
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 42USC12664]

 
                 TITLE 42--THE PUBLIC HEALTH AND WELFARE
 
               CHAPTER 129--NATIONAL AND COMMUNITY SERVICE
 
                SUBCHAPTER II--POINTS OF LIGHT FOUNDATION
 
Sec. 12664. Eligibility of Foundation for grants


(a) Compliance

    Grants may be made to the Foundation pursuant to this subchapter 
only if the Foundation agrees to comply with the requirements of this 
subchapter. If the Foundation fails to comply with the requirements of 
this subchapter, additional funds shall not be released until the 
Foundation brings itself into compliance with such requirements.

(b) Activities

    The Foundation may use funds provided under this subchapter only for 
activities and programs consistent with the purposes described in 
sections 12661 and 12663 of this title.

(c) Limitation

    The Foundation shall not issue any shares of stock or declare or pay 
any dividends.

(d) Compensation

    No part of the funds available to the Foundation shall inure to the 
benefit of any board member, officer, or employee of the Foundation, 
except as salary or reasonable compensation for services or expenses. 
Compensation for board members shall be limited to reimbursement for 
reasonable costs of travel and expenses.

(e) Conflicts of interest

    No director, officer, or employee of the Foundation shall 
participate, directly or indirectly, in the consideration or 
determination of any question before the Foundation that affects his or 
her financial interests or the financial interests of any corporation, 
partnership, entity, or organization in which he or she has a direct or 
indirect financial interest.

(f) Political activity

    The Foundation shall not engage in lobbying or propaganda for the 
purpose of influencing legislation, and shall not participate or 
intervene in any political campaign on behalf of any candidate for 
public office.

(g) Private sector contributions

    During the second and third fiscal years in which funds are provided 
to the Foundation under this subchapter, the Foundation shall raise from 
private sector donations an amount equal to not less than 25 percent of 
any funds provided to the Foundation under this subchapter in such 
fiscal year. Funds shall be released to the Foundation during such 
fiscal year only to the extent that the matching requirement of the 
subsection has been met.

(h) Audit of accounts

    The accounts of the Foundation shall be audited annually 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 in accordance with 
generally accepted auditing standards. The reports,\1\ of each such 
independent audit shall be included in the annual report required by 
subsection (l) of this section.
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    \1\ So in original. The comma probably should not appear.
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(i) Audits by agencies

    In fiscal years in which the Foundation is receiving grants under 
this subchapter, the accounts of the Foundation may be audited at any 
time by any agency designated by the President. The Foundation shall 
keep such records as will facilitate effective audits.

(j) Congressional oversight

    In fiscal years in which the Foundation is receiving grants under 
this subchapter, the Foundation shall be subject to appropriate 
oversight procedures of Congress.

(k) Duties

    The Foundation shall ensure--
        (1) that recipients of financial assistance provided by the 
    Foundation under this subchapter, shall keep separate accounts with 
    respect to such assistance and such records as may be reasonably 
    necessary to disclose fully--
            (A) the amount and the disposition by such recipient of the 
        assistance received from the Foundation;
            (B) the total cost of the project or undertaking in 
        connection with which such assistance is given or used;
            (C) the amount and nature of that portion of the cost of the 
        project or undertaking supplied by other sources; and
            (D) such other records as will facilitate effective audits; 
        and

        (2) that the Foundation, or any of its duly authorized 
    representatives including any agency designated by the President 
    pursuant to subsection (i) of this section shall 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 from funds granted pursuant to this subchapter.

(l) Annual reports

    The Foundation shall prepare and submit to the President and to the 
appropriate Committees of Congress an annual report, that shall include 
a comprehensive and detailed description of the Foundation's operations, 
activities, financial condition, and accomplishments for the fiscal year 
preceding the year in which the report is submitted. Such report shall 
be submitted not later than 3 months after the conclusion of any fiscal 
year in which the Foundation receives grants under this subchapter.

(Pub. L. 101-610, title III, Sec. 305, Nov. 16, 1990, 104 Stat. 3181.)
