Pursuant to a legislative requirement, GAO reviewed the Congressional Award Foundation's financial statements for the fiscal years (FY) ended September 30, 1999 and 1998, focusing on the: (1) effectiveness of the Foundation's related internal controls as of September 30, 1999; and (2) Foundation's compliance in FY 1999 with selected provisions of laws and regulations GAO tested.

GAO noted that: (1) the financial statements are presented fairly in conformity with generally accepted accounting principles; (2) the Foundation had effective internal control over financial reporting (including safeguarding of assets) and compliance with laws and regulations as of September 30, 1999; and (3) no reportable noncompliance in FY 1999 with selected provisions of laws and regulations GAO tested.