Page:United States Statutes at Large Volume 104 Part 5.djvu/234
104 STAT. 3556 PUBLIC LAW 101-624—NOV. 28, 1990 (3) C!oNFLiCTS OF INTEREST. —No director, officer, or employee of the Foundation shall participate, directly or indirectly, in the consideration or determination of any question before the Foundation affecting— (A) the financial interests of the director, officer, or employee; or (B) the interests of any corporation, partnership, entity, or organization in which such director, officer, or employee— (i) is an officer, director, or trustee; or (ii) has any direct or indirect fin£m,cial interest, (1) RECORDS; AUDITS.— The Foundation shall ensure that— (1) each recipient of assistance provided through the Foundation under this section maintains, for at least 5 years after the receipt of the assistance, separate accounts with respect to the assistance and such records as may be reasonably necessary to disclose fully— (A) the amount and the disposition by the recipient of the proceeds of the assistance; (B) the total cost of the project or undertaking in connection with which the assistance is given or used; (C) the amount and nature of that portion of the cost of the project or undertaking supplied by other sources; and (D) such other records as will facilitate an effective audit; and (2) the Foundation and any duly authorized representative of the Foundation 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 section. (m) AUDITS.— (1) INDEPENDENT AUDITS. —For the fiscal year in which the Foundation receives the grant awarded under subsection (e), and for the succeeding 5 fiscal years, the accounts of the Foundation shall be audited annually in accordance with generally accepted auditing standards by an independent certified public accountant or an independent licensed public accountant certified or licensed by a regulatory authority of a State or other political subdivision of the United States. The report of each such independent audit shall be included in the annual report required by subsection (n). (2) AGENCY AUDITS. —For the fiscal year in which the Foundation receives the grant awarded under subsection (d), and for the succeeding 5 fiscal years, the financial transactions undertaken pursuant to this section by the Foundation may be audited by any agency designated by the President. (n) ANNUAL REPORTS. — (1) IN GENERAL. —Not later than 3 months after the conclusion of each fiscal year, the Foundation shall publish an annual report that includes a comprehensive and detailed report of the operations, activities, financial condition, and accomplishments of the Foundation under this Act during the fiscal year. (2) TERMINATION.—The obligation of the Foundation to publish annual reports pursuant to this subsection shall terminate after publication of the report incorporating the findings of the final audit in accordance with procedures required by subsection (1).