REPORTING AND AUDIT REQUIREMENTS.

SEC. 104. REPORTING AND AUDIT REQUIREMENTS. (a) Subsection (a) of section 5 of the Indian Self-Determination and Education Assistance Act is amended to read as follows: “(a) (1) Each recipient of Federal financial assistance under this Act shall keep such records as the appropriate Secretary shall prescribe by regulation promulgated under sections 552 and 553 of title 5, United States Code, including records which fully disclose— “(A) the amount and disposition by such recipient of the proceeds of such assistance, “(B) the cost of the project or undertaking in connection with which such assistance is given or used, “(C) the amount of that portion of the cost of the project or undertaking supplied by other sources, and “(D) such other information as will facilitate an effective audit “(2) For the purposes of this subsection, such records for a mature contract shall consist of quarterly financial statements for the purpose of accounting for Federal funds, the annual single-agency audit required by the Single Audit Act of 1984 (98 Stat 2327, 31 U.S.C. 7501 et seq.), and a brief annual program report”. (b) Section 5 of the Indian Self-Determination and Education Assistance Act is further amended by adding the following new subsection: “(e) The Secretary shall report annually in writing to tribes regarding projected and actual staffing levels, funding obligations, and expenditures for programs operated directly by the Secretary serving that tribe.”.