Financial Audit:

Congressional Award Foundation's Fiscal Years 2006 and 2005 Financial Statements

GAO-07-786: Published: May 15, 2007. Publicly Released: May 15, 2007.

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Steven J. Sebastian
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This report presents our opinion on the financial statements of the Congressional Award Foundation for the fiscal years ended September 30, 2006 and 2005. These financial statements are the responsibility of the Congressional Award Foundation. This report also presents (1) our opinion on the effectiveness of the Foundation's related internal control as of September 30, 2006, and (2) our conclusion on the Foundation's compliance in fiscal year 2006 with selected provisions of laws and regulations we tested. We conducted our audit pursuant to section 107 of the Congressional Award Act, as amended (2 U.S.C. 807), and in accordance with U.S. generally accepted government auditing standards.

We have audited the statements of financial position of the Congressional Award Foundation (the Foundation) as of September 30, 2006 and 2005, and the related statements of activities and statements of cash flows for the fiscal years then ended. We found (1) the financial statements are presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles, although substantial doubt exists about the Foundation's ability to continue as a going concern; (2) the Foundation had effective internal control over financial reporting (including safeguarding assets) and compliance with laws and regulations; and (3) no reportable noncompliance with laws and regulations we tested during fiscal year 2006.

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