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GAO-02-756R 1 (2002-05-17)

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        Accountability * Integrity * Reliability
United States General Accounting Office
Washington, DC 20548




         May 17, 2002

         The Honorable F. James Sensenbrenner, Jr.
         Chairman, Committee on the Judiciary
         House of Representatives

         Subject: Federally Chartered Corporation: Review of the Financial Statement Audit
                   Reports for The Foundation of the Federal Bar Association for Fiscal Years
                   2000 and 1999

         Dear Mr. Chairman:

         As requested, we reviewed the audit reports covering the financial statements of The
         Foundation of the Federal Bar Association, a federally chartered corporation, for the
         fiscal years ended September 30, 2000 and 1999. The Foundation's purposes are to
         promote the study of law through various programs and to provide for the
         acquisition, presentation, and exhibition of rare objects of historical interest relating
         to the law, the courts, and the legal profession.

         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,

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

          submit the auditors' report and the corporation's financial statements to the
            Congress.

         The objective of our review was to determine whether the audit reports 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' reports. However, we did not review
         the auditors' working papers, and we are not rendering an audit opinion. Our review
         disclosed no reportable instances of noncompliance with the financial reporting
         requirements of the law.


GAO-02-756R The Foundation of the Federal Bar Association

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