Summary

GAO audited the financial statements of the Congressional Award Foundation for fiscal years 2002 and 2001 and the related statements of activities and cash flows.

We found that (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) there was no reportable noncompliance with the provisions of laws and regulations we tested.