This is the accessible text file for GAO report number GAO-05-498R 
entitled 'Federally Chartered Corporation: Financial Statement Audit 
Reports for the Air Force Sergeants Association for Fiscal Years 2004 
and 2003' which was released on June 10, 2005. 

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June 10, 2005: 

The Honorable F. James Sensenbrenner, Jr.
Chairman:
Committee on the Judiciary:
House of Representatives: 

Subject: Federally Chartered Corporation: Financial Statement Audit 
Reports for the Air Force Sergeants Association for Fiscal Years 2004 
and 2003: 

Dear Mr. Chairman: 

As requested, we read the audit reports covering the financial 
statements of the Air Force Sergeants Association, a federally 
chartered corporation, for the fiscal years ended April 30, 2004, and 
2003. The association provides services to its members of current and 
retired Air Force enlisted personnel, including monthly magazines, 
annual conventions, a scholarship program, and legislative support 
activities. 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,

* 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. 

Our objective was to advise you of any matters in the reports regarding 
compliance with the financial reporting requirements of the law. In 
carrying out our work, we read the corporation's financial statements 
and the accompanying notes, performed certain analytical procedures 
related to information presented in the financial statements, and read 
the auditor's reports. We did not identify any instance of 
noncompliance with the above financial reporting requirements of the 
law. 

We did not perform an audit or review the auditor's working papers, and 
we are not rendering an audit opinion. 

The audit reports included the auditor's opinions that the financial 
statements of the corporation were presented fairly in accordance with 
United States generally accepted accounting principles. We are 
returning the audit reports you sent with your letters. 

This letter is intended solely for your use and the use of the 
Committee on the Judiciary. 

Sincerely yours,

Signed by: 

Steven J. Sebastian:
Director, Financial Management and Assurance: 

w/o Enclosures: 

(196037):