§12606 Approval process for approved positions

Summary

When the Corporation approves a national service, summer of service, or silver scholar position, it must do it at the time it either signs a binding agreement with the person who will serve or when it awards a grant, contract, or cooperative agreement to an organization to run the program. At approval the Corporation must also record an estimated cost today (the net present value) of the educational award tied to that position. That estimate must use a formula that looks at past enrollment and how often people earn and use these awards. The Corporation must work with the Director of the Congressional Budget Office to make that formula. The Chief Executive Officer must send an annual report to the authorizing committees saying the Corporation followed these rules. These rules apply to positions approved in fiscal year 2010 and every year after. The Corporation must keep a reserve account inside the National Service Trust. For fiscal year 2010, it must put some available funds that were appropriated under section 12681 or section 501 of the Domestic Volunteer Service Act of 1973 and used for the listed programs into that account. For fiscal year 2011 and later, it must do the same with funds appropriated for that year under those same sections. The Corporation cannot use the reserve money until it decides the money is not needed for awards tied to previously approved positions or until it uses the money to pay those awards. The Corporation’s accounts and the records showing the required estimates must be audited every year by independent public accountants, and those audit results must be included in the CEO’s annual report. Except for the reserve-account rules, all amounts in the Trust under paragraphs (1), (2), and (3) of section 12601(a) must be available to pay educational awards under section 12604.