Page:United States Statutes at Large Volume 103 Part 2.djvu/297

 PUBLIC LAW 101-179—NOV. 28, 1989 103 STAT. 1307 the Treasury of the United States and without further appropriation by the Congress. (i) USE OF UNITED STATES PRIVATE VENTURE CAPITAL. — In order to maximize the effectiveness of the activities of the Enterprise Funds, each Enterprise Fund may conduct public offerings or private place- ments for the purpose of soliciting and accepting United States venture capital which may be used, separately or together with funds made available pursuant to this section, for any lawful invest- ment purpose that the Board of Directors of the Enterprise Fund may determine in carrying out this section. Financial returns on Enterprise Fund investments that include a component of private venture capital may be distributed, at such times and in such amounts as the Board of Directors of the Enterprise Fund may v determine, to the investors of such capital. (j) FINANCIAL INSTRUMENTS FOR INDIVIDUAL INVESTMENT IN POLAND.—In order to maximize the effectiveness of the activities of the Polish-American Enterprise Fund, that Enterprise Fund should undertake all possible efforts to establish financial instruments that will enable individuals to invest in the private sectors of Poland and that will thereby have the effect of multiplying the impact of United States grants to that Enterprise Fund. (k) NoNAPPUCABiliTY OF OTHER LAWS.— Executive branch agen- cies may conduct programs and activities and provide services in support of the activities of the Enterprise Funds notwithstanding any other provision of law. (1) LIMITATION ON PAYMENTS TO ENTERPRISE FUND PERSONNEL. — No part of the funds of either Enterprise Fund shall inure to the benefit of any board member, officer, or employee of such Enterprise Fund, except as salary or reasonable compensation for services. (m) INDEPENDENT PRIVATE AUDITS. —The accounts of each Enter- prise Fund shall be audited annually in accordance with generally accepted auditing standards by independent certified public account- ants or independent licensed public accountants 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 Reports. be included in the annual report required by this section. (n) GAO AUDITS.— The financial transactions undertaken pursu- ant to this section by each Enterprise Fund may be audited by the General Accounting Office in accordance with such principles and procedures and under such rules and regulations as may be pre- scribed by the Comptroller General of the United States, so long as the Enterprise Fund is in receipt of United States Government grants. (o) RECORDKEEPING REQUIREMENTS.—The Enterprise Funds shall ensure— (1) that each recipient of assistance provided through the Enterprise Funds under this section keeps— (A) separate accounts with respect to such assistance; (B) such records as may be reasonably necessary to dis- close fully the amount and the disposition by such recipient , of the proceeds of such assistance, 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 sup- plied by other sources; and st I (C) such other records as will facilitate an effective audit; and

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