Federally Chartered Corporation: Review of the Financial	 
Statement Audit Report for the Aviation Hall of Fame for 2002 and
2001 (21-NOV-03, GAO-04-181R).					 
                                                                 
GAO reviewed the audit reports covering the financial statements 
of the Aviation Hall of Fame, for fiscal years 2002 and 2001. GAO
did not review the auditors' working papers and is not rendering 
an audit opinion. 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-04-181R					        
    ACCNO:   A08926						        
  TITLE:     Federally Chartered Corporation: Review of the Financial 
Statement Audit Report for the Aviation Hall of Fame for 2002 and
2001								 
     DATE:   11/21/2003 
  SUBJECT:   Accounting standards				 
	     Audit reports					 
	     Federal corporations				 
	     Financial statement audits 			 
	     Reporting requirements				 

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GAO-04-181R

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 Report for the Aviation Hall of Fame for 2002 and 2001

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, 2002 and 2001. 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

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 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-04-181R Aviation Hall of Fame

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. Beginning with
fiscal year
2002, the corporation has met this reporting requirement.

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

w/o Enclosure

(194358)

Page 2

GAO-04-181R Aviation Hall of Fame

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