Federally Chartered Corporation: Financial Statement Audit Report
for the Navy Club of the United States of America for Fiscal Year
2003 (07-OCT-05, GAO-06-37R).					 
                                                                 
GAO reviewed the audit reports covering the financial statements 
of the Navy Club of the United States of America for Fiscal Years
2003. GAO found no reportable instances of noncompliance. 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-06-37R 					        
    ACCNO:   A39220						        
  TITLE:     Federally Chartered Corporation: Financial Statement     
Audit Report for the Navy Club of the United States of America	 
for Fiscal Year 2003						 
     DATE:   10/07/2005 
  SUBJECT:   Accounting standards				 
	     Audit reports					 
	     Federal corporations				 
	     Financial statement audits 			 
	     Reporting requirements				 

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GAO-06-37R

United States Government Accountability Office Washington, DC 20548

October 7, 2005

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

Subject: 	Federally Chartered Corporation: Financial Statement Audit
Report for the Navy Club of the United States of America for Fiscal Year
2003

Dear Mr. Chairman:

As requested, we read the audit report covering the financial statements
of the Navy Club of the United States of America, a federally chartered
corporation, for the fiscal year ended July 31, 2003. The corporation's
purpose is to promote the United States Navy, Marines, and Coast Guard and
to honor and perpetuate the memory of servicemen and women who have died.

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.

Our objective was to advise you of any matters in the report 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
report. We also held limited discussions with the corporation's auditor
regarding potential enhancements that could be made to the corporation's
financial reporting. 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-06-37R Navy Club of the United States of America

The audit report included the auditor's 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.

This letter is intended solely for your use and the use of the Committee
on the Judiciary. This letter will be available at no charge on GAO's Web
site at http://www.gao.gov.

If you have any questions or would like to discuss this letter, please
contact me at (202) 512-3406 or by e-mail at [email protected]. Contact
points for our Offices of Congressional Relations and Public Affairs may
be found on the last page of this letter. Key contributors to this letter
were David Elder, Charles Payton, and Lien To.

Sincerely yours,

Steven J. Sebastian
Director
Financial Management and Assurance

(196060)

          Page 2 GAO-06-37R Navy Club of the United States of America

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