HR 2949 RFS
vidual, except as salary or reasonable compensation for ex-
penses incurred in the performance of duties to the Foun-
dation. 
(e) AUDIT
OF ACCOUNTS; REPORTING REQUIRE-
MENTS.— 
(1) AUDIT OF ACCOUNTS.—The accounts of the 
Foundation shall be audited annually in accordance 
with generally accepted auditing standards by inde-
pendent certified public accountants or independent 
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.— 
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(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 
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-
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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 
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; TESTIMONY RELATING TO RE-
PORT.— 
(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 Con-
gress. 
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(B) 
CONTENTS.—The 
report 
required 
under subparagraph (A) shall include a com-
prehensive and detailed report of the Founda-
tion’s operations, activities, financial condition, 
and accomplishments under this Act and may 
include such recommendations as the Founda-
tion deems appropriate. The report should also 
include any information regarding allegations or 
reports on the misuse of funds and how such al-
legations 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 deter-
mine. 
(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 
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