Financial Audit:

Pennsylvania Avenue Development Corporation's 1985 Financial Statements

AFMD-86-66: Published: Jul 30, 1986. Publicly Released: Jul 30, 1986.

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GAO examined the Pennsylvania Avenue Development Corporation's (PADC) consolidated balance sheet as of September 30, 1985, and the related statements of revenue and expense, changes in invested capital, changes in cumulative results of operations, and changes in financial position for the year then ended.

GAO found that: (1) the PADC financial statements presented fairly its financial position as of September 30, 1985, the results of its operations, and changes in its financial position for the year, in conformity with generally accepted accounting principles applied on a consistent basis; (2) subsequent to its 1985 annual report, the PADC included an additional disclosure concerning donated capital; and (3) PADC complied with the terms and provisions of applicable laws and regulations that could have materially affected its financial statements.

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