Financial Audit:

Congressional Award Foundation's 1995 and 1994 Financial Statements

AIMD-96-147: Published: Sep 24, 1996. Publicly Released: Sep 24, 1996.

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GAO audited the Congressional Award Foundation's financial statements and assessed the effectiveness of the Foundation's internal controls as of September 30, 1995, and September 30, 1994.

GAO found that: (1) the financial statements were reliable in all material respects; (2) the internal controls in place were effective in safeguarding assets from material loss, ensuring material compliance with relevant laws and regulations, and ensuring that there were no material misstatements in the financial statements; and (3) there was no reportable noncompliance with the laws and regulations that were tested. GAO also found that: (1) the Congressional Award Foundation continued to operate after October 1, 1995, although its authority expired on September 30, 1995; (2) for fiscal years (FY) 1994 and 1995, the Foundation reported a net loss, primarily due to losses incurred by the South Bronx Project Fund; (2) between FY 1994 and 1995, the Foundation's total expenses increased over 16 percent and total revenues decreased about 3 percent; and (3) the Foundation also reported a negative cash flow from operations totalling over $111,000 during FY 1995.

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