Financial Audit: Congressional Award Foundation's 1999 and 1998 Financial
Statements (Letter Report, 05/15/2000, GAO/AIMD-00-156).

GAO audited the Congressional Award Foundation's financial statements
for 1999 and 1998. The Foundation was established in 1979 to promote
excellence among youth in public service, personal development, and
physical fitness. GAO found that the financial statements are presented
fairly in conformity with generally accepted accounting principles; the
Foundation had effective internal control over financial reporting
(including safeguarding of assets) and compliance with laws and
regulations as of September 30, 1999; and there was no reportable
noncompliance in fiscal year 1999 with the laws and the regulations GAO
tested.

--------------------------- Indexing Terms -----------------------------

 REPORTNUM:  AIMD-00-156
     TITLE:  Financial Audit: Congressional Award Foundation's 1999 and
	     1998 Financial Statements
      DATE:  05/15/2000
   SUBJECT:  Financial statement audits
	     Internal controls
	     Auditing procedures
	     Reporting requirements
	     Accounting standards
	     Financial records
	     Financial management
	     Auditing standards

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GAO/AIMD-00-156

Report to the Congress

May 2000 FINANCIAL AUDIT Congressional Award Foundation's 1999 and 1998
Financial Statements

GAO/ AIMD- 00- 156

Accounting and Information Management Division

Lett er

B- 285243 May 15, 2000 To the President of the Senate and the Speaker of the
House of Representatives

This report presents our opinion on the financial statements of the
Congressional Award Foundation for the fiscal years ended September 30, 1999
and 1998. These financial statements are the responsibility of the
Congressional Award Foundation. This report also presents (1) our opinion on
the effectiveness of the Foundation's related internal control as of
September 30, 1999, and (2) our conclusion on the Foundation's compliance in
fiscal year 1999 with selected provisions of laws and

regulations we tested. We conducted our audit pursuant to section 8 of the
Congressional Award Act, as amended (2 U. S. C. 807), and in accordance with
generally accepted government auditing standards.

We are sending copies of this report to Senator Fred Thompson, Chairman, and
Senator Joseph I. Lieberman, Ranking Minority Member, Senate Committee on
Governmental Affairs; Representative William Goodling, Chairman, and
Representative William Clay, Ranking Minority Member, House Committee on
Education and the Workforce; Mr. Thomas D. Campbell, Chairman, National
Board of Directors, Congressional Award Program; Mr. James F. Manning,
National Director, Congressional Award Foundation; and other interested
parties.

Linda M. Calbom Director

Accounting and Information Management Division

Opi ni on Let ter

B- 285243 To the President of the Senate and the Speaker of the House of
Representatives We have audited the statements of financial position of the
Congressional Award Foundation as of September 30, 1999 and 1998, and the
related statements of activities and cash flows for the fiscal years then
ended. We found that

? the financial statements are presented fairly in conformity with generally
accepted accounting principles, ? the Foundation had effective internal
control over financial reporting

(including safeguarding of assets) and compliance with laws and regulations
as of September 30, 1999, and ? no reportable noncompliance in fiscal year
1999 with selected provisions of laws and regulations we tested.

The following sections discuss, in more detail, our conclusions and the
scope of our audit.

Opinion on Financial The financial statements and accompanying notes present
fairly, in all Statements material respects, in conformity with generally
accepted accounting principles, the Foundation's financial position as of
September 30, 1999 and

1998, and the results of its activities and cash flows for the fiscal years
then ended.

Opinion on Internal The Foundation maintained, in all material respects,
effective internal Control

control over financial reporting and compliance as of September 30, 1999,
that provided reasonable assurance that misstatements, losses, or
noncompliance, material in relation to the financial statements, would be

prevented or detected on a timely basis. Management asserted that its
internal control was effective based on criteria established under the
Federal Managers' Financial Integrity Act of 1982 and the Office of
Management and Budget Circular A- 123, Management Accountability and

Control.

We found matters involving internal control that we do not consider to be
reportable conditions. 1 We will communicate these matters separately to the
Foundation's management, along with our suggestions for improvement.

Compliance With Laws Our tests for compliance with selected provisions of
laws and regulations

and Regulations disclosed no instances of noncompliance that would be
reportable under

generally accepted government auditing standards. However, the objective of
our audit was not to provide an opinion on overall compliance with laws and
regulations. Accordingly, we do not express such an opinion.

Objectives, Scope, and The Foundation's management is responsible for

Methodology ? preparing the annual financial statements in conformity with
generally

accepted accounting principles; ? establishing, maintaining, and assessing
the Foundation's internal controls to provide reasonable assurance that the
Foundation's control

objectives are met; and ? complying with applicable laws and regulations.

We are responsible for obtaining reasonable assurance about whether (1) the
financial statements are presented fairly, in all material respects, in
conformity with generally accepted accounting principles and (2) management
maintained effective related internal control, the

objectives of which are ? financial reporting transactions are properly
recorded, processed, and

summarized to permit the preparation of financial statements for the fiscal
year ended September 30, 1999, in conformity with generally accepted
accounting principles and assets are safeguarded against loss from
unauthorized acquisition, use, or disposition and

? compliance with laws and regulations transactions are executed in
accordance with management's authority and with laws and regulations that
could have a direct and material effect on the financial statements.

1 Reportable conditions are matters coming to our attention that, in our
judgment, should be communicated because they represent significant
deficiencies in the design or operation of internal control that could
adversely affect an organization's ability to meet the objectives of
reliable financial reporting and compliance with applicable laws and
regulations.

We are also responsible for testing compliance with selected provisions of
laws and regulations that have a direct and material effect on the principal
statements. In order to fulfill these responsibilities, we ? examined, on a
test basis, evidence supporting the amounts and

disclosures in the financial statements; ? assessed the accounting
principles used and significant estimates made

by the Foundation's management; ? evaluated the overall presentation of the
financial statements; ? obtained an understanding of the Foundation's
internal control related

to financial reporting (including safeguarding assets) and compliance with
laws and regulations; ? tested relevant internal control over financial
reporting (including

safeguarding of assets) and compliance and evaluated the design and
operating effectiveness of internal control; and ? tested compliance with
selected provisions of the Congressional Award

Act, as amended. We did not evaluate internal controls relevant to operating
objectives, such as controls relevant to ensuring efficient operations. We
limited our internal control testing to relevant controls over financial
reporting and

compliance. Because of inherent limitations in internal control,
misstatements due to error or fraud, losses, or noncompliance may
nevertheless occur and not be detected. We also caution that projecting the
results of our tests of internal control to future periods is subject to the
risk that controls may become inadequate because of changes in conditions or
that the degree of compliance with controls may deteriorate.

We did not test compliance with all laws and regulations applicable to the
Foundation. We limited our tests of compliance to those provisions of laws
and regulations that we deemed to have a direct and material effect on the

financial statements for the fiscal year ended September 30, 1999. We
caution that noncompliance may occur and not be detected by our tests and
that such testing may not be sufficient for other purposes. We did our work
in accordance with generally accepted government auditing standards.

Foundation's We provided a draft of our report to Congressional Award
Foundation

Comments officials for their review and comment. Foundation officials agreed
with the contents of our report.

Linda M. Calbom Director

April 14, 2000

Financial Statements

Statements of Financial Position

The Congressional Award Foundation Statements of Financial Position

As of September 30, September 30,

1999 1998

Assets

Cash and cash equivalents (note 3) $343,784

$126,052 Contributions receivable, net (note 4)

77,800 29,100

Accounts receivable, net (note 5) 2,423

2,915 Prepaid expenses

4,349 4,304

Congressional Award Fellowship Trust (note 6) 427,885

351,112 Equipment, furniture and fixtures, net (note 2)

78,468 15,552

Escrowed funds from councils, net (note 7) 5,145

1,111

Total assets $939,854

$530,146 Liabilities and Net Assets

Accounts payable $47,560

$7,187 Accrued payroll and related taxes

14,479 8,958

Refundable advances (note 15) 11,885 50

Capital lease 1,111

Escrowed funds due councils, net (note 7) 5,145

Total liabilities $79,069

$17,306 Net Assets

Unrestricted $491,742

$201,573 Temporarily restricted

104,936 48,210

Permanently restricted 264,107

263,057

Total net assets $860,785

$512,840 Total Liabilities and Net Assets

$939,854 $530,146

The accompanying notes are an integral part of these financial statements.

Statements of Activities

The Congressional Award Foundation Statements of Activities

Fiscal years ended September 30, September 30,

1999 1998

Changes in Unrestricted Net Assets:

Operating revenue and other support Contributions

$1,043,125 $724,924

Contributions - in kind (note 8) 106,002

84,761 Program and other revenues

33,682 32,187

Interest and dividends applied to current operations 18,417

17,341 Net assets released from restrictions (note 9)

24,774 35,577

Total operating revenue and other support $1,226,000

$894,790

Operating expenses Salaries, benefits, and payroll taxes

$409,113 $344,385

Program, promotion, and travel 119,076

177,197 Fund- raising expenses

331,018 282,426

Gold Award ceremony 34,460

54,484 Professional fees

91,950 60,092

Depreciation 7,200

5,821 Administrative and other expense

12,719 8,887

Bad debt expense 520

1,230 Loss on sale of assets

5,498 $

Total operating expenses $1,011,554

934,522

Other changes Investment earnings (losses) not applied to current operations

$75,723 $( 4,418)

Increase (decrease) in unrestricted net assets $290,169

$( 44,150) Changes in Temporarily Restricted Net Assets:

Contributions (note 10) $81,500

$31,040 Net assets released from restrictions

(24,774) (35,577)

Increase (decrease) in temporarily restricted net assets $56,726

$( 4,537) Changes in Permanently Restricted Net Assets:

Contributions $ 1, 050

$41,956

Increase in permanently restricted net assets $1,050

$41,956 Increase (Decrease) in Net Assets

$347,945 $( 6,731)

Net Assets at Beginning of Year $512,840

$519,571

Net Assets at End of Year $860,785

$512,840

The accompanying notes are an integral part of these financial statements.

Statements of Cash Flows

The Congressional Award Foundation Statements of Cash Flows

Fiscal years ended September 30, September 30,

1999 1998

Cash Flows From Operating Activities:

Contributions received $1,075,925

$752,614 Refundable advances

33,604 50

Cash received from councils and independents 37,100

Interest and dividends received 18,417

17,341 Cash paid to employees

(330,600) (277,412)

Cash paid to vendors (532,985)

(547,487)

Net Cash Used/ Provided From Operating Activities $264,361

$( 17,794) Cash flows from investing activities:

Purchase of equipment (46,338)

Proceeds from sale of assets

354

Cash flows from financing activities:

Payments on capital lease (645)

Net increase (decrease) in cash

$217,732 $( 17,794)

Cash at beginning of year 126,052

143,846

Cash at end of year $343,784

$126,052 Reconciliation of Change in Net Assets to Net Cash Used/ Provided
From Operating Activities

Change in net assets $347,945

$( 6,731) Adjustments to reconcile change in net assets to net cash used/
provided from operating activities:

Investment earnings (losses) not applied to operations (75,723)

4,418 Depreciation expense

7,200 5,821

Bad debt expense 520

1,230 Loss on sale of assets

5,498

Donated fixed assets (17,100)

Restricted trust fund contributions (1, 050)

(41,956) Decrease (increase) in contributions receivable

(48,700) 12,150

Decrease (increase) in other accounts receivable (28)

4,912 Decrease (increase) in prepaid expenses

(45) 23,567

Increase (decrease) in accounts payable 40,373

(5, 281) Increase (decrease) in accrued payroll and related taxes

5,521 (474)

Increase (decrease) in refundable advances (50)

(15,450)

Net Cash Used/ Provided From Operating Activities $264,361

$( 17,794)

The accompanying notes are an integral part of these financial statements.

Notes to Financial Statements

The Congressional Award Foundation Notes to Financial Statements for the
Fiscal Years Ended September 30, 1999 and 1998

Note 1. Organization

The Congressional Award Foundation was formed in 1979 under Public Law 96-
114 and is a private, nonprofit, tax- exempt organization under Section 501(
c)( 3) of the Internal Revenue Service code established to promote
initiative, achievement, and excellence among youth in the areas of public
service, personal development, physical fitness, and expedition. In October
1999, the President signed Public Law 106- 63, Section 1( d) of which
reauthorized the Congressional Award Foundation through September 30, 2004.

Note 2. Summary of Significant Accounting Policies A. Basis of Accounting

The financial statements are prepared on the accrual basis of accounting in
accordance with generally accepted accounting principles applicable to not-
for- profit organizations. Assets and services contributed to the Foundation
are recorded in the accounting records at fair value as of the date of the
contribution and reflected on an accrual basis in the Foundation's financial
statements.

B. Use of Estimates

The preparation of the Foundation's financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the amounts reported in the financial
statements and accompanying notes. Actual results may differ from these
estimates.

C. Contributions and Revenue Recognition

The Foundation records as contributions revenue amounts received in the form
of cash, promises or pledges to give, and the fair value of certain
contributed services and gifts of long- lived and other assets.
Unconditional promises or pledges to give are recognized as contributions
receivable. Multiyear pledges or promises due over a period of time are
discounted to their present value, based upon prevailing interest rates, and
recognized in the period of initial pledge.

D. Classification of Net Assets

The Foundation classifies and reports net assets based on the existence of
applicable restrictions limiting their use.

Permanently restricted net assets result from donor- imposed restrictions
stipulating that the resources donated be maintained permanently. The
Foundation's permanently restricted contributions received to date have
consisted of contributions designated for deposit into the Foundation's
Fellowship Trust Fund. The Fund was established for the benefit of the
charitable and educational purposes of the Foundation. The terms of the
Trust allow the Foundation to use or expend all or part of the value of the
Trust Fund in excess of the aggregate value of all donations to the Trust
when received.

Temporarily restricted net assets result from donor- imposed restrictions
that permit the Foundation to use or expend the assets after the
restrictions have been satisfied. When a donor- imposed restriction is
satisfied-- that is, when a stipulated time restriction ends or the purpose
of the restriction is accomplished-- temporarily restricted net assets are
reclassified to unrestricted net assets and reported in the Statement of
Activities as net assets released from restrictions.

Unrestricted net assets result from the receipt of unrestricted
contributions, the expiration of donor- imposed restrictions on
contributions, and changes in other assets and liabilities. These assets are
available to the Board for use in support of current and future operations.

E. Office Furniture and Equipment

Office furniture and equipment is stated at cost to the Foundation or, as
described in note 2. A, at fair value at the date of contribution. Fixed
assets such as office furniture valued in excess of $500 are depreciated on
the straight- line basis over their estimated useful lives. Accumulated
depreciation at September 30, 1999 and 1998, was $8,273 and $44,835,
respectively.

F. Cash and Cash Equivalents

For purposes of the Statements of Cash Flows, the Foundation considers all
highly liquid investments with a maturity of 3 months or less when purchased
to be cash equivalents.

Note 3. Cash

Cash as reported on the Statements of Financial Position consists of the
following. 1999 1998 Temporarily restricted

$ 80,010 $ 43,210

Unrestricted 268,919

83,953 Sub- total

348,929 127,163 Less: Escrow cash (Note 7)

(5, 145) (1, 111)

Total cash $343,784

$126,052 Note 4. Contributions Receivable, Net

Contributions receivable consist of promises to give that are due and
payable after yearend (see note 2. D). At September 30, 1999 and 1998
contributions receivable, net, were as follows.

1999 1998 Unrestricted

$52,800 $29,100

Temporarily Restricted 25,000

$

Contributions receivable, net $77,800

29,100 Note 5. Accounts Receivable, Net

At September 30, 1999 and 1998, accounts receivable consisted of payments
due from vendors, employees, and councils as follows.

1999 1998 Unrestricted

$3,893 $4,145

Less: Allowance for doubtful accounts (1, 470)

(1, 230)

Accounts Receivable, Net $2,423

$2,915

Note 6. Congressional Award Fellowship Trust A. Congressional Award
Fellowship Trust

Established in 1990, the Congressional Award Fellowship Trust was created to
benefit the charitable and educational purposes of the Foundation. The
Foundation receives contributions intended for the Trust Fund from
supporters of the Congressional Award Program, including members of the
World Fellowship-- an organization established to promote similar programs
throughout the world.

B. Trust Policy and Accounting

Deposits to the Trust Fund are invested in equity and debt securities.
Investments are carried at market value and classified, based on their
nature, as either permanently restricted or unrestricted amounts. The
Foundation's permanently restricted net assets represent the value of all
permanently restricted donor contributions received. From the Trust Fund's
inception in 1990 through September 30, 1999 and 1998, permanently
restricted contributions received by the Trust Fund totaled $264,107 and
$263,057, respectively.

In accordance with the terms of the Trust Declaration (agreement), the
Foundation is permitted to use all Trust income for the benefit of the
charitable and educational purposes of the Foundation. Trust income
represents the value of the Trust assets (including interest and dividends
earned and realized and unrealized gains and losses on Trust Fund
investments) in excess of the aggregate amount received as endowment
donations. The Trust Declaration describes endowment donations as the
aggregate fair market value (as of the contribution date) of all donations
to the Trust Fund. As defined by the Declaration, this represents the amount
of trust funds the Foundation cannot use or distribute.

As a matter of policy, the Foundation's Board further limits the use of
Trust Fund investments to support current operations. The Board limits the
amount applied to support current operations to the interest and dividends
earned on Trust Fund investments. Realized and unrealized gains on Trust
Fund investments are retained in the Trust Fund. In the absence of donor-
imposed restrictions limiting the availability of realized and unrealized
gains on donated assets, all realized and unrealized gains on Trust Fund
investments are considered unrestricted assets and reported in the
Statements of Activities as investment earnings not applied to current
operations. Realized and unrealized gains or losses on Trust Fund
investments for fiscal years 1999 and 1998 were $75,723 and $( 5,052),
respectively. The interest and dividends earned on Trust Fund investments
for fiscal years 1999 and 1998 were $11,774 and $12,434, respectively. The
Foundation believes that interest and dividends on Trust Fund investments
will continue indefinitely.

A reconciliation of investment earnings (returns) and contributions received
to changes in the restricted and unrestricted portions of Trust Fund
investments for fiscal years 1999 and 1998 is as follows.

Trust Fund Activity Permanently Restricted

Trust Assets Unrestricted Trust Assets

September 30, September 30, 1999 1998 1999 1998

Investment Earnings, Net:

Dividends and interest earned on trust fund investments

$11,774 $12,434 Realized and unrealized

investment gains (losses) 75,723

(5, 052)

Total investment earnings a

$87,497 $7,382

Investment earnings applied to current operation

(11,774) (11,800)

Investment earnings (losses) not applied to current operation

$ $ 75,723

(4, 418) Gifts available for investment

1,050 41,956

$ $(

Net change in investment Assets

$1,050 $41,956

75,723 4,418) Investments at beginning of

the year $263,057

$221,101 $88,056

$92,474 Investments at end of the

Year $264,107

$263,057 $163,779

$88,056

a Total investment earnings are net of $1,225 investment expenses for fiscal
year 1999 and $1,720 for fiscal year 1998.

The relative concentration of total Trust Fund investments as of September
30, 1999 and 1998 is summarized as follows.

Market Value at September 30, Description

1999 1998 Cash Fund

$1,705 $1,573

Equity Securities 300,675

211,307 U. S. Treasury Notes and Bonds

125,505 138,232

Total $427,885

$351,112 Note 7. Escrowed Funds

The Foundation holds as escrowed funds certain amounts provided by selected
state congressional award councils. These funds are used, at the discretion
of the State Council, to pay certain council- related expenses. As of
September 30, 1999 and 1998, the funds held in escrow were $5,145 and
$1,111, respectively.

Note 8. In- kind Contributions

During fiscal years 1999 and 1998, the Foundation received in- kind
(noncash) contributions from donors, which are accounted for as contribution
revenue and either as current period operating expenses or additions to
capital assets. These noncash contributions are as follows.

1999 1998 Promotional support

$17,745 40,970

Professional services (legal) 25,000

30,000 Printing and photographic support

1,400 2,256

Supplies for fund- raising gala 41,501

11,535 Other support-- Foundation sponsored events

3,256 Furniture

17,100 $

Total In- kind Contributions $106,002

84,761

In addition, to support the Congressional Award Foundation without providing
direct funding, the Congress, through Section 7( e) of the Congressional
Award Act, as amended by Section 7( c) of Public Law 101- 525, the
Congressional Award Amendments of 1990, provided that "the Board may benefit
from in- kind and indirect resources provided by Offices of Members of
Congress or the Congress." Resources so provided include use of

office space, office furniture, and utilities (except for telephone that is
paid by the Foundation). The costs of these resources cannot be readily
determined and, thus, are not included in the financial statements.

Note 9. Release of Net Assets

Net assets released from donor restrictions result from either incurring
expenses that satisfy the donor- imposed restriction or the occurrence of
other donor- specified events. As of September 30, 1999 and 1998, net assets
released from restriction were as follows.

1999 1998 General fund

$5,000 $18,500

Nevada Council development 1,281

3,242 South Bronx Project

631 5,000

D. C. Council development 212

3,516 South Dakota Council development

14,929 5,319

Pennsylvania Council development 2,651

Mississippi Council development

70

Total $24,774

$35,577 Note 10. Temporarily Restricted Contributions

Temporarily restricted contributions received by purpose: 1999 1998 Special
Projects and Events, General Fund

$11,500 $23,500

Nevada Council development 10,000

40 South Dakota Council development

5,000 South Bronx Project

5,000 D. C. Council development

5,000 2,500

Pennsylvania Council development

Mississippi Council development 25,000

Puerto Rico Council development 25,000

$

Total $81,500

31,040

Note 11. Employee Retirement Plan

For the benefit of its employees, the Foundation participates in a voluntary
403B taxdeferred annuity plan, which was activated on August 27, 1993. Under
the plan, the Foundation may, but is not required to, make employer
contributions to the plan. For 1999 and 1998, the Board voted to make
matching contributions to qualified employees of up to 3 percent, which
amounted to $6,343 and $4,130 in 1999 and 1998, respectively.

Note 12. Related Party Activities

Due to its nature, the Foundation often receives contributions from members
of the Congressional Award Board or other related parties. For example,
during fiscal years 1999 and 1998, an ex- officio Director of the Board and
an attorney provided pro bono legal services to the Foundation. The value of
legal services has been included in the in- kind contributions and
professional fees line items (see note 8).

While not resulting in an in- kind contribution, a Director of the Board
served as portfolio manager with the brokerage firm responsible for managing
the Congressional Award Fellowship Trust account (see note 6) during fiscal
years 1999 and 1998. An investment committee of the Board establishes
investment guidelines and monitors the portfolio's performance.

The Foundation retained a professional photographer for photographic
services at the Gold Award Ceremony in 1998 and at the Annual Gala in 1999.
This individual is the spouse of a Foundation employee.

Note 13. Concentration of Credit Risk-- Cash

At September 30, 1999 and 1998, the Foundation maintained its cash balance
at a single financial institution. The Federal Deposit Insurance Corporation
insures balances up to $100,000. The Foundation's bank balances at September
30, 1999 and 1998, were $261,166 and $52,426, respectively, in excess of the
insured amount. The Foundation has not experienced any losses in such
accounts and believes it is not exposed to any significant credit risk on
cash and cash equivalents.

Note 14. Expenses by Functional Classification

As permitted by SFAS No. 117, the Foundation has elected to present its
operating expenses by natural classification in its Statements of Activities
for the periods ending September 30, 1999 and 1998. To fully comply with
requirements of SFAS No. 117 related to disclosure of expenses by functional
classification for fiscal years 1999 and 1998, the Foundation developed a
technique for allocating its indirect expenses to program and support
activities (functional classifications).

Presented below are the Foundation's expenses by functional classification
for fiscal years 1999 and 1998 as required by SFAS No. 117. The expenses
include both direct and allocated indirect expenses by functional
classification.

Fiscal Years 1999 and 1998 Expenses by Functional Classification

1999 1999

1998 1998

Percent Amount Percent

Amount Program activities

47 $478,319

53 $497,159

Fund- raising activities 43

437,925 38

351,401 Administrative activities

10 95,310

09 85,962

Total expenses 100

$1,011,554 100

$934,522 Note 15. Refundable Advances

During fiscal year 1997, the Foundation received $15,500 in advance
contributions specified for participation in a fiscal year 1998 fund-
raising event. Because the event was conditional on good weather,
contribution revenue was not recognized until the event occurred in fiscal
year 1998. During 1998, the Foundation received registration fees in the
amount of $50 to be applied to future program registration fees.
Consequently, revenue recognition was deferred until 1999.

(917774) Lett er

GAO United States General Accounting Office

Page 1 GAO/ AIMD- 00- 156 Congressional Award Foundation

Contents Letter 3 Opinion Letter 4 Financial Statements 8

Statements of Financial Position 8 Statements of Activities 9 Statements of
Cash Flows 10 Notes to Financial Statements 11

Page 2 GAO/ AIMD- 00- 156 Congressional Award Foundation

Page 3 GAO/ AIMD- 00- 156 Congressional Award Foundation United States
General Accounting Office

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Contact one: ? Web site: http:// www. gao. gov/ fraudnet/ fraudnet. htm ? e-
mail: fraudnet@ gao. gov ? 1- 800- 424- 5454 (automated answering system)

United States General Accounting Office Washington, D. C. 20548- 0001

Official Business Penalty for Private Use $300

Address Correction Requested Bulk Rate

Postage & Fees Paid GAO Permit No. GI00
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