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--
            (1) to promote civil society, private enterprise, and sound 
        public administration and policy 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) to strengthen indigenous institutions that 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) to 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 make an 
        annual grant to the Foundation to enable the Foundation to 
        carry out its purposes as specified in section 2(b).
            (2) Additional requirements.--Each grant required under 
        paragraph (1)--
                    (A) shall be made with funds specifically 
                appropriated for grants to the Foundation; and
                    (B) shall be made pursuant to a grant agreement 
                between the Secretary and the Foundation which--
                            (i) requires that grant funds will only be 
                        used for activities the Board of Directors of 
                        the Foundation determines are consistent with 
                        the purposes described in section 2(b), and 
                        that the Foundation will otherwise comply with 
                        the requirements of this Act; and
                            (ii) may not require the Foundation to 
                        comply with requirements other than those 
                        specified in this Act.
    (b) Use of Funds.--The Foundation may use funds received under a 
grant described in subsection (a) to carry out the purposes described 
in section 2(b).
    (c) Rule of Construction.--Nothing in this Act shall be construed 
to make the Foundation an agency or establishment of the United States 
Government or to 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.
    (d) Oversight.--The Foundation and its grantees shall be subject to 
the appropriate oversight procedures of Congress.
    (e) Other Funding.--The Foundation shall have authority to accept 
funding from non-United States Government sources to complement United 
States Government funding.
    (f) Sense of Congress.--It is the sense of Congress that--
            (1) a robust Foundation, funded at the levels authorized 
        under section 6 of this Act, 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) Compliance With Statutory Requirements.--Grants may be made to 
the Foundation under this Act only if the Foundation agrees to comply 
with the requirements specified in this section and elsewhere in this 
Act.
    (b) 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).
    (c) 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.
    (d) 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.
    (e) Audit of Accounts; Reporting Requirements.--
            (1) Audit of accounts.--The accounts of the Foundation 
        shall be audited annually in accordance with generally accepted 
        auditing standards by independent certified public accountants 
        or independent licensed public accountants certified or 
        licensed by a regulatory authority of a State or other 
        political subdivision of the United States.
            (2) Reporting requirements.--The report of each such 
        independent audit shall be included in the annual report 
        required by subsection (h) of this section. 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.
    (f) Audit of Financial Transactions.--
            (1) Audit of financial transactions.--The financial 
        transactions of the Foundation for each fiscal year may be 
        audited by the Government Accountability Office in accordance 
        with such principles and procedures and under such rules and 
        regulations as may be prescribed by the Comptroller General of 
        the United States.
            (2) Reporting requirements.--A report of each such audit 
        shall be made by the Comptroller General to the Congress. The 
        report to the Congress shall contain such comments and 
        information as the Comptroller General may deem necessary to 
        inform the Congress of the financial operations and condition 
        of the Foundation, together which such recommendations with 
        respect thereto as the Comptroller General may deem advisable. 
        A copy of each report shall be furnished to the President and 
        to the Foundation at the time submitted to the Congress.
    (g) Recordkeeping Requirements; Audit and Examination of Books.--
            (1) Recordkeeping requirements.--The Foundation shall 
        ensure that each recipient of assistance provided through the 
        Foundation under this Act keeps such records as may be 
        reasonably necessary to fully disclose the amount and the 
        disposition by such recipient of the proceeds of such 
        assistance, the total cost of the project or undertaking in 
        connection with which such assistance is given or used, and the 
        amount and nature of that portion of the cost of the project or 
        undertaking supplied by other sources, and such other records 
        as will facilitate an effective audit.
            (2) Audit and examination of books.--The Foundation shall 
        ensure that it, or any of its duly authorized representatives, 
        shall have access for the purpose of audit and examination to 
        any books, documents, papers, and records of the recipient that 
        are pertinent to assistance provided through the Foundation 
        under this Act. The Comptroller General of the United States or 
        any duly authorized representative of the Comptroller General 
        shall also have access thereto for such purpose.
    (h) Annual Report; Testimony Relating to Report.--
            (1) Annual report.--
                    (A) In general.--Not later than March 31 of each 
                year, the Foundation shall submit an annual report for 
                the preceding fiscal year to the President for 
                transmittal to the Congress.
                    (B) Contents.--The report required under 
                subparagraph (A) shall include a comprehensive and 
                detailed report of the Foundation's operations, 
                activities, financial condition, and accomplishments 
                under this Act and may include such recommendations as 
                the Foundation deems appropriate. The report should 
                also include any information regarding allegations or 
                reports on the misuse of funds and how such allegations 
                or reports were addressed by the Foundation.
            (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 the 
        report required under paragraph (1), the report of any audit 
        made by the Comptroller General of the United States pursuant 
        to subsection (f) of this section, or any other matter which 
        any such committees may determine.
    (i) 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 may not receive 
compensation for their services but shall be entitled to reimbursement 
for travel and other expenses incurred by them in connection with their 
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 coordinating activities 
carried out by the Foundation and the successor or related entity. The 
memorandum of understanding shall include language that prohibits the 
same entities from carrying out the same activities.
    (b) Deadline.--The memorandum of understanding described in 
subsection (a) shall be entered into between the Foundation and the 
successor or related entity described in subsection (a) by not later 
than the later of the following:
            (1) If the successor or related entity is established on or 
        before the date of the enactment of this Act, 90 days after the 
        date of the enactment of this Act.
            (2) If the successor or related entity is established after 
        the date of the enactment of this Act, 90 days after the date 
        on which the entity is established.
    (c) Submission to Secretary of State and Congress.--The Foundation 
and the successor or related entity described in subsection (a) shall 
submit to the Secretary of State and Congress a copy of the memorandum 
of understanding described in subsection (a) not later than 30 days 
after the date on which the parties enter into the memorandum of 
understanding.
    (d) Limitations.--For the period beginning on the date on which the 
successor or related entity described in subsection (a) is established, 
or the date of the enactment of this Act, whichever occurs later, and 
ending on the date on which the memorandum of understanding described 
in subsection (a) is entered into--
            (1) United States assistance may not be provided to the 
        Foundation under any other provision of law; and
            (2) funds may not be transferred from the U.S. Russia 
        Investment Fund to the successor or related entity or placed in 
        a trust on behalf of the successor or related entity.  
    (e) Successor or Related Entity to the U.S. Russia Investment Fund 
Defined.--In this section, the term ``successor or related entity to 
the U.S. Russia Investment Fund'' or ``successor or related entity'' 
means 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 
liquidation of assets upon closure of the U.S. Russia Investment Fund.  


SEC. 6. COUNTRIES OF EURASIA DEFINED.

    In this Act, 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 $15,000,000 for fiscal year 2008 and such sums as may be 
necessary for fiscal year 2009.
    (b) Availability.--Amounts appropriated pursuant to the 
authorization of appropriation under subsection (a) are authorized to 
remain available for 2 years from the end of the fiscal year for which 
the amount was appropriated.

            Passed the House of Representatives November 5, 2007.

            Attest:

                                            LORRAINE C. MILLER,

                                                                 Clerk.
Eurasia Foundation Act - (Sec. 3) 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 region that would be difficult or impossible for an official U.S. entity.

Expresses the sense of Congress that: (1) an appropriately funded Foundation can contribute significantly to the political, economic, and social development of democracy and human rights in the countries of Eurasia; (2) organizations that seek competitive grants typically perform in a more transparent and effective manner; and (3) the Foundation should seek competitive grants to supplement federal appropriations.

(Sec. 4) Sets forth grant eligibility provisions.

(Sec. 5) Directs the Foundation and any successor or related entity to the U.S. Russia Investment Fund (as defined by this Act) to enter into a memorandum of understanding for the purpose of coordinating activities carried out by the Foundation and the successor or related entity.

(Sec. 6) Defines "countries of Eurasia" as Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, the Kyrgyz Republic, Moldova, the Russian Federation, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan.

(Sec. 7) Authorizes FY2008-FY2009 appropriations.
To authorize grants to the Eurasia Foundation, and for other purposes.