Sec. 521. Administrative Services Franchise Fund
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Not later than 30 days after the date of enactment of this section, the inspector general of the Department of Transportation shall initiate an audit of the Administrative Services Franchise Fund of the FAA (in this section referred to as the Franchise Fund ). In conducting the audit pursuant to subsection (a), the inspector general shall— review the history, intended purpose, and objectives of the Franchise Fund; describe and assess each program, service, or activity that uses the Franchise Fund, including— the agencies or government bodies that use each program, service, or activity; the number of employees, including full-time equivalents and contractors, associated with each program, service, or activity; the costs associated with the employees described in subparagraph
(B)and the extent to which such costs are covered by Federal appropriations or Franchise Fund revenue; the revenue, expenses, and profits or losses associated with each program, service, or activity; overhead rates associated with each program, service, or activity; and a breakdown of the revenue collected from services provided to the FAA, Department of Transportation, other Federal entities, and non-Federal entities; assess the FAA’s governance and oversight of the Franchise Fund and the programs, service, and activities that use the Franchise Fund, including the use of internal and publicly available performance metrics; evaluate the current and historical unobligated and unexpended balances of the Franchise Fund; and assess the degree to which FAA policies and controls associated with the Franchise Fund conform with generally accepted accounting principles, Federal policies, best practices, or other guidance relating to revolving funds. Not later than 180 days after the date of initiation of the audit described in subsection (a), the inspector general shall submit to the appropriate committees of Congress a report on the results of the audit, including findings and recommendations.