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B-55712 1 (1977-10-21)

handle is hein.gao/gaobabmlg0001 and id is 1 raw text is: ... COMPTROLLER GENERAL OF THE UNITED ST:,TES WASHMNGTON. D.C. Z0548 B-55712 OCT2 1 1977 The 11onor--li~rc Peter W. Rodino, Jr.-- J-------- d Chairman, Comittee on the Judi-Lary House of Representatives Dear Mr. Chairman: As requested in -our letter of September 13, 1977, we have reviewed the audit report'of the Disabled American Veterans, National Headquarters, for the year ended December 31, 1975. Our review was directed to deter- mining whether the report complies with the financial reporting requirements for federally'chartered corporations set forth in Public Law 88-504, approved August 30, 1964 (36 U.S.C. 1101). The Disabled American Veterans was chartered by the act of June 17, 1932 (36 U.S.C. 90a). -he audit report was prepared by a firm of certified public acco-. ants. It included a statement of the scope of audit and the auditor's opinion stating that (1) no provision had been made in the financial statements for the ultimate effect, if any, of proposed income tax assessments of approximately $3,510,000 for 1970 through 1973, and possibilities cf assessnents for 1974 and 1975, which are being contested by the Disabled American Veterars, and (2) the Disabled American Veterans amended its retirement plan and recorded the total additional charge of $3,648,400 for past service costs directly to the operating fund balance instead of amortizing the expense over a minimum period of 10 years as provided under generally accepted accounting principles. The opinion further stated that, except for the direct charge in 1975 to the operating fund and subject to the effects of the income tax matters mentioned above, th financial statements present fairly the financial position of Disabled Amfrican Veterans, National Headquarters, at December 31, 1975, and the results of operations and changes in fund balances for the year then ended, in conformity with generally accepted accounting priticiples applied on a consistent basis. This report was due June 30, 1976, but was not received un til October 1976. We suggest that the Committee inform the Disabled American Veterans that it would be preferable for them to surmit copies of the auditor's reports as soon after the fiscal year end as they are received and not wait for the printing of the proceedings of the annual convention. This would enable them to meet the filing requirement of Public Law 88-504.

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