PUBLIC LAW 104-208—SEPT. 30, 1996 110 STAT. 3009 -350 imposed with respect to the sale of any numismatic item" before the period. (2) CONDITIONS ON PAYMENT OF SURCHARGES TO RECIPIENT ORGANIZATIONS.— Section 5134 of title 31, United States Code, is amended by adding at the end the following new subsection: "(f) CONDITIONS ON PAYMENT OF SURCHARGES TO RECIPIENT ORGANIZATIONS. — "(1) PAYMENT OF SURCHARGES. —Notwithstanding any other provision of law, no amount derived from the proceeds of any surcharge imposed on the sale of any numismatic item shall be paid from the fund to any designated recipient organization unless— "(A) all numismatic operation and program costs allocable to the program under which such numismatic item is produced and sold have been recovered; and "(B) the designated recipient organization submits an audited financial statement that demonstrates to the satisfaction of the Secretary of the Treasury that, with respect to all projects or purposes for which the proceeds of such surcharge may be used, the organization has raised funds from private sources for such projects and purposes in an amount that is equal to or greater than the maximum amount the organization may receive from the proceeds of such surcharge. "(2) ANNUAL AUDITS.— " (A) ANNUAL AUDITS OF RECIPIENTS REQUIRED.— Each designated recipient organization that receives any pay- ment from the fund of any amount derived from the proceeds of any surcharge imposed on the sale of any numismatic item shall provide, as a condition for receiving any such amount, for an annual audit, in accordance with generally accepted government auditing standards by an independent public accountant selected by the organization, of all such payments to the organization beginning in the first fiscal year of the organization in which any such amount is received and continuing until all amounts received by such organization from the fund with respect to such surcharges are fully expended or placed in trust. " (B) MINIMUM REQUIREMENTS FOR ANNUAL AUDITS.— At a minimum, each audit of a designated recipient organization pursuant to subparagraph (A) shall report— "(i) the amount of payments received by the designated recipient organization from the fund during the fiscal year of the organization for which the audit is conducted that are derived from the proceeds of any surcharge imposed on the sale of any numismatic item; "(ii) the amount expended by the designated recipient organization from the proceeds of such surcharges during the fiscal year of the organization for which the audit is conducted; and "(iii) whether all expenditures by the designated recipient organization during the fiscal year of the organization for which the audit is conducted from the proceeds of such surcharges were for authorized purposes. 29-194O-96 -17:QL3Part4
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