Financial Audit:

Congressional Award Foundation's Financial Statements for 1992, 1991, and 1990

AIMD-94-87: Published: Jul 14, 1994. Publicly Released: Jul 14, 1994.

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Pursuant to a legislative requirement, GAO audited the Congressional Award Foundation's financial statements for the years ended December 31, 1992, 1991, and 1990, its internal controls, and its compliance with laws and regulations.

GAO found that: (1) the Foundation's financial statements presented fairly, in all material aspects, its financial positions as of December 31, 1992, 1991, and 1990, and the results of its operations, changes in capital, and cash flows for the years then ended, in conformity with generally accepted accounting principles; (2) although the Foundation had made minor improvements to its internal controls as of December 31, 1992, these improvements did not ensure that transactions were properly processed, recorded, and summarized and that assets were safeguarded; (3) the Foundation did not adequately control its fixed assets or perform routine reconciliations that would have timely detected errors; and (4) there were no material instances of noncompliance with applicable laws and regulations.

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