IMPROVED ACCOUNTABILITY AND OVERSIGHT OF CORPORATIONS.

SEC. 806. IMPROVED ACCOUNTABILITY AND OVERSIGHT OF CORPORATIONS.(a) Additional Information in Annual Reports.—Subsection (b) of section 7366 is amended to read as follows:“(b)(1) Each corporation shall submit to the Secretary each year a report providing a detailed statement of the operations, activities, and accomplishments of the corporation during that year.“(2)(A) A corporation with revenues in excess of $500,000 for any year shall obtain an audit of the corporation for that year.“(B) A corporation with annual revenues between $100,000 and $500,000 shall obtain an audit of the corporation at least once every three years.“(C) Any audit under this paragraph shall be performed by an independent auditor.“(3) The corporation shall include in each report to the Secretary under paragraph (1) the following:“(A) The most recent audit of the corporation under paragraph (2).“(B) The most recent Internal Revenue Service Form 990 ‘Return of Organization Exempt from Income Tax’ or equivalent and the applicable schedules under such form.”.(b) Conflict of Interest Policies.—Subsection (c) of such section is amended to read as follows:“(c) Each director, officer, and employee of a corporation established under this subchapter shall be subject to a conflict of interest policy adopted by that corporation.”.(c) Establishment of Appropriate Payee Reporting Threshold.—Subsection (d)(3)(C) of such section is amended by striking “$35,000” and inserting “$50,000”.