Sec. 205. Audits; reports to the President and Congress
414 words·~2 min read·
/bill/114/s/1589/is/section-205·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The books of account of IFA shall be— maintained in accordance with generally accepted accounting principles; and subject to an annual audit by independent public accountants of nationally recognized standing appointed by the Board of Directors. Not later than 90 days after the last day of each fiscal year, the Board of Directors shall submit to the President and Congress a complete and detailed report with respect to the preceding fiscal year, setting forth— a summary of the operations of IFA for that fiscal year; a schedule of the obligations of IFA and capital securities outstanding at the end of that fiscal year, with a statement of the amounts issued and redeemed or paid during that fiscal year; the status of eligible infrastructure projects receiving funding or other assistance pursuant to this Act during that fiscal year, including— all nonperforming loans; and disclosure of all entities with a development, ownership, or operational interest in those eligible infrastructure projects; a description of the successes and challenges encountered in lending to rural communities, including the role of the Office of Technical and Rural Assistance established under this Act; and an assessment of the risks of the portfolio of IFA, which shall be prepared by an independent source.
Not later than 5 years after the date of enactment of this Act, the Comptroller General of the United States shall conduct an evaluation of, and submit to the Committee on Commerce, Science, and Transportation of the Senate and to the Committees on Transportation and Infrastructure and Energy and Commerce of the House of Representatives a report on the activities of IFA for the fiscal years covered by the report that includes— an assessment of the impact and benefits of each funded eligible infrastructure project, including a review of how effectively each eligible infrastructure project accomplished the goals prioritized by the eligible infrastructure project criteria of IFA; and an evaluation of the effectiveness of, and challenges facing, loan programs at the Department of Transportation and Department of Energy, and an analysis of the advisability of consolidating those programs within IFA.
IFA shall maintain adequate books and records to support the financial transactions of IFA, with a description of financial transactions and eligible infrastructure projects receiving funding, and the amount of funding for each project maintained on a publically accessible database. The books and records of IFA shall at all times be open to inspection by the Secretary, the Special Inspector General, and the Comptroller General of the United States.