Federally Chartered Corporation: Review of the Financial	 
Statement Audit Reports for the American Historical Association  
for Fiscal Years 1998-2002 (21-NOV-03, GAO-04-179R).		 
                                                                 
GAO reviewed the audit reports covering the financial statements 
of the American Historical Association for fiscal years 2002,	 
2001, 2000, 1999 and 1998. GAO found no reportable instances of  
noncompliance. The audit reports included the auditors' opinion  
that, except for Fiscal Year 1999, the financial statements of	 
the corporation were presented fairly in accordance with	 
generally accepted accounting principles.			 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-04-179R					        
    ACCNO:   A08928						        
  TITLE:     Federally Chartered Corporation: Review of the Financial 
Statement Audit Reports for the American Historical Association  
for Fiscal Years 1998-2002					 
     DATE:   11/21/2003 
  SUBJECT:   Accounting standards				 
	     Audit reports					 
	     Financial statement audits 			 
	     Federal corporations				 
	     Reporting requirements				 

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GAO-04-179R

United States General Accounting Office Washington, DC 20548

November 21, 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 American HistoricalAssociation for Fiscal
Years 1998-2002

Dear Mr. Chairman:

As requested, we reviewed the audit reports covering the financial
statements of the American Historical Association, a federally chartered
corporation, for the fiscal years ended June 30, 1998, through June 30,
2002. The purpose of the corporation is to promote historical studies.

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

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

o  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. We also held limited discussions with the corporation's
auditors regarding potential enhancements that could be made to the
corporation's financial reporting. 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-04-179R American Historical Association

The audit reports included the auditors' opinions that the financial
statements of the
corporation, except for Fiscal Year 1999, were presented fairly in
accordance with
U.S. generally accepted accounting principles. The audit opinion for 1999
was
qualified on the basis that the membership dues and subscriptions were
being
recognized as revenues in the period received rather than in future
periods when they
are earned in accordance with generally accepted accounting principles. We
are
returning the audit reports you sent with your letter.

Sincerely yours,

Jeanette M. Franzel
Director
Financial Management and Assurance

w/o Enclosures

(194356)

Page 2

GAO-04-179R American Historical Association

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