§3385 Reports and Audits

Summary

The Department of State must offer to brief the relevant congressional committees within 90 days after the first fellows are chosen and then once a year for seven years. The briefings must report on how well the organization running the program is doing, list the fellows and their sponsoring agencies and how well they reflect U.S. diversity, say where each fellow worked in Taiwan during the second year, offer any recommendations to improve the Taiwan Fellowship Program, and assess the program’s value for U.S.–Taiwan or U.S.–Asia relations. The program’s financial records must be audited every year by independent certified or licensed public accountants under government auditing standards. Audits must happen where the records are kept, and the organization must give the auditors all books, records, and access needed to check bank balances and securities. Within 270 days after each fiscal year ends, the audit report must go to the Department of State and the American Institute in Taiwan. Each report must state the audit’s scope, include audited financial statements with the auditor’s opinion, show income and expenses, list contracts and payments over $5,000 and any pay over $5,000 per year, and be produced in enough copies for public distribution.