funds, the Secretary, after consulting with other 
Federal officials, as appropriate, shall—
(A) consult on the proposal with the gov-
ernment of each country in which the project is 
to be conducted; 
(B) after taking into consideration any 
comments resulting from the consultation, ap-
prove or disapprove the project proposal; and 
(C) provide written notification of the ap-
proval or disapproval to the person that sub-
mitted the project proposal, other Federal offi-
cials, and each country described in subpara-
graph (A). 
(d) CRITERIA FOR APPROVAL.—The Secretary may 
approve a project proposal under this section if the project 
will help recover and sustain viable populations of flagship 
species in the wild by assisting efforts in foreign countries 
to implement flagship species conservation programs. 
(e) PROJECT SUSTAINABILITY.—To the maximum 
extent practicable, in determining whether to approve 
project proposals under this section, the Secretary shall 
give preference to conservation projects that are designed 
to ensure effective, long-term conservation of flagship spe-
cies and their nesting habitats.
(f) MATCHING FUNDS.—In determining whether to 
approve project proposals under this section, the Secretary 
shall give preference to projects for which matching funds 
are available. 
(g) PROJECT REPORTING.—
(1) IN GENERAL.—Each person that receives 
assistance under this section for a project shall sub-
mit to the Secretary periodic reports (at such inter-
vals as the Secretary may require) that include all 
information that the Secretary, after consultation 
with other government officials, determines is nec-
essary to evaluate the progress and success of the 
project for the purposes of ensuring positive results, 
assessing problems, and fostering improvements. 
(2) AVAILABILITY
TO
THE
PUBLIC.—Reports 
under paragraph (1), and any other documents re-
lating to projects for which financial assistance is 
provided under this Act, shall be made available to 
the public. 
SEC. 5. FLAGSHIP SPECIES CONSERVATION FUND. 
(a) ESTABLISHMENT.—There is established in the 
Multinational Species Conservation Fund a separate ac-
count to be known as the ‘‘Flagship Species Conservation 
Fund’’, consisting of—
(1) amounts transferred to the Secretary of the 
Treasury for deposit into the Fund under subsection 
(e); 
(2) amounts appropriated to the Fund under 
section 6; and 
(3) any interest earned on investment of 
amounts in the Fund under subsection (c). 
(b) EXPENDITURES FROM FUND.—
(1) IN GENERAL.—Subject to paragraph (2), on 
request by the Secretary, the Secretary of the Treas-
ury shall transfer from the Fund to the Secretary, 
without further appropriation, such amounts as the 
Secretary determines are necessary to carry out sec-
tion 4. 
(2) 
ADMINISTRATIVE
EXPENSES.—Of 
the 
amounts in the account available for each fiscal 
year, the Secretary may expend not more than 3 
percent, or up to $80,000, whichever is greater, to 
pay the administrative expenses necessary to carry 
out this Act. 
(c) INVESTMENT OF AMOUNTS.—
(1) IN GENERAL.—The Secretary of the Treas-
ury shall invest such portion of the Fund as is not, 
in the judgment of the Secretary of the Treasury, 
required to meet current withdrawals. Investments
may be made only in interest-bearing obligations of 
the United States. 
(2) ACQUISITION
OF
OBLIGATIONS.—For the 
purpose of investments under paragraph (1), obliga-
tions may be acquired—
(A) on original issue at the issue price; or 
(B) by purchase of outstanding obligations 
at the market price. 
(3) SALE OF OBLIGATIONS.—Any obligation ac-
quired by the Fund may be sold by the Secretary of 
the Treasury at the market price. 
(4) CREDITS TO FUND.—The interest on, and 
the proceeds from the sale or redemption of, any ob-
ligations held in the Fund shall be credited to and 
form a part of the Fund. 
(d) TRANSFERS OF AMOUNTS.—
(1) IN GENERAL.—The amounts required to be 
transferred to the Fund under this section shall be 
transferred at least monthly from the general fund 
of the Treasury to the Fund on the basis of esti-
mates made by the Secretary of the Treasury. 
(2) ADJUSTMENTS.—Proper adjustment shall 
be made in amounts subsequently transferred to the 
extent prior estimates were in excess of or less than 
the amounts required to be transferred.
(e) ACCEPTANCE AND USE OF DONATIONS.—The 
Secretary may accept and use donations to provide assist-
ance under section 4. Amounts received by the Secretary 
in the form of donations shall be transferred to the Sec-
retary of the Treasury for deposit in the Fund. 
SEC. 6. ADVISORY GROUP. 
(a) IN GENERAL.—To assist in carrying out this Act, 
the Secretary may convene an advisory group consisting 
of individuals representing public and private organiza-
tions actively involved in the conservation of flagship spe-
cies. 
(b) PUBLIC PARTICIPATION.—
(1) MEETINGS.—The Advisory Group shall—
(A) ensure that each meeting of the advi-
sory group is open to the public; and 
(B) provide, at each meeting, an oppor-
tunity for interested persons to present oral or 
written statements concerning items on the 
agenda. 
(2) NOTICE.—The Secretary shall provide to 
the public timely notice of each meeting of the advi-
sory group. 
(3) MINUTES.—Minutes of each meeting of the 
advisory group shall be kept by the Secretary and 
shall be made available to the public.