This is the accessible text file for GAO report number GAO-03-1074R 
entitled 'Federally Chartered Corporation: Review of the Financial 
Statement Report for the Blue Star Mothers of America, Inc., for Fiscal 
Year 2001' which was released on August 07, 2003.

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August 7, 2003:

The Honorable F. James Sensenbrenner, Jr.

Chairman, Committee on the Judiciary:

House of Representatives:

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

Report for the Blue Star Mothers of America, Inc., for Fiscal Year 
2001:

Dear Mr. Chairman:

As requested, we reviewed the report covering the financial statements 
of the Blue Star Mothers of America, Inc., a federally chartered 
corporation, for the fiscal year ended August 31, 2001. The 
corporation's purpose is to perpetuate the memory of the men and women 
who have served our country as members of the Armed Forces.

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 report 
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' report. However, we did not 
review the auditors' working papers, and we are not rendering an audit 
opinion.

We were informed by the individual performing the work that he does not 
conduct audits of financial statements but performs only reviews of 
financial records and prepares the financial statements. This 
individual said that he is not a certified or licensed independent 
public accountant. The audit requirement under 36 U.S.C. §10101 states 
a certified or licensed independent public accountant is to perform the 
audit. A corporation official said resources are insufficient at this 
time to engage a certified or licensed independent public accountant. 
The corporation reported income of $5,752 and expenses of $7,102 for 
fiscal year 2001, and net assets of $344 as of August 31, 2001. The 
corporation is undertaking an initiative to improve its funding. We are 
returning the report you sent with your letter.

Sincerely yours,

Jeanette M. Franzel:

Director 

Financial Management and Assurance:

Signed by Jeanette M. Franzel:

w/o Enclosure:

(194260):