GAO-03-1127R National Society, Daughters of the American Colonists 

United States General Accounting Office

Washington, DC 20548 

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 

Reports for the National Society, Daughters of the American Colonists for 

Fiscal Years 2001-2003

Dear Mr. Chairman: 

As requested, we reviewed the audit reports covering the financial statements of the 

National Society, Daughters of the American Colonists, a federally chartered 

corporation, for the fiscal years ended February 28, 2003, 2002, and 2001. The 

corporation provides scholarships and awards, publishes a yearbook, and 

participates in a variety of patriotic projects. 

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, and 

• obtain an annual financial audit by an independent public accountant. 

The objective of our review was to determine whether the audit reports 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’ reports. 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. 
GAO-03-1127R National Society, Daughters of the American Colonists Page 2

The audit reports included the auditors’ opinions that the financial statements of the 

corporation were presented fairly in accordance with U.S. generally accepted 

accounting principles. We are returning the audit reports you sent with your letters. 

Sincerely yours, 

Jeanette M. Franzel 

Director 

Financial Management and Assurance 

w/o Enclosures 

(194341) 
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