Federally Chartered Corporation: Financial Statement Audit	 
Reports for the Air Force Sergeants Association for Fiscal Years 
2004 and 2003 (10-JUN-05, GAO-05-498R). 			 
                                                                 
GAO reviewed the audit reports covering the financial statements 
of the Air Force Sergeants Association for fiscal years 2004 and 
2003. 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-05-498R					        
    ACCNO:   A26301						        
  TITLE:     Federally Chartered Corporation: Financial Statement     
Audit Reports for the Air Force Sergeants Association for Fiscal 
Years 2004 and 2003						 
     DATE:   06/10/2005 
  SUBJECT:   Financial statement audits 			 
	     Audit reports					 
	     Reporting requirements				 
	     Accounting standards				 
	     Federal corporations				 

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GAO-05-498R

United States Government Accountability Office Washington, DC 20548

June 10, 2005

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

Subject: 	Federally Chartered Corporation: Financial Statement Audit
Reports for the Air Force Sergeants Association for Fiscal Years 2004 and
2003

Dear Mr. Chairman:

As requested, we read the audit reports covering the financial statements
of the Air Force Sergeants Association, a federally chartered corporation,
for the fiscal years ended April 30, 2004, and 2003. The association
provides services to its members of current and retired Air Force enlisted
personnel, including monthly magazines, annual conventions, a scholarship
program, and legislative support activities. 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,

o  obtain an annual financial audit by an independent public accountant,
and

o  	submit the auditor's report and the corporation's financial statements
to the Congress.

Our objective was to advise you of any matters in the reports regarding
compliance with the financial reporting requirements of the law. In
carrying out our work, we read the corporation's financial statements and
the accompanying notes, performed certain analytical procedures related to
information presented in the financial statements, and read the auditor's
reports. We did not identify any instance of noncompliance with the above
financial reporting requirements of the law.

We did not perform an audit or review the auditor's working papers, and we
are not rendering an audit opinion.

                  GAO-05-498R Air Force Sergeants Association

The audit reports included the auditor's opinions that the financial
statements of the
corporation were presented fairly in accordance with United States
generally
accepted accounting principles. We are returning the audit reports you
sent with
your letters.

This letter is intended solely for your use and the use of the Committee
on the
Judiciary.

Sincerely yours,

Steven J. Sebastian
Director
Financial Management and Assurance

w/o Enclosures

(196037)

               Page 2 GAO-05-498R Air Force Sergeants Association

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