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CED-80-105 1 (1980-07-01)

handle is hein.gao/gaobabasi0001 and id is 1 raw text is: COMPTROLLER GENERAL OF THE UNITED STATES WASH.INGTON D.C. Z0 ........ - 19 9 0 9 6 ..... . .. JULY 1,1980 Mr. William A. Barnes Executive Director Pennsylvania Avenue Development Corporation Dear Mr. Barnes: We have examined the statements of financial condition of the Pennsylvania Avenue Development Corpora- tion as of September 30, 1979, and the related statements of income, expenses, and retained earnings and changes in financial position for the year then ended. We made our examination in accordance with the Comptroller General's standards for financial and compliahce audits. Our exam- ination included such tests of the accounting records and such other auditing procedures as we considered necessary under the circumstances. We previously made an examination of the financial statements for the 15-month period ended September 30, 1976. The fiscal year 1978 balances are presented in this report for comparison purposes only. We did not examine the financial statements for the year ended September 30, 1978, and accordingly express no opinion on them. In our opinion, the accompanying financial statements (schedules I through 6) present fairly the financial posi- tion of the Pennsylvania Avenue Development Corporation at September 30, 1979, and the results of its operations and the changes in its financial position for the year then ended in conformity with generally accepted accounting principles applied on a consistent basis. Sincerely Yours, Acting Comptroll general of the Unite States liii111liiCE-8-05 112694 (,386631)

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