Financial Audit:

Congressional Award Foundation's 1997 and 1996 Financial Statements

AIMD-98-153: Published: May 15, 1998. Publicly Released: May 15, 1998.

Additional Materials:

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Pursuant to a legislative requirement, GAO audited the Congressional Award Foundation's financial statements for the fiscal years ended September 30, 1997 and 1996.

GAO noted that: (1) the financial statements were reliable in all material respects; (2) the Congressional Award Foundation's management fairly stated that internal controls in place on September 30, 1997, were effective in safeguarding assets from material loss, assuring material compliance with relevant laws and regulations, and assuring that there were no material misstatements in the financial statements; and (3) there was no reportable noncompliance with laws and regulations GAO tested for the fiscal year ended September 30, 1997.

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