RESEARCH CORPORATIONS.

SEC. 343. RESEARCH CORPORATIONS. (a) Renewal of Authority.—Section 7368 is amended by striking out “December 31, 1992” and inserting in lieu thereof “December 31, 2000”. (b) Clarification of Tax-Exempt Status.—Sections 7361(b) and 7363(c) are amended by striking out “section 501(c)(3) of”. (c) Periodic Audits.—Subsection (b) of section 7366 is amended by striking out “The corporation” in the second sentence and all that follows through “shall include that report” and inserting in lieu thereof the following: “A corporation with revenues in excess of $300,000 for any year shall obtain an audit of the corporation for that year. A corporation with annual revenues between $10,000 and $300,000 shall obtain an independent audit of the corporation at least once every three years. Any audit under the preceding sentences shall be performed by an independent auditor. The corporation shall include the most recent such audit”. (d) Compliance With Conflict of Interest Laws and Regulations.—Subsection (c)(2) of section 7366 is amended by striking out “an annual statement signed by the director or employee certifying that the director or” and inserting in lieu thereof “a statement signed by the executive director of the corporation certifying that each director and”. (e) Revised Reporting Requirement.—Subsection (d) of section 7366 is amended to read as follows: “(d) The Secretary shall submit to the Committees on Veterans’ Affairs of the Senate and House of Representatives an annual report on the corporations established under this subchapter. The report shall set forth the following information: “(1) The location of each corporation. “(2) The amount received by each corporation during the previous year, including— “(A) the total amount received; “(B) the amount received from governmental entities; “(C) the amount received from all other sources; and “(D) if the amount received from a source referred to in subparagraph (C) exceeded $25,000, information that identifies the source. “(3) The amount expended by each corporation during the year, including— “(A) the amount expended for salary for research staff and for salary for support staff; “(B) the amount expended for direct support of research; and “(C) if the amount expended with respect to any payee exceeded $35,000, information that identifies the payee.”.