GAO-03-1123R Fleet Reserve Association 

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 

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. 
Page 2 GAO-03-1123R Fleet Reserve Association 

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 

w/o Enclosure 

(194337) 
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