licensed public accountants certified or licensed by a 
regulatory authority of a State or other political sub-
division 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 nec-
essary 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 state-
ment 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 fis-
cal year may be audited by the Government Ac-
countability Office in accordance with such prin-
ciples and procedures and under such rules and reg-
ulations 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 
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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 condi-
tion of the Foundation, together which such rec-
ommendations with respect thereto as the Comp-
troller 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 as-
sistance provided through the Foundation under this 
Act keeps such records as may be reasonably nec-
essary to fully disclose the amount and the disposi-
tion by such recipient of the proceeds of such assist-
ance, 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 facili-
tate an effective audit. 
(2) AUDIT AND EXAMINATION OF BOOKS.—The 
Foundation shall ensure that it, or any of its duly 
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authorized representatives, shall have access for the 
purpose of audit and examination to any books, doc-
uments, papers, and records of the recipient that are 
pertinent to assistance provided through the Foun-
dation under this Act. The Comptroller General of 
the United States or any duly authorized representa-
tive of the Comptroller General shall also have ac-
cess thereto for such purpose. 
(h) ANNUAL REPORT; CONTENTS; TESTIMONY RE-
SPECTING 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, activi-
ties, financial condition, and accomplishments under this 
Act and may include such recommendations as the Foun-
dation 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 connec-
tion with their duties on behalf of such grantee. 
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SEC. 5. AUTHORIZATION OF APPROPRIATIONS. 
(a) IN GENERAL.—There are authorized to be appro-
priated 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. 
Æ 
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