Federally Chartered Corporation: Financial Statement Audit Report
for the Navy Club of the United States of America for Fiscal Year
2005 (26-JAN-07, GAO-07-323R).					 
                                                                 
GAO reviewed the audit reports covering the financial statements 
of the Navy Club of the United States of America for fiscal year 
2005. 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-07-323R					        
    ACCNO:   A65192						        
  TITLE:     Federally Chartered Corporation: Financial Statement     
Audit Report for the Navy Club of the United States of America	 
for Fiscal Year 2005						 
     DATE:   01/26/2007 
  SUBJECT:   Accounting standards				 
	     Audit reports					 
	     Federal corporations				 
	     Financial statement audits 			 
	     Reporting requirements				 

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GAO-07-323R

   

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           January 26, 2007

The Honorable F. James Sensenbrenner, Jr.

House of Representatives

Subject: Federally Chartered Corporation: Financial Statement Audit Report
for the Navy Club of the United States of America for Fiscal Year 2005

Dear Mr. Sensenbrenner:

           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, 2005. 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 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 audit documentation,
and we are not rendering an audit opinion.

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. 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 Charles Payton, Assistant Director; David Elder; and
Joshua Marcus.

Sincerely yours,

Steven J. Sebastian
Director
Financial Management and Assurance

(196128)

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