Congressional Award Foundation's Fiscal Years 2008 and 2007 Financial Statements
GAO-09-652: Published: May 15, 2009. Publicly Released: May 15, 2009.
This report presents our opinion on the financial statements of the Congressional Award Foundation (the Foundation) for the fiscal years ended September 30, 2008, and 2007. 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, 2008, and (2) the results of our tests of the Foundation's compliance during fiscal year 2008 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, 2008, and 2007, and the related statements of activities and statements of cash flows for the fiscal years then ended. We found (1) the financial statements are presented fairly, in all material respects, in conformity with U.S. generally accepted accounting principles; (2) the Foundation had effective internal control over financial reporting (including safeguarding assets) and compliance with laws and regulations; and (3) no reportable instances of noncompliance with laws and regulations we tested.