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 2000 (26-JUN-01,
GAO-01-904R).							 
								 
GAO reviewed the audit report covering the financial statements  
of the Legion of Valor of the United States of America, 	 
Incorporated, for the fiscal year ended April 30, 2000. The	 
auditor noted that the statement for the Legion of Valor Museum  
was not audited. The Legion of Valor Museum represents a	 
significant portion of the financial activity for the Legion of  
Valor--over 50 percent of the reported revenues and expenses.	 
Other than the above, GAO's review disclosed no reported	 
instances of noncompliance.					 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-01-904R					        
    ACCNO:   A01290						        
    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 2000            
     DATE:   06/26/2001 
  SUBJECT:   Audit reports					 
	     Financial statement audits 			 
	     Noncompliance					 
	     Reporting requirements				 
	     Federal corporations				 
	     Accounting standards				 

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GAO-01-904R
     
GAO- 01- 904R Legion of Valor of the United States of America, Inc.

United States General Accounting Office Washington, DC 20548

June 26, 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 Legion of Valor of the United States of America,
Incorporated, for Fiscal Year 2000

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, 2000. 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
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.

GAO- 01- 904R Legion of Valor of the United States of America, Inc. Page 2
The auditor noted that the statement for the Legion of Valor Museum was not

audited. The Legion of Valor Museum represents a significant portion of the
financial activity for the Legion of Valor-- over 50 percent of the reported
revenues and expenses. Other than the above, our review disclosed no
instances of noncompliance. Management of the Legion of Valor has agreed to
have a financial audit covering the Legion of Valor?s financial statements
as a whole in the future as required under 36 U. S. C. 10101. 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 (194044)
*** End of document. ***