20 U.S. Code § 5607 - Expenditures and audit of Trust Fund

(a) In general
The Foundation shall pay from the interest and earnings of the Trust Fund such sums as the Board determines are necessary and appropriate to enable the Foundation to carry out the provisions of this chapter, including a reasonable amount for official reception and representation expenses, as determined by the Board, not to exceed $5,000 for a fiscal year.
(b) Audit by Government Accountability Office
The activities of the Foundation and the Center under this chapter may be audited by the Government Accountability Office under such rules and regulations as may be prescribed by the Comptroller General of the United States. Representatives of the Government Accountability Office shall have access to all books, accounts, records, reports filed and all other papers, things, or property belonging to or in use by the Foundation and the Center, pertaining to such federally assisted activities and necessary to facilitate the audit.

Source

(Pub. L. 102–259, § 9,Mar. 19, 1992, 106 Stat. 83; Pub. L. 105–156, § 9(b),Feb. 11, 1998, 112 Stat. 12; Pub. L. 108–271, § 8(b),July 7, 2004, 118 Stat. 814; Pub. L. 111–90, § 8,Nov. 3, 2009, 123 Stat. 2978.)
Amendments

2009—Subsec. (a). Pub. L. 111–90inserted before period at end “, including a reasonable amount for official reception and representation expenses, as determined by the Board, not to exceed $5,000 for a fiscal year”.
2004—Subsec. (b). Pub. L. 108–271substituted “Government Accountability Office” for “General Accounting Office” in heading and in two places in text.
1998—Subsec. (a). Pub. L. 105–156substituted “Trust Fund” for “Fund”.

 

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