SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Eurasia Foundation Act''.

SEC. 2. FINDINGS AND PURPOSES.

    (a) Findings.--Congress finds the following:
            (1) There has been established in the District of Columbia 
        a private, nonprofit corporation known as the Eurasia 
        Foundation (hereafter in this Act referred to as the 
        ``Foundation''), which is not an agency or establishment of the 
        United States Government.
            (2) In recognition of the valuable contributions of the 
        Foundation to long-range United States foreign policy 
        interests, the United States Government has, through the United 
        States Agency for International Development and the Department 
        of State, provided financial support for the Foundation.
            (3) It is in the interest of the United States, and the 
        further strengthening of cooperation with the countries of 
        Eurasia, to establish a more permanent mechanism for United 
        States Government financial support for the ongoing activities 
        of the Foundation, while preserving the independent character 
        of the Foundation.
    (b) Purposes.--The purposes of the Foundation are to--
            (1) promote civil society, private enterprise, and sound 
        public administration and policy only in the countries of 
        Eurasia and in lending encouragement and assistance to citizens 
        of such countries in their own efforts to develop more open, 
        just, and democratic societies;
            (2) strengthen indigenous institutions only in the 
        countries of Eurasia in order to foster national development, 
        constructive social change, equitable economic growth, and 
        cooperative international relationships that are fully 
        consistent with and supportive of long-term United States 
        interests with respect to the countries of Eurasia; and
            (3) conduct programs in response to initiatives in the 
        countries of Eurasia that would be difficult or impossible for 
        an official United States entity, and, as a result of its 
        position in the countries of Eurasia, to respond quickly and 
        flexibly to meet new opportunities.

SEC. 3. GRANTS TO THE FOUNDATION.

    (a) Grants Required.--
            (1) In general.--The Secretary of State shall award an 
        annual grant to the Foundation to enable the Foundation to 
        carry out the purposes described in section 2(b).
            (2) Additional requirements.--Each grant awarded under 
        paragraph (1) shall--
                    (A) consist of funds specifically appropriated for 
                grants to the Foundation; and
                    (B) be contingent upon a grant agreement between 
                the Secretary and the Foundation that requires the 
                Foundation to--
                            (i) only use grant funds for activities 
                        that the Board of Directors of the Foundation 
                        determines are consistent with the purposes 
                        described in section 2(b); and
                            (ii) otherwise comply with the requirements 
                        of this Act.
    (b) Rule of Construction.--Nothing in this Act may be construed 
to--
            (1) make the Foundation an agency or establishment of the 
        United States Government; or
            (2) make the members of the Board of Directors of the 
        Foundation, or the officers or employees of the Foundation, 
        officers or employees of the United States.
    (c) Oversight.--The Foundation and its grantees shall be subject to 
the appropriate oversight procedures of Congress.
    (d) Other Funding.--The Foundation may accept funding from non-
United States Government sources to complement United States Government 
funding.
    (e) Sense of Congress.--It is the sense of Congress that--
            (1) a Foundation, funded for fiscal year 2009 at the levels 
        authorized under section 7, and at appropriate levels in 
        subsequent fiscal years, can contribute significantly to the 
        political, economic, and social development of democracy and 
        human rights in the countries of Eurasia;
            (2) notwithstanding the Foundation's distinguished record 
        of performance, organizations that seek competitive grants 
        typically perform in a more transparent and effective manner; 
        and
            (3) to the maximum extent possible, the Foundation should 
        seek competitive grants to supplement appropriations from the 
        United States Government, and at least 20 percent of the 
        funding received in each fiscal year by the Foundation should 
        be from non-United States Government sources to ensure 
        continued strong performance of the Foundation.

SEC. 4. ELIGIBILITY OF THE FOUNDATION FOR GRANTS.

    (a) Funding for Covered Programs Only.--The Foundation may provide 
funding only for programs that are consistent with the purposes set 
forth in section 2(b).
    (b) Compensation for Officers and Employees of the Foundation.--If 
an individual who is an officer or employee of the United States 
Government serves as a member of the Board of Directors or as an 
officer or employee of the Foundation, that individual may not receive 
any compensation or travel expenses in connection with service 
performed for the Foundation.
    (c) Prohibition Respecting Financial Matters.--The Foundation shall 
not issue any shares of stock or declare or pay any dividends. No part 
of the assets of the Foundation shall inure to the benefit of any 
member of the Board of Directors of the Foundation, any officer or 
employee of the Foundation, or any other individual, except as salary 
or reasonable compensation for expenses incurred in the performance of 
duties to the Foundation.
    (d) Audit of Accounts; Reporting Requirements.--
            (1) Audit of accounts.--The accounts of the Foundation 
        shall be audited annually in accordance with chapter 75 of 
        title 31, United States Code.
            (2) Reporting requirements.--The report of each such 
        independent audit shall be included in the annual report 
        required under subsection (g). The audit report shall set forth 
        the scope of the audit and include such statements as are 
        necessary to present fairly the Foundation's assets and 
        liabilities, surplus or deficit, with an analysis of the 
        changes therein during the year, supplemented in reasonable 
        detail by a statement of the Foundation's income and expenses 
        during the year, and a statement of the application of funds, 
        together with the independent auditor's opinion of those 
        statements.
    (e) Audit of Financial Transactions.--
            (1) Audit of financial transactions.--The Government 
        Accountability Office may audit the financial transactions of 
        the Foundation for each fiscal year in accordance with such 
        principles, procedures, rules, and regulations as may be 
        prescribed by the Comptroller General of the United States.
            (2) Reporting requirements.--The Comptroller General of the 
        United States shall simultaneously submit, to the President, 
        the Foundation, and the appropriate congressional committees, a 
        report regarding each audit described in paragraph (1) that 
        contains--
                    (A) any comments and information as the Comptroller 
                General determines to be necessary to inform the 
                appropriate congressional committees of the financial 
                operations and condition of the Foundation; and
                    (B) any recommendations that the Comptroller 
                General considers advisable.
    (f) Recordkeeping Requirements; Audit and Examination of Books.--
            (1) Recordkeeping requirements.--The Foundation shall 
        ensure that each recipient of financial assistance provided 
        through the Foundation under this Act maintains such records as 
        may be reasonably necessary to--
                    (A) fully disclose--
                            (i) the amount and the disposition by such 
                        recipient of the proceeds of such assistance;
                            (ii) the total cost of the project or 
                        undertaking in connection with which such 
                        assistance is given or used; and
                            (iii) the amount and nature of that portion 
                        of the cost of the project or undertaking 
                        supplied by other sources; and
                    (B) facilitate an effective audit.
            (2) Audit and examination of books.--The Foundation shall 
        ensure that the Foundation, any of its duly authorized 
        representatives, the Comptroller General of the United States, 
        and any duly authorized representative of the Comptroller 
        General has access to any books, documents, papers, and records 
        of the recipient that are pertinent to assistance provided 
        through the Foundation under this Act for the purpose of audit 
        and examination.
    (g) Annual Report; Testimony Relating to Report.--
            (1) Annual report.--
                    (A) In general.--Not later than June 30 of each 
                year, the Foundation shall submit an annual report for 
                the preceding fiscal year to the President and to the 
                appropriate congressional committees.
                    (B) Contents.--The report submitted under 
                subparagraph (A)--
                            (i) shall include a comprehensive, detailed 
                        report of the Foundation's operations, 
                        activities, financial condition, and 
                        accomplishments under this Act;
                            (ii) should include any information 
                        regarding allegations or reports on the misuse 
                        of funds and how such allegations or reports 
                        were addressed by the Foundation; and
                            (iii) may include such recommendations as 
                        the Foundation determines to be appropriate.
            (2) Testimony relating to report.--The Board members and 
        officers of the Foundation shall be available to testify before 
        appropriate committees of the Congress with respect to--
                    (A) the report required under paragraph (1);
                    (B) the report of any audit made by the Comptroller 
                General of the United States pursuant to subsection 
                (e); or
                    (C) any other matter requested by any such 
                committee.
    (h) Grantee; Conflict of Interest.--A member of the Board of 
Directors of the Foundation who serves as a member of the board of 
directors or an officer of a grantee of the Foundation--
            (1) may not receive compensation for services provided to 
        the grantee; and
            (2) shall be entitled to reimbursement for travel and other 
        expenses incurred by the member in connection with the member's 
        other duties on behalf of such grantee.

SEC. 5. AGREEMENT BETWEEN FOUNDATION AND SUCCESSOR OR RELATED ENTITY TO 
              THE U.S. RUSSIA INVESTMENT FUND.

    (a) Agreement Required.--The Foundation and any successor or 
related entity to the U.S. Russia Investment Fund shall enter into a 
memorandum of understanding for the purpose of--
            (1) coordinating activities carried out by the Foundation 
        and the successor or related entity; and
            (2) ensuring that the activities of 1 entity do not 
        duplicate the activities of the other entity.
    (b) Deadline.--The Foundation and the successor or related entity 
described in subsection (a) shall enter into the memorandum of 
understanding described in subsection (a) by not later than the later 
of--
            (1) 90 days after the date of the enactment of this Act, if 
        the successor or related entity is established on or before the 
        date of the enactment of this Act; or
            (2) 90 days after the date on which the successor or 
        related entity is established, if such entity is established 
        after the date of the enactment of this Act.
    (c) Submission to Secretary of State and Congress.--Not later than 
30 days after the date on which the parties enter into the memorandum 
of understanding described in subsection (a), the Foundation and the 
successor or related entity described in subsection (a) shall submit a 
copy of the memorandum of understanding described in subsection (a) to 
the Secretary of State and to the appropriate congressional committees.
    (d) Successor or Related Entity to the U.S. Russia Investment Fund 
Defined.--In this section, the terms ``successor or related entity to 
the U.S. Russia Investment Fund'' and ``successor or related entity'' 
mean any organization, corporation, limited-liability partnership, 
foundation, or other corporate structure that receives any or all of 
the remaining funds of the U.S. Russia Investment Fund after the 
liquidation of assets upon closure of the U.S. Russia Investment Fund.  


SEC. 6. DEFINITIONS.

    In this Act:
            (1) Appropriate congressional committees.--The term 
        ``appropriate congressional committees'' means--
                    (A) the Committee on Foreign Relations of the 
                Senate; and
                    (B) the Committee on Foreign Affairs of the House 
                of Representatives.
            (2) Countries of eurasia.--The term ``countries of 
        Eurasia'' means Armenia, Azerbaijan, Belarus, Georgia, 
        Kazakhstan, the Kyrgyz Republic, Moldova, the Russian 
        Federation, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan.

SEC. 7. AUTHORIZATION OF APPROPRIATIONS.

    (a) In General.--There are authorized to be appropriated to carry 
out this Act--
            (1) $15,000,000 for fiscal year 2009; and
            (2) such sums as may be necessary for fiscal year 2010.
    (b) Availability.--Amounts appropriated pursuant to the 
authorization of appropriation under subsection (a) are authorized to 
remain available until the date that is 2 years after the last day of 
the fiscal year for which the amount was appropriated.
Eurasia Foundation Act - Directs the Secretary of State to make an annual grant to the Eurasia Foundation to: (1) promote civil society, private enterprise, and public administration and policy in the countries of Eurasia; (2) strengthen indigenous institutions that foster national development, social change, economic growth, and cooperative international relationships consistent with U.S. interests in Eurasia; and (3) conduct programs in the countries of Eurasia that would be difficult or impossible for an official U.S. entity.

Sets forth provisions respecting: (1) grant eligibility; (2) audits; (3) recordkeeping; and (4) reports.

Directs the Foundation and any successor or related entity to the U.S. Russia Investment Fund to enter into a memorandum of understanding to: (1) coordinate activities carried out by the Foundation and the successor or related entity; and (2) ensure that the activities of one entity do not duplicate the activities of the other entity.

Authorizes FY2009-FY2010 appropriations.
A bill to authorize grants to the Eurasia Foundation, and for other purposes.