Examination of the Pennsylvania Avenue Development Corporation's Financial Statements for the Year Ended September 30, 1983

AFMD-84-53: Published: Jun 22, 1984. Publicly Released: Jun 22, 1984.

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GAO examined the financial statements of the Pennsylvania Avenue Development Corporation for the year ended September 30, 1983.

GAO noted a disparity between the current financial statements and the Corporation's 1983 annual report. In its annual report, the Corporation overstated its net income by $8 million because it recognized appropriations as revenue when received instead of recognizing them as revenue only as they were expended. GAO found that the financial statements presented fairly the financial position of the Corporation and the results of its operations and the changes in its financial position for the year then ended, in conformity with generally accepted accounting principles applied on a consistent basis.

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