AUDITS AND REPORT REQUIREMENTS.

SEC. 407. [16 U.S.C. 583j–5] AUDITS AND REPORT REQUIREMENTS. (a) Audits.—For purposes of the Act entitled “An Act for audit of accounts of private corporations established under Federal law,” approved August 30, 1964 (36 U.S.C. 1101 through 1103; Public Law 88-504) the Foundation shall be treated as a private corporation established under Federal law. (b) Annual Reports.—The Foundation shall transmit each year to Congress a report of its proceedings and activities of the previous year, including a full and complete statement of its receipts, expenditures, and investments.