This is the accessible text file for GAO report number GAO-06-37R 
entitled 'Federally Chartered Corporation: Financial Statement Audit 
Report for the Navy Club of the United States of America for Fiscal 
Year 2003' which was released on October 7, 2005. 

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October 7, 2005: 

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

Subject: Federally Chartered Corporation: Financial Statement Audit 
Report for the Navy Club of the United States of America for Fiscal 
Year 2003: 

Dear Mr. Chairman: 

As requested, we read 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, 
2003. The corporation's purpose is to promote the United States Navy, 
Marines, and Coast Guard and to honor and perpetuate the memory of 
servicemen and women who have died. 

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. 

Our objective was to advise you of any matters in the report 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 report. We also held limited discussions with the 
corporation's auditor regarding potential enhancements that could be 
made to the corporation's financial reporting. 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 report included the auditor's opinion that the financial 
statements of the corporation were presented fairly in accordance with 
U.S. generally accepted accounting principles. We are returning the 
audit report you sent with your letter. 

This letter is intended solely for your use and the use of the 
Committee on the Judiciary. This letter will be available at no charge 
on GAO's Web site at http://www.gao.gov. 

If you have any questions or would like to discuss this letter, please 
contact me at (202) 512-3406 or by e-mail at sebastians@gao.gov. 
Contact points for our Offices of Congressional Relations and Public 
Affairs may be found on the last page of this letter. Key contributors 
to this letter were David Elder, Charles Payton, and Lien To. 

Sincerely yours, 

Signed by: 

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

(196060):