Federally Chartered Corporation: Review of the Financial	 
Statement Audit Report for the National Society, Daughters of the
American Colonists for Fiscal Years 2001-2003 (18-SEP-03,	 
GAO-03-1127R).							 
                                                                 
We reviewed the audit reports covering the financial statements  
of the National Society, Daughters of the American Colonists, for
fiscal years 2001 through 2003. GAO's review disclosed no	 
reportable instances of noncompliance with the financial	 
reporting requirements of the law. The audit reports 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-03-1127R					        
    ACCNO:   A08524						        
  TITLE:     Federally Chartered Corporation: Review of the Financial 
Statement Audit Report for the National Society, Daughters of the
American Colonists for Fiscal Years 2001-2003			 
     DATE:   09/18/2003 
  SUBJECT:   Audit reports					 
	     Financial statement audits 			 
	     Accounting standards				 
	     Federal corporations				 
	     Reporting requirements				 

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GAO-03-1127R

GAO- 03- 1127R National Society, Daughters of the American Colonists

United States General Accounting Office Washington, DC 20548

September 18, 2003 The Honorable F. James Sensenbrenner, Jr. Chairman,
Committee on the Judiciary House of Representatives

Subject: Federally Chartered Corporation: Review of the Financial
Statement Audit Reports for the National Society, Daughters of the
American Colonists for Fiscal Years 2001- 2003 Dear Mr. Chairman:

As requested, we reviewed the audit reports covering the financial
statements of the National Society, Daughters of the American Colonists, a
federally chartered corporation, for the fiscal years ended February 28,
2003, 2002, and 2001. The corporation provides scholarships and awards,
publishes a yearbook, and participates in a variety of patriotic projects.

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,
and

* obtain an annual financial audit by an independent public accountant.
The objective of our review was to determine whether the audit reports
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* reports. However, we did not review the auditors* working
papers, and we are not rendering an audit opinion. Our review disclosed no
reportable instances of noncompliance with the financial reporting
requirements of the law.

GAO- 03- 1127R National Society, Daughters of the American Colonists Page
2 The audit reports included the auditors* opinions that the financial
statements of the

corporation were presented fairly in accordance with U. S. generally
accepted accounting principles. We are returning the audit reports you
sent with your letters.

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

w/ o Enclosures (194341)

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