Federally Chartered Corporation: Review of the Financial	 
Statement Report for the Blue Star Mothers of America, Inc., for 
Fiscal Year 2001 (07-AUG-03, GAO-03-1074R).			 
                                                                 
GAO reviewed the audit reports covering the financial statements 
of the Blue Star Mothers of America, Inc. for fiscal year 2001.  
GAO did not review the auditors' working papers, and therefore	 
did not render an opinion.					 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-03-1074R					        
    ACCNO:   A07895						        
  TITLE:     Federally Chartered Corporation: Review of the Financial 
Statement Report for the Blue Star Mothers of America, Inc., for 
Fiscal Year 2001						 
     DATE:   08/07/2003 
  SUBJECT:   Accounting standards				 
	     Audit reports					 
	     Federal corporations				 
	     Financial statement audits 			 
	     Reporting requirements				 

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GAO-03-1074R

GAO- 03- 1074R Blue Star Mothers of America, Inc.

United States General Accounting Office Washington, DC 20548

August 7, 2003 The Honorable F. James Sensenbrenner, Jr. Chairman,
Committee on the Judiciary House of Representatives

Subject: Federally Chartered Corporation: Review of the Financial
Statement Report for the Blue Star Mothers of America, Inc., for Fiscal
Year 2001 Dear Mr. Chairman: As requested, we reviewed the report covering
the financial statements of the Blue Star Mothers of America, Inc., a
federally chartered corporation, for the fiscal year ended August 31,
2001. The corporation*s purpose is to perpetuate the memory of the men and
women who have served our country as members of the Armed Forces.

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

present the corporation*s assets and liabilities and reasonable detail on
the corporation*s income and expenses in annual financial statements, and

obtain an annual financial audit by an independent public accountant. The
objective of our review was to determine whether the 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, and reviewed the auditors* report. However, we did not review
the auditors* working papers, and we are not rendering an audit opinion.

GAO- 03- 1074R Blue Star Mothers of America, Inc. Page 2 We were informed
by the individual performing the work that he does not conduct

audits of financial statements but performs only reviews of financial
records and prepares the financial statements. This individual said that
he is not a certified or licensed independent public accountant. The audit
requirement under 36 U. S. C. S:10101 states a certified or licensed
independent public accountant is to perform the audit. A corporation
official said resources are insufficient at this time to engage a
certified or licensed independent public accountant. The corporation
reported income of $5,752 and expenses of $7,102 for fiscal year 2001, and
net assets of $344 as of August 31, 2001. The corporation is undertaking
an initiative to improve its funding. We are returning the report you sent
with your letter.

Sincerely yours, Jeanette M. Franzel Director Financial Management and
Assurance

w/ o Enclosure (194260)
*** End of document. ***