This is the accessible text file for GAO report number GAO-04-179R 
entitled 'Federally Chartered Corporation: Review of the Financial 
Statement Audit Reports for the American Historical Association for 
Fiscal Years 1998-2002' which was released on November 21, 2003.

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November 21, 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:

Reports for the American Historical Association for Fiscal Years 1998-
2002:

Dear Mr. Chairman:

As requested, we reviewed the audit reports covering the financial 
statements of the American Historical Association, a federally 
chartered corporation, for the fiscal years ended June 30, 1998, 
through June 30, 2002. The purpose of the corporation is to promote 
historical studies.

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

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 reports 
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' reports. We also held limited 
discussions with the corporation's auditors regarding potential 
enhancements that could be made to the corporation's financial 
reporting. However, we did not review the auditors' working papers, and 
we are not rendering an audit opinion. Our review disclosed no 
reportable instances of noncompliance with the financial reporting 
requirements of the law.

The audit reports included the auditors' opinions that the financial 
statements of the corporation, except for Fiscal Year 1999, were 
presented fairly in accordance with U.S. generally accepted accounting 
principles. The audit opinion for 1999 was qualified on the basis that 
the membership dues and subscriptions were being recognized as revenues 
in the period received rather than in future periods when they are 
earned in accordance with generally accepted accounting principles. We 
are returning the audit reports you sent with your letter.

Sincerely yours,

Signed by: 

Jeanette M. Franzel:

Director Financial Management and Assurance:

w/o Enclosures:

(194356):