Audit Report for the American National Red Cross for the Year Ended June 30, 1976
B-55712: Published: Dec 23, 1977. Publicly Released: Dec 23, 1977.
- Full Report:
A review of the audit report prepared by the U.S. Army Audit Agency for the American National Red Cross for the year ended June 30, 1976, showed that the audit and financial reporting requirements of the act of January 5, 1905, chartering the corporation, had been met.
The audit report included a statement of the scope of the audit and the audit agency's opinion that, except for the effects of certain unrestricted donations being included as endowment funds and certain campaign contributions for support of the following year being reported as income in the fiscal year in which they were received or receivable, the Combined Statement of Support, Revenue, Expenses, and Transfers and the Combined Statement of Functional Expenses by Object Classification presented fairly the results of operations of the Red Cross for the year ended June 30, 1976, in conformity with generally accepted accounting principles. These principles were applied on a basis consistent with the preceding year except for an accounting change with which the audit agency concurs. The audit report was based on the Army Audit Agency's examination and the audit reports of certified public accountants covering the accounts of the national organization and 91 percent of the total support, revenue, and expenses reported by chapters and blood centers.