SECTION 1. SHORT TITLE.

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

SEC. 2. FINDINGS AND PURPOSES.

    (a) Findings.--The Congress finds that--
            (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; and
            (3) it is in the interest of the United States, and the 
        further strengthening of cooperation with the nations of the 
        region, 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 former Soviet Union and 
        in lending encouragement and assistance to local citizens 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 in Eurasia; and
            (3) to conduct programs in response to initiatives in the 
        region that would be difficult or impossible for an official 
        United States entity, and, as a result of its position in the 
        Eurasia region, to respond quickly and flexibly to meet new 
        opportunities.

SEC. 3. GRANTS TO THE FOUNDATION.

    (a) 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). Such grants shall be made with funds 
specifically appropriated for grants to the Foundation. Such grants 
shall be made pursuant to a grant agreement between the Secretary and 
the Foundation which 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. The 
grant agreement may not require the Foundation to comply with 
requirements other than those specified in this Act.
    (b) Use of Funds.--Funds so granted may be used by the Foundation 
to carry out the purposes described in section 2(b), and otherwise 
applicable limitations on the purposes for which funds appropriated to 
the Department of State may be used shall not apply to funds granted to 
the Foundation.
    (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 the Congress.
    (e) Other Funding.--The Foundation shall have authority to accept 
funding from non-United States Government sources to complement United 
States Government funding.

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; Contents; Testimony Respecting Report.--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. The report 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.
    (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. AUTHORIZATION OF APPROPRIATIONS.

    (a) In General.--There are authorized to be appropriated to carry 
out this Act $20,000,000 for fiscal year 2008 and such sums as may be 
necessary for each of the fiscal years 2009 and 2010.
    (b) Availability.--Amounts appropriated pursuant to the 
authorization of appropriation under subsection (a) are authorized to 
remain available until expended.
Eurasia Foundation Act - Directs the Secretary of State to make an annual grant to the Eurasia Foundation, a private, nonprofit corporation whose purposes are to: (1) promote civil society, private enterprise, and sound public administration and policy in the former Soviet Union; (2) strengthen indigenous institutions that foster national development, constructive social change, equitable economic growth, and cooperative international relationships that are fully consistent with U.S. interests in Eurasia; and (3) conduct programs in response to initiatives in the region that would be difficult or impossible for an official U.S. entity.
To authorize grants to the Eurasia Foundation, and for other purposes.