Federally Chartered Corporation: Financial Statement Audit Report
for the National Federation of Music Clubs for Fiscal Year 2004  
(09-MAR-07, GAO-07-474R).					 
                                                                 
GAO reviewed the audit reports covering the financial statements 
of the National Federation of Music Clubs, for fiscal year ended 
June 30, 2004. GAO found no reportable instances of		 
noncompliance. The audit reports included the auditor's opinions 
that the financial statements of the corporation were presented  
fairly on a modified cash basis of accounting.			 
-------------------------Indexing Terms------------------------- 
REPORTNUM:   GAO-07-474R					        
    ACCNO:   A66665						        
  TITLE:     Federally Chartered Corporation: Financial Statement     
Audit Report for the National Federation of Music Clubs for	 
Fiscal Year 2004						 
     DATE:   03/09/2007 
  SUBJECT:   Accounting standards				 
	     Audit reports					 
	     Federal corporations				 
	     Financial statement audits 			 
	     Reporting requirements				 

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GAO-07-474R

   

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           March 9, 2007

The Honorable F. James Sensenbrenner, Jr.
House of Representatives

Subject: Federally Chartered Corporation: Financial Statement Audit Report
for the National Federation of Music Clubs for Fiscal Year 2004

Dear Mr. Sensenbrenner:

           As requested, we read the audit report covering the financial
           statements of the National Federation of Music Clubs, a federally
           chartered corporation, for the fiscal year ended June 30, 2004.
           The corporation's purposes include promoting American music
           throughout the United States and other countries.
           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 on a modified cash
basis of accounting. 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 Lien
To.

Sincerely yours,

Steven J. Sebastian

Director Financial Management and Assurance

(196140)

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