GAO audited the financial statements for the three funds administered by the Federal Deposit Corporation for fiscal years 2000 and 1999 and the related statements of activities and cash flows. GAO found that (1) the financial statements were presented fairly in conformity with U.S. generally accepted accounting principles, (2) the Foundation had effective internal control over financial reporting and compliance with laws and regulations, and (3) there was no reportable noncompliance with laws and regulations tested.