42 U.S.C. § 8106: Reports and audits

Summary

The corporation must publish a yearly report and send it to the President and to Congress. The corporation’s books must be checked every year by independent certified public accountants who follow normal professional auditing rules and who are licensed where the audit happens. If federal money helps pay any part of the corporation’s operations in a fiscal year, the Government Accountability Office may also audit its finances under rules set by the Comptroller General. The GAO may also audit the corporation’s grantees or contractors in those years. The corporation must make sure each grantee or contractor has a yearly financial audit, and those audit reports must be kept at the corporation’s main office for at least five years.

Title 42, §8106

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(a)Annual report to President and Congress

The corporation shall publish an annual report which shall be transmitted by the corporation to the President and the Congress.

(b)Annual audit of accounts

The accounts of the corporation shall be audited annually. Such audits shall be conducted in accordance with generally accepted auditing standards by independent certified public accountants who are certified by a regulatory authority of the jurisdiction in which the audit is undertaken.

(c)Additional audits by Government Accountability Office

In addition to the annual audit, the financial transactions of the corporation for any fiscal year during which Federal funds are available to finance any portion of its operations may be audited by the Government Accountability Office in accordance with such rules and regulations as may be prescribed by the Comptroller General of the United States.

(d)Audit of grantees and contractors of corporation

For any fiscal year during which Federal funds are available to finance any portion of the corporation’s grants or contracts, the Government Accountability Office, in accordance with such rules and regulations as may be prescribed by the Comptroller General of the United States, may audit the grantees or contractors of the corporation.

(e)Annual financial audit

The corporation shall conduct or require each grantee or contractor to provide for an annual financial audit. The report of each such audit shall be maintained for a period of at least five years at the principal office of the corporation.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2004—Subsecs. (c), (d). Pub. L. 108–271 substituted “Government Accountability Office” for “General Accounting Office”. 1995—Subsec. (c). Pub. L. 104–66 struck out at end “The financial transactions of the corporation shall be audited by the General Accounting Office at least once during each three years.”

Statutory Notes and Related Subsidiaries

National Demonstration Program of Mutual Housing Associations; Report to Congress Pub. L. 96–399, title III, § 316, Oct. 8, 1980, 94 Stat. 1645, directed submission to Congress, not later than Sept. 30, 1981, of report by Neighborhood Reinvestment Corporation, in conjunction with the National Consumer Cooperative Bank and the Secretary of Housing and Urban Development, on the findings, conclusions, and legislative recommendations reached as a result of the national demonstration program of mutual housing associations.

§8106 Reports and Audits