Financial Audit: Congressional Award Foundation's Fiscal Years 2011 and 2010 Financial Statements

What GAO Found

In accordance with section 107 of the Congressional Award Act, as amended (2 U.S.C. § 807), we are responsible for conducting audits of the Congressional Award Foundation’s (the Foundation) financial statements. In our audits of the Foundation’s financial statements for fiscal years 2011 and 2010, we found

• the financial statements are presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles;

• no material weaknesses

• no reportable noncompliance with laws and regulations we tested.

Why GAO Did This Study

This report presents the results of our audits of the financial statements of the Congressional Award Foundation (the Foundation) as of and for the fiscal years ending September 30, 2011, and 2010. These financial statements are the responsibility of the Foundation. This report contains our (1) unqualified opinions on the Foundation’s financial statements, (2) results of our consideration of the Foundation’s internal control over financial reporting, and (3) conclusion that our tests of the Foundation’s compliance with selected provisions of laws and regulations disclosed no instances of reportable noncompliance during fiscal year 2011. The report also discusses a significant matter related to the Foundation’s fiscal year 2010 annual federal information return filing.

For additional information, contact Steven J. Sebastian at sebastians@gao.gov or 202-512-9521.