This is the accessible text file for GAO report number GAO-03-1123R 
entitled 'Federally Chartered Corporation: Review of the Financial 
Statement Audit Report for the Fleet Reserve association for 2002' 
which was released on September 18, 2003.

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September 18, 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 Fleet Reserve Association for 2002:

Dear Mr. Chairman:

As requested, we reviewed the audit report covering the financial 
statements of the Fleet Reserve Association, a federally chartered 
corporation, for the year ended December 31, 2002. The corporation's 
purposes are to assist members and their families who may be in urgent 
need of assistance; assist in the recruitment of personnel for the 
United States Navy, Marine Corps, and Coast Guard; and keep its members 
informed of United States Navy, Marine Corps, and Coast Guard matters.

Federally chartered corporations are required under 36 U.S.C. §10101 
to present the corporation's assets and liabilities and reasonable 
detail on the corporation's income and expenses in annual financial 
statements, obtain an annual financial audit by an independent public 
accountant, and 
submit the auditors' report and the corporation's financial statements 
to the Congress.

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. Our review disclosed no reportable instances of noncompliance 
with the financial reporting requirements of the law.

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:

Signed by Jeanette M. Franzel:

w/o Enclosure:

(194337):