106 STAT. 696 PUBLIC LAW 102-325—JULY 23, 1992 "(e) APPLICATION.— "(1) IN GENERAL.— The Board shall submit applications to the Secretary at such time and in such manner as the Secretary may reasonably require. Each such apphcation shall— "(A) describe the activities for which assistance is sought; and "(B) provide assurances that the non-Federal share of the cost of activities of the Board is paid from non-Federal sources, together with a description of the manner in which the Board will comply with the requirements of this subparagraph. "(2) APPROVAL.—The Secretary shall approve an apphcation unless such apphcation fails to comply with the provisions of this subpart. "(f) FEDERAL SHARE.— "(1) IN GENERAL.— The Secretary shall pay to the Board the Federal share of the costs of the activities of the Board for the period for which the apphcation is approved under subsection (e). "(2) AMOUNT OF FEDERAL SHARE.—The Federal share shall be 50 percent of the costs of the activities described in subsection (d). "(g) REPORTS AND AUDITING PROVISION.— "(1) NATIONAL BOARD FOR PROFESSIONAL TEACHING STAND- ARDS REPORT. —The Board shall submit an annual report to the appropriate committees of the Congress not later than June 30 of any fiscal year in which Federal funds are expended pursuant to this subpart. The Board shall disseminate the report for review and comment to the Department of Education, the National Science Foundation, the National Research Council, and the education research community. The report shall— "(A) include a detailed financial statement and a report of the audit practices described in subsection (b)(2)(B)(vii); "(B) include a description of the general procedures to assure comphance with the requirements of this subpart as required in subsection (d); and "(C) provide a comprehensive and detailed description of the Board's agenda, activities, and planned activities for the preceding and succeeding fiscal years, including— "(i) the Board's overall research and development program and activities; "(li) the specific research and development projects and activities conducted with Federal funds during the preceding fiscal year, including— "(I) a description of the goals and methodology of the project; "(II) a description and assessment of the findings (or status and preliminary findings if the project is not yet completed); "(III) a description of the competitive bidding process, the merit review procedures, and the evaluation criteria used to award project funds; and "(IV) a description of the Board's plans for dissemination of the findings described in clause (ii); "(iii) the specific research and development projects and activities planned to be conducted with Federal
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