This is the accessible text file for GAO report number GAO-03-856R 
entitled 'Federally Chartered Corporation: Review of the Financial 
Statement Audit Report for the Aviation Hall of Fame for 2001 and 2000' 
which was released on June 05, 2003.

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June 5, 2003:

The Honorable F. James Sensenbrenner, Jr.

Chairman, Committee on the Judiciary:

House of Representatives:

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

Report for the Aviation Hall of Fame for 2001 and 2000:

Dear Mr. Chairman:

As requested, we reviewed the audit report covering the financial 
statements of the Aviation Hall of Fame,[Footnote 1] a federally 
chartered corporation, for the years ended December 31, 2001 and 2000. 
The corporation's purpose is to honor citizens, aviation leaders, 
pilots, and others for outstanding contributions to the establishment, 
development, advancement, or improvement of aviation, and to perpetuate 
the memory of them and record their contributions.

Federally chartered corporations are required under 36 U.S.C. 10101 

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 audit 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 

In addition to the general requirements of section 10101, Aviation Hall 
of Fame is required by 36 U.S.C. 23109 to include in its audit report 
under section 10101 a schedule of all contracts requiring payments 
greater than $10,000 and all payments of compensation or fees at a rate 
greater than $10,000 a year. Corporation officials told us they will 
prepare the applicable schedule and include it in its report for 2002.

The audit report included the auditors' opinion that the financial 
statements of the corporation were presented fairly in accordance with 
U.S. generally accepted accounting principles. We are returning the 
audit report you sent with your letter.

Sincerely yours,

Jeanette M. Franzel:

Financial Management and Assurance:

Signed by Jeanette M. Franzel:




[1] The Aviation Hall of Fame and the National Aviation Hall of Fame, 
an Ohio nonprofit corporation, operate together as the National 
Aviation Hall of Fame.