Page:United States Statutes at Large Volume 117.djvu/864

 PUBLIC LAW 108–45—JULY 3, 2003

117 STAT. 845

(3) CERTIFICATION REPORT.—The Chief Executive Officer of the Corporation shall annually prepare and submit to Congress a report that contains a certification that the Corporation is in compliance with the requirements of paragraph (1). (4) APPROVAL.—The requirements of this subsection shall apply to each approved national service position that the Corporation approves— (A) during fiscal year 2003 (before or after the date of enactment of this Act); and (B) during any subsequent fiscal year. (c) RESERVE ACCOUNT.— (1) ESTABLISHMENT AND CONTENTS.— (A) ESTABLISHMENT.—Notwithstanding subtitles C and D of title I of the National and Community Service Act of 1990 (42 U.S.C. 12571 et seq., 12601 et seq.), and any other provision of law, within the National Service Trust established under section 145 of the National and Community Service Act of 1990 (42 U.S.C. 12601), the Corporation shall establish a reserve account. (B) CONTENTS.—To ensure the availability of adequate funds to support the awards of approved national service positions for each fiscal year, the Corporation shall place in the account— (i) during fiscal year 2003, a portion of the funds that were appropriated for fiscal year 2003 or a previous fiscal year under section 501(a)(2) (42 U.S.C. 12681(a)(2)), were made available to carry out subtitle C or D of title I of that Act, and remain available; and (ii) during fiscal year 2004 or a subsequent fiscal year, a portion of the funds that were appropriated for that fiscal year under section 501(a)(2) and were made available to carry out subtitle C or D of title I of that Act. (2) OBLIGATION.—The Corporation shall not obligate the funds in the reserve account until the Corporation— (A) determines that the funds will not be needed for the payment of national service educational awards associated with previously approved national service positions; or (B) obligates the funds for the payment of such awards for such previously approved national service positions. (d) AUDITS.—The accounts of the Corporation relating to the appropriated funds for approved national service positions, and the records demonstrating the manner in which the Corporation has recorded estimates described in subsection (b)(1)(B) as obligations, 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. A report containing the results of each such independent audit shall be included in the annual report required by subsection (b)(3).

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