Congressional Award Foundation's Fiscal Years 2007 and 2006 Financial Statements
GAO-08-715: Published: May 15, 2008. Publicly Released: May 15, 2008.
This report presents our opinion on the financial statements of the Congressional Award Foundation (the Foundation) for the fiscal years ended September 30, 2007, and 2006. These financial statements are the responsibility of the Foundation. This report also presents (1) our opinion on the effectiveness of the Foundation's related internal control as of September 30, 2007, and (2) the results of our tests of the Foundation's compliance in fiscal year 2007 with selected provisions of laws and regulations. We conducted our audit pursuant to section 107 of the Congressional Award Act, as amended (2 U.S.C. 807), and in accordance with U.S. generally accepted government auditing standards.
We have audited the accompanying statements of financial position of the Congressional Award Foundation (the Foundation) as of September 30, 2007, and 2006, and the related statements of activities and statements of cash flows for the fiscal years then ended. We found the financial statements are presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles; the Foundation had effective internal control over financial reporting (including safeguarding assets) and compliance with laws and regulations; and no reportable instances of noncompliance with laws and regulations we tested.