§3385 Reports and audits

Summary

The Department of State must offer to brief the right congressional committees within 90 days after the first class of fellows is chosen, and then once a year for 7 years. The briefings must cover five things: how well the group running the fellowship (the implementing partner) is doing its job; the names and sponsoring agencies of the fellows and whether they reflect U.S. diversity; which Taiwan government offices and nongovernmental groups each fellow worked with in their second year; any suggestions to improve the program, including more flexibility; and how the fellowship affects U.S. ties with Taiwan or with Asian countries. The implementing partner must have its financial records audited every year by independent certified or licensed public accountants using government auditing standards. Audits must be done where the records are kept. The partner must give auditors all books, records, and access needed to check transactions. Within 270 days after each fiscal year ends, the partner must send the audit report to the Department of State and the American Institute in Taiwan. The report must show the audit’s scope, include audited financial statements and the auditor’s opinion, list income and expenses, and list all contracts or payments over $5,000 and any pay over $5,000 per year. Copies must be made available for the public.