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GAO-11-825R 1 (2011-09-09)

handle is hein.gao/gaobaanzq0001 and id is 1 raw text is: AGA 0 Accountabilty I Integrity * Reliability United States Government Accountability Office Washington, DC 20548 September 9, 2011 Mrs. Erica Heyse National Director Congressional Award Foundation Subject: Management Report: Opportunities for Improvements in the Congressional Award Foundation's Internal Controls and Accounting Procedures Dear Mrs. Heyse: In May 2011, we issued our opinion on the fiscal years 2010 and 2009 financial statements of the Congressional Award Foundation (the Foundation).' We also reported on our evaluation of the Foundation's compliance with provisions of selected laws and regulations for the fiscal year ended September 30, 2010, and our consideration of the Foundation's internal control over financial reporting. The Foundation was formed in 1979 under the Congressional Award Act and is a private, not-for-profit, tax-exempt organization under section 501(c)(3) of the Internal Revenue Code. It was established to promote initiative, achievement, and excellence among young people in the areas of public service, personal development, physical fitness, and expedition. During fiscal year 2010, there were approximately 28,700 participants registered in the Foundation's award program. Although the organization does not receive federal funding, we are responsible for conducting audits of the Foundation's financial statements annually in accordance with section 107 of the Congressional Award Act, as amended (2 U.S.C. § 807). In our previous year's audit of the Foundation's fiscal years 2009 and 2008 financial statements,2 we reported a material weakness3 in the Foundation's internal control over financial reporting. This resulted in the need for material adjustments in finalizing the Foundation's fiscal year 2009 financial statements to achieve a fair 'GAO, Financial Audit: Congressional Award Foundation's Fiscal Years 2010 and 2009 Financial Statements, GAO-11-597 (Washington, D.C.: May 12, 2011). 2 GAO, Financial Audit: Congressional Award Foundation's Fiscal Years 2009 and 2008 Financial Statements, GAO-10-646 (Washington, D.C.: May 14, 2010). 3 A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect and correct misstatements on a timely basis. GAO-11-825R Congressional Award Foundation

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