Federally Chartered Corporation: Review of the Financial Statement Audit
Report for the Legion of Valor of the United States of America,
Incorporated, for Fiscal Year 1999 (Correspondence, 08/25/2000,
GAO/AIMD-00-300R).

Pursuant to a congressional request, GAO reviewed the audit report for
the Legion of Valor of the United States of America, Incorporated, for
the fiscal year ended April 30, 1999, 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; and (2) the audit report included the auditor's opinion
that the financial statements of the corporation were presented fairly
in accordance with generally accepted accounting principles.

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

 REPORTNUM:  AIMD-00-300R
     TITLE:  Federally Chartered Corporation: Review of the Financial
	     Statement Audit Report for the Legion of Valor of the
	     United States of America, Incorporated, for Fiscal Year
	     1999
      DATE:  08/25/2000
   SUBJECT:  Federal corporations
	     Corporate audits
	     Financial statement audits
	     Veterans
	     Reporting requirements
	     Accounting standards
	     Financial records
	     Audit reports

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GAO/AIMD-00-300R

Legion of Valor of the United States of America,
Inc.

United States General Accounting Office Washington, DC 20548

Accounting and Information Management Division

B- 285947 August 25, 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 Legion of Valor of the United States of America,
Incorporated, for Fiscal Year 1999

Dear Mr. Chairman: As requested, we reviewed the audit report covering the
financial statements of the Legion of Valor of the United States of America,
Incorporated, a federally chartered corporation, for the fiscal year ended
April 30, 1999. The corporation's purposes include remembering the deeds of
individuals who were awarded the Congressional Medal of Honor, the
Distinguished Service Cross, the Air Force Cross and the Navy Cross, and to
advance the best interests of members of the armed forces of the United
States of America.

Federally chartered corporations are required under 36 U. S. C. 10101 to

ï¿½ present the corporation's assets and liabilities and reasonable detail on
the corporation's income and expenses in annual financial statements,

ï¿½ obtain an annual financial audit by an independent public accountant, and

ï¿½ 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.

B-285947 GAO/AIMD-00-300R Legion of Valor of the United States of
America, Inc. Page 2 The audit report included the auditor's opinion that
the financial statements of the

corporation were presented fairly 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 (912000)
*** End of document. ***