§3385 Reports and Audits

Summary

Within 90 days after the first class of fellows is chosen, and then once a year for seven years, the Department of State must offer to brief the appropriate Congressional committees. The briefings must cover how the program partner is doing, who the fellows are and their sponsoring agencies and diversity, where fellows worked in Taiwan during their second year (government offices and other institutions), any suggestions to improve the program, and how the program affects U.S. ties with Taiwan and other Asian countries. The program partner must have its finances audited every year by independent certified or licensed public accountants using generally accepted government auditing standards. Audits must be done where the partner keeps its records. The partner must give auditors all books and access to verify transactions. Within 270 days after each fiscal year ends, the partner must send the audit to the Department of State and the American Institute in Taiwan. The report must show the audit scope, the auditor’s opinion, financial statements of assets, liabilities, income, and expenses, and a list of contracts or payments and any salaries or fees over $5,000. Enough copies must be made for public distribution.