Federally Chartered Corporation: Review of the Financial	 
Statement Audit Report for the Aviation Hall of Fame for 2001 and
2000 (05-JUN-03, GAO-03-856R).					 
                                                                 
GAO reviewed the audit report covering the financial statements  
of the Aviation Hall of Fame for fiscal years 2001 and 2000. GAO 
found no reportable instances of noncompliance. The audit reports
included the auditors' opinion that the financial statements of  
the corporation were presented fairly in accordance with	 
generally accepted accounting principles.			 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-03-856R					        
    ACCNO:   A07096						        
  TITLE:     Federally Chartered Corporation: Review of the Financial 
Statement Audit Report for the Aviation Hall of Fame for 2001 and
2000								 
     DATE:   06/05/2003 
  SUBJECT:   Accounting standards				 
	     Audit reports					 
	     Federal corporations				 
	     Financial statement audits 			 
	     Reporting requirements				 

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GAO-03-856R

GAO- 03- 856R Aviation Hall of Fame

United States General Accounting Office Washington, DC 20548

June 5, 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

Report for the Aviation Hall of Fame for 2001 and 2000 Dear Mr. Chairman:
As requested, we reviewed the audit report covering the financial
statements of the Aviation Hall of Fame, 1 a federally chartered
corporation, for the years ended December 31, 2001 and 2000. The
corporation*s purpose is to honor citizens, aviation leaders, pilots, and
others for outstanding contributions to the establishment, development,
advancement, or improvement of aviation, and to perpetuate the

memory of them and record their contributions. 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 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, and reviewed the
auditors* report. However, we did not review the auditors* working papers,
and we are not rendering an audit opinion.

1 The Aviation Hall of Fame and the National Aviation Hall of Fame, an
Ohio nonprofit corporation, operate together as the National Aviation Hall
of Fame.

GAO- 03- 856R Aviation Hall of Fame Page 2 In addition to the general
requirements of section 10101, Aviation Hall of Fame is

required by 36 U. S. C. S:23109 to include in its audit report under
section 10101 a schedule of all contracts requiring payments greater than
$10,000 and all payments of compensation or fees at a rate greater than
$10,000 a year. Corporation officials told us they will prepare the
applicable schedule and include it in its report for 2002.

The audit report included the auditors* opinion that the financial
statements of the corporation were presented fairly in accordance with U.
S. generally accepted accounting principles. We are returning the audit
report you sent with your letter.

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

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