of all contracts requiring payments greater than $10,000 and all payments of compensation or fees at a rate greater than $10,000 a year. Corporation officials told us they will prepare the applicable schedule and include it in its report for 2002. The audit report included the auditors’ opinion that the financial statements of the corporation were presented fairly in accordance with U.S. generally accepted accounting principles. We are returning the audit report you sent with your letter. Sincerely yours, Jeanette M. Franzel Director Financial Management and Assurance Enclosure (194225) Page 2 GAO-03-856R Aviation Hall of Fame The General Accounting Office, the audit, evaluation and investigative arm of GAO’s Mission Congress, exists to support Congress in meeting its constitutional responsibilities and to help improve the performance and accountability of the federal government for the American people. GAO examines the use of public funds; evaluates federal programs and policies; and provides analyses, recommendations, and other assistance to help Congress make informed oversight, policy, and funding decisions. GAO’s commitment to good government is reflected in its core values of accountability, integrity, and reliability. The fastest and easiest way to obtain copies of GAO documents at no cost is Obtaining Copies of through the Internet. 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Federally Chartered Corporation: Review of the Financial Statement Audit Report for the Aviation Hall of Fame for 2001 and 2000
Published by the Government Accountability Office on 2003-06-05.
Below is a raw (and likely hideous) rendition of the original report. (PDF)