Federally Chartered Corporation: Review of the Financial	 
Statement Audit Report for the National Federation of Music Clubs
for Fiscal Year 2000 (30-NOV-01, GAO-02-262R).			 
								 
GAO reviewed the audit report covering the financial statements  
of the National Federation of Music Clubs for fiscal year 2000.  
The audit report included the auditors' opinions that the	 
financial statements of the corporation were presented fairly in 
accordance with generally accepted accounting principles. GAO	 
found no reportable instances of noncompliance. 		 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-02-262R					        
    ACCNO:   A02523						        
  TITLE:     Federally Chartered Corporation: Review of the Financial 
Statement Audit Report for the National Federation of Music Clubs
for Fiscal Year 2000						 
     DATE:   11/30/2001 
  SUBJECT:   Federal corporations				 
	     Financial statement audits 			 
	     Accounting standards				 
	     Audit reports					 
	     Reporting requirements				 

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GAO-02-262R
     
GAO- 02- 262R National Federation of Music Clubs

United States General Accounting Office Washington, DC 20548

November 30, 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 National Federation of Music Clubs for Fiscal Year 2000

Dear Mr. Chairman: As requested, we reviewed the audit report covering the
financial statements of the National Federation of Music Clubs, a federally
chartered corporation, for the fiscal year ended June 30, 2000. The
corporation?s purpose is to encourage American musical activities. The
corporation advances its objectives by granting awards and scholarships,
publishing periodicals, and sponsoring various music- related activities.

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- 02- 262R National Federation of Music Clubs Page 2 The audit report
included the auditors? opinion that the financial statements of the

corporation were presented fairly on a modified cash basis of accounting. 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 (194078)
*** End of document. ***