This is the accessible text file for GAO report number GAO-04-186R 
entitled 'Federally Chartered Corporation: Review of the Financial 
Statement Audit Reports for the National Fund for Medical Education for 
2002 and 2003' which was released on November 21, 2003.

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November 21, 2003:

The Honorable F. James Sensenbrenner, Jr.

Chairman, Committee on the Judiciary:

House of Representatives:

Subject: Federally Chartered Corporation: Review of the Financial 
Statement Audit:

Reports for the National Fund for Medical Education for 2002 and 2001:

Dear Mr. Chairman:

As requested, we reviewed the audit reports covering the financial 
statements of the National Fund for Medical Education, a federally 
chartered corporation, for the years ended December 31, 2002 and 2001. 
The corporation's purposes are to raise funds from private sources; 
administer and disperse funds for medical education; promote 
improvement in and interpret the needs of medical education; and 
prepare health professionals for a future role in health care delivery.

Federally chartered corporations are required under 36 U.S.C. 10101 
to 
present the corporation's assets and liabilities and reasonable detail 
on the corporation's income and expenses in annual financial 
statements, and 
obtain an annual financial audit by an independent public accountant.

The objective of our review was to determine whether the audit reports 
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, and reviewed the auditors' reports. However, we did not 
review the auditors' working papers, and we are not rendering an audit 
opinion. Our review disclosed no reportable instances of noncompliance 
with the financial reporting requirements of the law.

The audit reports included the auditors' opinions that the financial 
statements of the corporation were presented fairly in accordance with 
U.S. generally accepted accounting principles. We are returning the 
audit reports you sent with your letter.

Sincerely yours,

Jeanette M. Franzel:

Director Financial Management and Assurance:

Signed by Jeanette M. Franzel:

w/o Enclosures:

(194363):