January 21, 1999
to Stan Myrda CPA from Harley J. Coon:
[KWE Note: Affidavit of compliance from KWVA to Stan Myrda]
Certified Public Accountant
Harley Coon, President, KWVA
In connection with your compilation of the statement of financial
condition and the related statement of change in fund balance of
the Korean War Veterans Association, Inc., ( a national organization)
as of December 12, 1998 for the period then ended, I confirm, to
the best of our knowledge and belief, the following representations
made to you during your compilation.
1. We, the Board of Directors, Officers and Directors are responsible
for the fair presentation in the statements of financial condition
and changes in fund balance in conformity with generally accepted
accounting principles. All assets are presented at their estimated
current values and all liabilities are presented at their estimated
current amounts, which have been determined in accordance with
guidelines promulgated by the American Institute of Certified Public
Accountants. Because of our limited expertise with generally accepted
accounting principles, including financial statement disclosures,
we have engaged you to advise us in fulfilling that responsibility.
2. We have made all financial records and related data available
to you. We have not knowingly withheld from you any financial records
or related data that in our judgment would be relevant to your
3. The following have been properly recorded or disclosed in the
a. Related party transactions and related amounts receivable or
payable, including quartermaster sales, purchases, loans, transfers,
leasing arrangements if any and guarantees in any. I understand
that related parties include members of related chapters and any
other organization, such as the Scholarship Fund.
b. Arrangements with financial institutions involving compensating
balances or other arrangements involving restrictions on cash balances
and line-of-credit or similar arrangements.
c. Agreements to repurchase assets previously sold.
4. There are no violations or possible violations of laws or regulations
that have come to our attention whose affects are regarded as significant
enough to be considered for disclosure in the financial statements
or as a basis for recording a loss contingency, and there are no
other material liabilities or gain or loss contingencies that are
required to be accrued or disclosed.
5. There are no material transactions or balances that have been
properly recorded or disclosed in the financial statements. [sic]
6. The organization has satisfactory title to all owned assets,
and there are no liens or encumbrances on such assets nor have
any assets been pledged.
7. There are no guarantees, whether written or oral, under which
we are contingently liable that have not been properly disclosed
in the financial statements.
8. We have not retained an attorney for matters that may involve
current or prospective litigation, and we are not aware of any
pending or threatened litigation, claims, or assessments that should
be disclosed in the financial statements.
9. We have complied with all aspects of contractual agreements
that would have a material affect on the financial statements in
the event of noncompliance.
10. No evens have occurred subsequent to the date of the statements
of financial condition that would require adjustment to, or disclosure
in, the financial statements.
11. We have responded fully to all inquiries made to us by you
during the engagement.
KOREAN WAR VETERANS ASSOCIATION, INC.,
(signed) Harley J. Coon