Sec. 7305. Operation provisions
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/bill/113/hr/1793/ih/section-7305·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Nothing in this subtitle shall be construed to make an enterprise fund an agency or establishment of the United States Government, or to make the officers, employees, or members of the board of directors of an enterprise fund officers or employees of the United States for purposes of title 5, United States Code. In carrying out this subtitle, each enterprise fund shall take into account such considerations as internationally recognized worker rights and other internationally recognized human rights, environmental factors, United States economic and employment effects, and the likelihood of commercial viability of the activity receiving assistance from the enterprise fund.
An enterprise fund may hold funds granted to it pursuant to this subtitle in interest-bearing accounts, prior to the disbursement of such funds for purposes specified in section 7302, and may retain for such program purposes any interest earned on such deposits without returning such interest to the Treasury of the United States and without further appropriation by the Congress. In order to maximize the effectiveness of the activities of the enterprise funds, each enterprise fund may conduct public offerings or private placements for the purpose of soliciting and accepting United States venture capital which may be used, separately or together with funds made available pursuant to this subtitle, for any lawful investment purpose that the board of directors of the enterprise fund may determine in carrying out this subtitle.
Financial returns on enterprise fund investments that include a component of private venture capital may be distributed, at such times and in such amounts as the board of directors of the enterprise fund may determine, to the investors of such capital. Executive branch agencies may conduct programs and activities and provide services in support of the activities of the enterprise funds notwithstanding any other provision of law. No part of the funds of an enterprise fund shall inure to the benefit of any board member, officer, or employee of that enterprise fund, except as salary or reasonable compensation for services, subject to paragraph (2).
An enterprise fund may not pay compensation for services to— any board member of the enterprise fund, except for services as a board member; or any firm, association, or entity in which a board member of the enterprise fund serves as partner, director, officer, or employee. Nothing in paragraph
(2)shall preclude payment for services performed before the date of the enactment of this subsection, nor for arrangements approved by the grantor and notified in writing to the Committees on Appropriations of the House of Representatives and the Senate. The accounts of each enterprise fund shall be audited annually in accordance with generally accepted auditing standards by independent certified public accountants or independent licensed public accountants certified or licensed by a regulatory authority of a State or other political subdivision of the United States. The report of each such independent audit shall be included in the annual report required by this section. The financial transactions undertaken pursuant to this subtitle by each enterprise fund may be audited by the Government Accountability Office in accordance with such principles and procedures and under such rules and regulations as may be prescribed by the Comptroller General of the United States, so long as the enterprise fund is in receipt of United States Government grants. The enterprise funds shall ensure— that each recipient of assistance provided through the enterprise funds under this subtitle keeps— separate accounts with respect to such assistance; such records as may be reasonably necessary to disclose fully the amount and the disposition by such recipient of the proceeds of such assistance, the total cost of the project or undertaking in connection with which such assistance is given or used, and the amount and nature of that portion of the cost of the project or undertaking supplied by other sources; and such other records as will facilitate an effective audit; and that the enterprise funds, or any of their duly authorized representatives, have access for the purpose of audit and examination to any books, documents, papers, and records of the recipient that are pertinent to assistance provided through the enterprise funds under this section. Each enterprise fund shall publish an annual report, which shall include a comprehensive and detailed description of the enterprise fund's operations, activities, financial condition, and accomplishments under this subtitle for the preceding fiscal year. This report shall be published not later than January 31 each year, beginning in the calendar year after the calendar year in which the enterprise fund is designated under this subtitle. Returns on investments of an enterprise fund and other payments to the fund may be reinvested in projects carried out by the fund without further appropriation by Congress.