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AIMD-98-291R 1 (1998-09-23)

handle is hein.gao/gaobacmqn0001 and id is 1 raw text is: United States G AO General Accounting Office Washington, D.C. 20548 Accounting and Information Management Division B-280893 September 23, 1998 The Honorable Henry J. Hyde Chairman, Committee on the Judiciary House of Representatives Subject: Federally Chartered Corporation: Review of the Financial Statement Audit Report for the Navy Club of the United States of America for Fiscal Year 1997 Dear Mr. Chairman: As requested, we reviewed the audit report covering the financial statements of the Navy Club of the United States of America, a federally chartered corporation, for the fiscal year ended July 31, 1997. The main purpose of the corporation is to further, encourage, promote, and maintain comradeship among those persons who are or have been in active service of the United States Navy, the United States Marine Corps, or the United States Coast Guard. Federally chartered corporations are required under 36 U.S.C. 1102-1103 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 auditor's report and the corporation's financial statements to the Congress not later than 6 months following the close of the corporation's fiscal year. 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 any inquiries to corporation officials or the auditor as we deemed GAO/AIMD-98-291R Navy Club of the United States of America i6it/

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