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AFMD-92-89R 1 (1992-08-04)

handle is hein.gao/gaobackcn0001 and id is 1 raw text is: 

    United States
    General Accounting Office
    Washington, D.C. 20548

    Accounting and Financial
    Management Division


    B-199096

    August 4, 1992

    Mr. Richard A. Hauser
    Chairman
    Pennsylvania Avenue Development
      Corporation
                                                         147254
    Dear Mr. Hauser:

    We have reviewed your fiscal year 1991 audited financial
    statements and believe that several modifications are needed
    to enhance their accuracy and disclosure. These changes can
    be incorporated into your 1992 financial statements with
    restated comparative information for 1991, and are presented
    as an enclosure to this letter. In addition to accounting
    issues 1 through 4, we noted in issue number 5 that Treasury
    incorrectly transferred to PADC $516,275, which should be
    returned to Treasury or paid to the Federal Financing Bank
    for interest.

    We have discussed these modifications by phone with Mr.
    Alvin Milin, PADC Controller, and present this letter as a
    basis for further discussion with PADC management and your
    outside auditors. Should you have any question concerning
    this matter, please call Roger Stoltz, Assistant Director,
    at (202) 275-9408.

      c     y yours,




   Donald H. Chapin
   Assistant Comptroller General

   Enclosure








                      GAO/AFMD-92-89R, PADC Financial Statements

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