Federally Chartered Corporation: Review of the Financial	 
Statement Audit Report for the United Service Organizations,	 
Incorporated, for 1999 (21-AUG-01, GAO-01-1092R).		 
								 
GAO reviewed the audit report covering the financial statements  
of the United Services Organization, Incorporated, for fiscal	 
year 1999. GAO found no reportable instances of noncompliance.	 
The audit report included the auditors' opinion that the	 
financial statements of the corporation were presented fairly in 
accordance with generally accepted accounting principles.	 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-01-1092R					        
    ACCNO:   A01645						        
  TITLE:     Federally Chartered Corporation: Review of the Financial 
             Statement Audit Report for the United Service Organizations,     
             Incorporated, for 1999                                           
     DATE:   08/21/2001 
  SUBJECT:   Accounting standards				 
	     Audit reports					 
	     Federal corporations				 
	     Financial statement audits 			 
	     Reporting requirements				 

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GAO-01-1092R
     
GAO- 01- 1092R United Service Organizations, Incorporated

United States General Accounting Office Washington, DC 20548

August 21, 2001 The Honorable F. James Sensenbrenner, Jr. Chairman,
Committee on the Judiciary House of Representatives

Subject: Federally Chartered Corporation: Review of the Financial Statement
Audit Report for the United Service Organizations, Incorporated, for 1999

Dear Mr. Chairman: As requested, we reviewed the audit report covering the
financial statements of the United Service Organization, Incorporated, a
federally chartered corporation, for the year ended December 31, 1999. The
corporation serves the needs of military lifestyle by fostering a viable
partnership between the military and civilian communities. To carry out this
mission, the corporation operates centers at major military installations
around the world, produces free- of- charge celebrity entertainment tours
for military personnel stationed abroad, and manages donor- restricted
scholarship and crisis funds for benefit of military personnel and their
families.

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 auditors? 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 auditors?
report, and made inquiries to corporation officials or the auditors as we
deemed necessary. We did not review the auditors? working papers. Our review
disclosed no reportable instances of noncompliance.

GAO- 01- 1092R United Service Organizations, Incorporated Page 2 The audit
report included the auditors? 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, Jeffrey C. Steinhoff Managing Director Financial Management
and Assurance

w/ o Enclosure (194066)
*** End of document. ***