§220511 — Title 36 Patriotic and National Observances | U.S. Code

Summary

The corporation must send a detailed report at least once a year to the President and to both Houses of Congress about what it did the prior calendar year. Each annual report must describe the corporation’s activities and accomplishments; give numbers on participation by women, disabled people, and racial and ethnic minorities in sports and leadership; explain steps taken to encourage those groups to join; list any lawsuits or grievances, including disputes under this law; include the board of directors’ meeting agenda and minutes; include a compliance committee report that shows where the corporation met or missed compliance rules and assesses each member with plans to improve if needed; and describe any complaints of retaliation, saying who was involved, how many allegations there were, and the outcomes. The corporation must post these reports on its public website. Each year the corporation’s financial statements for the prior fiscal year must be audited by an independent certified or state‑licensed public accountant at the place records are kept. The auditor must get full access to records, property, and facilities. Within 180 days after the fiscal year ends, the auditor must send a report to the Senate Committee on Commerce, Science, and Transportation, the House Committee on the Judiciary, and the chair of the Athletes’ Advisory Council. That report must fairly show assets, liabilities, and surplus or deficit; explain changes; give detailed income and expense statements (including any commercial work); show amounts spent on athlete stipends and services; show compensation and services for executives and administrators (including the 20 highest‑paid employees); list amounts given to national governing bodies; offer comments and recommendations; and describe any financial conflicts of interest by board members or senior managers and any actions taken. The audit report must be posted on the corporation’s public website without anyone’s personal identifying information.

Title 36, §220511

Patriotic and National Observances — Source: USLM XML via OLRC

(a)(1)Not less frequently than annually, the corporation shall submit simultaneously to the President and to each House of Congress a detailed report on the operations of the corporation for the preceding calendar year.

(2)Each report required by paragraph (1) shall include the following:

(A)A comprehensive description of the activities and accomplishments of the corporation during such calendar year.

(B)Data concerning the participation of women, disabled individuals, and racial and ethnic minorities in the amateur athletic activities and administration of the corporation and national governing bodies.

(C)A description of the steps taken to encourage the participation of women, disabled individuals, and racial minorities in amateur athletic activities.

(D)A description of any lawsuit or grievance filed against the corporation, including any dispute initiated under this chapter.

(E)The agenda and minutes of any meeting of the board of directors of the corporation that occurred during such calendar year.

(F)A report by the compliance committee of the corporation that, with respect to such calendar year—

(i)identifies—

(I)the areas in which the corporation has met compliance standards; and

(II)the areas in which the corporation has not met compliance standards; and

(ii)assesses the compliance of each member of the corporation and provides a plan for improvement, as necessary.

(G)A detailed description of any complaint of retaliation made during such calendar year, including the entity involved, the number of allegations of retaliation, and the outcome of such allegations.

(3)The corporation shall make each report under this subsection available to the public on an easily accessible internet website of the corporation.

(b)(1)Not less frequently than annually, the financial statements of the corporation for the preceding fiscal year shall be audited in accordance with generally accepted auditing standards by—

(A)an independent certified public accountant; or

(B)an independent licensed public accountant who is certified or licensed by the regulatory authority of a State or a political subdivision of a State.

(2)An audit under paragraph (1) shall be conducted at the location at which the financial statements of the corporation normally are kept.

(3)An individual conducting an audit under paragraph (1) shall be given full access to—

(A)all records and property owned or used by the corporation, as necessary to facilitate the audit; and

(B)any facility under audit for the purpose of verifying transactions, including any balance or security held by a depository, fiscal agent, or custodian.

(4)(A)Not later than 180 days after the end of the fiscal year for which an audit is carried out, the auditor shall submit a report on the audit to the Committee on Commerce, Science, and Transportation of the Senate, the Committee on the Judiciary of the House of Representatives, and the chair of the Athletes’ Advisory Council.

(B)Each report under subparagraph (A) shall include the following for the applicable fiscal year:

(i)Any statement necessary to present fairly the assets, liabilities, and surplus or deficit of the corporation.

(ii)An analysis of the changes in the amounts of such assets, liabilities, and surplus or deficit.

(iii)A detailed statement of the income and expenses of the corporation, including the results of any trading, manufacturing, publishing, or other commercial endeavor.

(iv)A detailed statement of the amounts spent on stipends and services for athletes.

(v)A detailed statement of the amounts spent on compensation and services for executives and administration officials of the corporation, including the 20 employees of the corporation who receive the highest amounts of compensation.

(vi)A detailed statement of the amounts allocated to the national governing bodies.

(vii)Such comments and information as the auditor considers necessary to inform Congress of the financial operations and condition of the corporation.

(viii)Recommendations relating to the financial operations and condition of the corporation.

(ix)A description of any financial conflict of interest (including a description of any recusal or other mitigating action taken), evaluated in a manner consistent with the policies of the corporation, of—

(I)a member of the board of directors of the corporation; or

(II)any senior management personnel of the corporation.

(C)(i)The corporation shall make each report under this paragraph available to the public on an easily accessible internet website of the corporation.

(ii)A report made available under clause (i) shall not include the personally identifiable information of any individual.

Notes & Related Subsidiaries

Historical and Revision Notes

Revised SectionSource (U.S. Code)Source (Statutes at Large) 22051136:382a(a).Sept. 21, 1950, ch. 975, title I, § 113(a), as added Nov. 8, 1978, Pub. L. 95–606, § 1(b), 92 Stat. 3049. In subsection (a)(1), the words “full and” are omitted as unnecessary.

Editorial Notes

Amendments

2020—Pub. L. 116–189 amended section generally. Prior to amendment, section related to reports to be submitted by the United States Olympic Committee. 2006—Pub. L. 109–284 substituted “Report” for “Annual report” in section catchline. 1998—Subsec. (a). Pub. L. 105–277 amended heading and text of subsec. (a) generally. Prior to amendment, text read as follows: “Not later than June 1 of each year, the corporation shall submit simultaneously to the President and to each House of Congress a detailed report of its operations during the prior calendar year, including— “(1) a complete statement of the corporation’s receipts and expenditures; and “(2) a comprehensive description of the activities and accomplishments of the corporation during the prior year.”

§220511 Reports and Audits