
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: 42USC8106]

 
                 TITLE 42--THE PUBLIC HEALTH AND WELFARE
 
     CHAPTER 90--NEIGHBORHOOD AND CITY REINVESTMENT, SELF-HELP AND 
                             REVITALIZATION
 
           SUBCHAPTER I--NEIGHBORHOOD REINVESTMENT CORPORATION
 
Sec. 8106. Reports and audits


(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 General Accounting 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 General 
Accounting 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 
General Accounting 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.

(Pub. L. 95-557, title VI, Sec. 607, Oct. 31, 1978, 92 Stat. 2118; Pub. 
L. 104-66, title II, Sec. 2161, Dec. 21, 1995, 109 Stat. 731.)


                               Amendments

    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.''


National Demonstration Program of Mutual Housing Associations; Report to 
                                Congress

    Pub. L. 96-399, title III, Sec. 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.
