Federally Chartered Corporation: Review of the Financial Statement Audit
Report for The Foundation of the Federal Bar Association for Fiscal Years
1998 and 1997 (Correspondence, 02/20/2001, GAO/GAO-01-397R).

GAO reviewed the Foundation of the Federal Bar Association's financial
statement audit reports to determine whether it complied with the
financial reporting requirements of the law. GAO found no reportable
instances of noncompliance, and the audit report included the auditors;
opinions that the financial statements of the corporation were presented
fairly in accordance with generally accepted accounting principles.

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

 REPORTNUM:  GAO-01-397R
     TITLE:  Federally Chartered Corporation: Review of the Financial
	     Statement Audit Report for The Foundation of the
	     Federal Bar Association for Fiscal Years 1998 and 1997
      DATE:  02/20/2001
   SUBJECT:  Audit reports
	     Reporting requirements
	     Accounting standards
	     Financial statement audits
	     Federal corporations
	     Financial records

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GAO-01-397R

The Foundation of the Federal Bar Association

United States General Accounting Office Washington, DC 20548

February 20, 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 Foundation of the Federal Bar Association for Fiscal
Years 1998 and 1997

Dear Mr. Chairman: As requested, we reviewed the audit report covering the
financial statements of The Foundation of the Federal Bar Association (the
Foundation), a federally chartered corporation, for the fiscal years ended
September 30, 1998 and 1997. The Foundation's purposes are to promote the
study of law through various programs and to provide for the acquisition,
presentation, and exhibition of rare objects of historical interest relating
to the law, the courts, and the legal profession.

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- 397R The Foundation of the Federal Bar Association Page 2 The
auditors' report and the notes to the financial statements disclosed that
the

Foundation's law library ceased operations subsequent to September 30, 1998
and all library property and equipment was sold or abandoned. The financial
statements do not include any adjustments related to this event that
occurred subsequent to the date of the financial statements.

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 (194009)
*** End of document. ***