Page:United States Statutes at Large Volume 104 Part 4.djvu/866

 104 STAT. 3182 PUBLIC LAW 101-610—NOV. 16, 1990 (e) CoNFUCTS 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 that affects his or her financial interests or the financial interests of any corporation, partnership, entity, or organization in which he or she has a direct or indirect financial interest. (f) POLITICAL ACTIVITY.—The Foundation shall not engage in lobbying or propaganda for the purpose of influencing legislation, and sh^l not participate or intervene in any political campaign on behalf of any candidate for public office. (g) PRIVATE SECTOR CONTRIBUTIONS.— During the second and third fiscal years in which funds are provided to the Foundation under this title, the Foundation shall raise from private sector donations an amount equal to not less than 25 percent of any funds provided to the Foundation under this title in such fiscal year. Funds shall be released to the Foundation during such fiscal year only to the extent that the matching requirement of the subsection has been met. (h) AUDIT OF ACCOUNTS.—The accounts of the Foundation shall be audited annually by independent certified public accountants or independent licensed public accountants certified or licensed by a regulatory authority of a State or other political subdivision of the United States in accordance with generally accepted auditing standards. The reports, of each such independent audit shall be included in the annu£d report required by subsection G). (i) AUDITS BY AGENCIES.—In fiscal years in which the Foundation is receiving grants under this title, the accounts of the Foundation may be audited at any time by any agency designated by the President. The Foundation shall keep such records as will facilitate effective audits. (j) CONGRESSIONAL OVERSIGHT.— In fiscal years in which the Foundation is receiving grants under this title, the Foundation shall be subject to appropriate oversight procedures of Congress. (k) DUTIES.— The Foundation shall ensure— Records. (1) that recipients of financial assistance provided by the Foundation under this title, shall keep separate accounts with respect to such assistance and such records as may be reasonably necessary to disclose fully— (A) the amount and the disposition by such recipient of the assistance received from the Foundation; (B) the total cost of the project or undertsiking in connection with which such 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 effective audits; and (2) that the Foundation, or any of its duly authorized representatives including any agency designated by the President pursuant to subsection (i) 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 from funds granted pursuant to this title. (1) ANNUAL REPORTS.— The Foundation shall prepare and submit to the President and to the appropriate Committees of Congress an annual report, that shall include a comprehensive and detailed description of the Foundation's operations, activities, financial condition, and accomplishments for the fiscal year preceding the

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