This is the accessible text file for GAO report number GAO-06-41R entitled 'Federally Chartered Corporation: Financial Statement Audit Reports for the United States Olympic Committee for Fiscal Years 2001- 2003' which was released on October 7, 2005. This text file was formatted by the U.S. Government Accountability Office (GAO) to be accessible to users with visual impairments, as part of a longer term project to improve GAO products' accessibility. Every attempt has been made to maintain the structural and data integrity of the original printed product. Accessibility features, such as text descriptions of tables, consecutively numbered footnotes placed at the end of the file, and the text of agency comment letters, are provided but may not exactly duplicate the presentation or format of the printed version. The portable document format (PDF) file is an exact electronic replica of the printed version. We welcome your feedback. Please E-mail your comments regarding the contents or accessibility features of this document to Webmaster@gao.gov. This is a work of the U.S. government and is not subject to copyright protection in the United States. It may be reproduced and distributed in its entirety without further permission from GAO. Because this work may contain copyrighted images or other material, permission from the copyright holder may be necessary if you wish to reproduce this material separately. October 7, 2005: The Honorable F. James Sensenbrenner, Jr. Chairman: Committee on the Judiciary: House of Representatives: Subject: Federally Chartered Corporation: Financial Statement Audit Reports for the United States Olympic Committee for Fiscal Years 2001- 2003: Dear Mr. Chairman: As requested, we read the audit reports covering the financial statements of the United States Olympic Committee, a federally chartered corporation, for the fiscal years ended December 31, 2003, 2002, and 2001. The corporation's purpose is to establish national goals for amateur athletic activities and to aid in and encourage the attainment of those goals. Federally chartered corporations are required under 36 U.S.C. ยง10101 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. Our objective was to advise you of any matters in the reports regarding compliance with the financial reporting requirements of the law. In carrying out our work, we read the corporation's financial statements and the accompanying notes, performed certain analytical procedures related to information presented in the financial statements, and read the auditor's reports. We also held limited discussions with the corporation's Chief Financial Officer regarding potential enhancements that could be made to the corporation's financial reporting. We did not identify any instance of noncompliance with the above financial reporting requirements of the law. We did not perform an audit or review the auditor's working papers, and we are not rendering an audit opinion. The audit reports included the auditor's 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 letter. This letter is intended solely for your use and the use of the Committee on the Judiciary. This letter will be available at no charge on GAO's Web site at http://www.gao.gov. If you have any questions or would like to discuss this letter, please contact me at (202) 512-3406 or by e-mail at sebastians@gao.gov. Contact points for our Offices of Congressional Relations and Public Affairs may be found on the last page of this letter. Key contributors to this letter were David Elder, Charles Payton, and Lien To. Sincerely yours, Signed by: Steven J. Sebastian: Director: Financial Management and Assurance: (196064):