Federally Chartered Corporation: Review of the Financial Statement Audit
Report for the Non Commissioned Officers Association of the United States
of America, Incorporated, for 1997 and 1998 (Correspondence, 06/30/2000,
GAO/AIMD-00-242R).

Pursuant to a congressional request, GAO reviewed the audit report
covering the financial statements of the Non Commissioned Officers
Association of the United States of America, Incorporated, for years
ended December 31, 1997 and 1998, focusing on whether the audit report
complied with the financial reporting requirements of the law.

GAO noted that: (1) GAO's review disclosed no reportable instances of
noncompliance; (2) the corporation reported that its liabilities
exceeded its assets by approximately $608,000 and $541,000 at the end of
1997 and 1998; and (3) the audit report included the auditor's opinion
that the financial statements of the corporation were presented fairly,
in all material respects, in accordance with generally accepted
accounting principles.

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

 REPORTNUM:  AIMD-00-242R
     TITLE:  Federally Chartered Corporation: Review of the Financial
	     Statement Audit Report for the Non Commissioned
	     Officers Association of the United States of America,
	     Incorporated, for 1997 and 1998
      DATE:  06/30/2000
   SUBJECT:  Financial statement audits
	     Audit reports
	     Federal corporations
	     Reporting requirements
	     Accounting standards
	     Financial records
	     Officer personnel

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GAO/AIMD-00-242R

MACROBUTTON B-285433 DOCPROPERTY B-number

   *
   * June 30, 2000

The Honorable Henry J. Hyde

Chairman, Committee on the Judiciary

House of Representatives

Subject: Federally Chartered Corporation: Review of the Financial Statement
Audit

Report for the Non Commissioned Officers Association of the United States of
America, Incorporated, for 1997 and 1998

Dear Mr. Chairman:

   * As requested, we reviewed the audit report covering the financial
     statements of the Non Commissioned Officers Association of the United
     States of America, Incorporated, a federally chartered corporation, for
     the years ended December 31, 1997 and 1998. The corporation is an
     association of active, reserve, national guard, and retired non
     commissioned and petty officers of the Armed Forces of the United
     States of America.
   * Federally chartered corporations are required under 36 U.S.C. 10101 to

   * present the corporation's assets and liabilities and reasonable detail
     on the corporation's income and expenses in annual financial
     statements,
   * obtain an annual financial audit by an independent public accountant,
     and
   * submit the auditor's report and the corporation's financial statements
     to the Congress.

The objective of our review was to determine whether the audit report
complied with the financial reporting requirements of the law. In carrying
out our work, we reviewed the corporation's financial statements and the
accompanying notes, performed certain analytical procedures related to
information presented in the financial statements, reviewed the auditor's
report, and made inquiries to corporation officials or the auditor as we
deemed necessary. We did not review the auditor's working papers. Our review
disclosed no reportable instances of noncompliance.

The corporation reported that its liabilities exceeded its assets by
approximately $608,000 and $541,000 at the end of 1997 and 1998,
respectively. The audit report included the auditor's opinion that the
financial statements of the corporation were presented fairly, in all
material respects, in accordance with generally accepted accounting
principles. We are returning the audit report you sent with your letter.

Sincerely yours,

David L. Clark

Director, Audit Oversight and Liaison

Enclosure

(911981)

  
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