Financial Audit:

Congressional Award Foundation's Fiscal Years 2009 and 2008 Financial Statements

GAO-10-646: Published: May 14, 2010. Publicly Released: May 14, 2010.

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Steven J. Sebastian
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This report presents our opinion on the financial statements of the Congressional Award Foundation (the Foundation) for the fiscal years ended September 30, 2009, and 2008. The financial statements are the responsibility of the Foundation. This report also presents the results of our consideration of the Foundation's related internal control. We identified a material internal control weakness in the Foundation's financial reporting process that resulted in material misstatements in the draft financial statements that management did not detect during the financial statement preparation and review process for fiscal year 2009. As described in our report, we identified errors during our audit and brought them to management's attention. In response, management made material adjustments (corrections) that are reflected in the accompanying financial statements. In addition, this report presents the results of our tests of the Foundation's compliance during fiscal year 2009 with selected provisions of laws and regulations. We conducted our audit pursuant to section 107 of the Congressional Award Act, as amended (2 U.S.C. 807), and in accordance with U.S. generally accepted government auditing standards.

We have audited the statements of financial position of the Congressional Award Foundation as of September 30, 2009, and 2008, and the related statements of activities and statements of cash flows for the years then ended. Overall, we found (1) the financial statements are presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles; (2) a material weakness in the Foundation's internal control over financial reporting; and (3) no reportable instances of noncompliance with laws and regulations we tested.

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