This is the accessible text file for GAO report number GAO-07-475R 
entitled 'Federally Chartered Corporation: Financial Statement Audit 
Report for the National Society, Daughters of the American Colonists 
for Fiscal Years 2005 and 2004' which was released on March 9, 2007. 

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March 9, 2007: 

The Honorable F. James Sensenbrenner, Jr. 
House of Representatives: 

Subject: Federally Chartered Corporation: Financial Statement Audit 
Report for the National Society, Daughters of the American Colonists 
for Fiscal Years 2005 and 2004: 

Dear Mr. Sensenbrenner: 

As requested, we read the audit report covering the financial 
statements of the National Society, Daughters of the American 
Colonists, a federally chartered corporation, for the fiscal years 
ended December 31, 2005 and 2004. The corporation's purposes include 
researching, publishing, and commemorating the history and deeds of 
American colonists. 

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. 

Our objective was to advise you of any matters in the report regarding 
compliance with the financial reporting requirements of the law. In 
carrying out our work, we read the corporation's financial statements 
and the accompanying notes, performed certain analytical procedures 
related to information presented in the financial statements, and read 
the auditor's report. We did not identify any instance of noncompliance 
with the above financial reporting requirements of the law. 

We did not perform an audit or review the auditor's audit 
documentation, and we are not rendering an audit opinion. However, we 
did hold limited discussions with the corporation's auditor regarding 
potential enhancements to the corporation's financial reporting. 

The audit report included the auditor's 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. 

This letter is intended solely for your use. This letter will be 
available at no charge on GAO's Web site at http://www.gao.gov. 

If you have any questions or would like to discuss this letter, please 
contact me at (202) 512-3406 or by e-mail at sebastians@gao.gov. 
Contact points for our Offices of Congressional Relations and Public 
Affairs may be found on the last page of this letter. Key contributors 
to this letter were Charles Payton, Assistant Director; David Elder; 
and Lien To. 

Sincerely yours, 

Signed by: 

Steven J. Sebastian: 
Director: 
Financial Management and Assurance: 

(196141): 

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