94 



Report of Independent Pubuc Accountants 



To the Board of Directors of 

 National Fish and Wildlife Foundation: 



We have audited the accompanying balance sheet of the National Fish and Wildlife Foundation as 

 of September 30, 1992, and the related statement of support, revenues, expenses and changes in 

 fund balances for the year then ended These financial statements and the schedules referred to 

 below are the responsibility of the Foundation's management. Our responsibility is to express an 

 opinion on these financial statements and schedules based on our audit. 



We conduaed our audit in accordance with generally accepted auditing standards. Those stan- 

 dards require that we plan and perform an audit to obtain reasonable assurance about whether the 

 financial statements are free of material misstatement. An audit includes examining, on a test basis, 

 evidence supporting the amounts and disclosures in the financial statements. An audit also includes 

 assessing the accounting principles used and significant estimates made by management, as well as 

 evaluating the overall financial statement presentation. We believe that our audit provides a reason- 

 able basis for our opinion. 



In our opinion, the financial statements referred to above present fairly, in ali material respects, the 

 financial position of the National Fish and Wildlife Foundation as of September 30, 1992, and the 

 results of its operations for the year then ended, in conformity with generally accepted accounting 

 principles. 



Our audit was made for the purpose of forming an opinion on the basic financial statements taken 

 as a whole. The supplemental information included in the supplemental schedules (Schedules I to 

 ni) are presented for purposes of additional analysis and are not a required part of the basic 

 financial statements. This information has been subjected to the auditing procedures applied in our 

 audit of the basic fmanciai statements and, in our opinion, is fairly stated, in all material respects, in 

 relation to the basic fmanciai statements taken as a whole. 



Arthur Andersen & Company 



Washington, DC, 

 November 23, 1992 



