PocketLaw | USC 36 | Reports and audits

Reports and audits

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§220511. Reports and audits

(a) Report.-

(1) Submission to president and congress.-Not less frequently than annually, the corporation shall submit simultaneously to the President and to each House of Congress a detailed report on the operations of the corporation for the preceding calendar year.

(2) Matters to be included.-Each report required by paragraph (1) shall include the following:

(A) A comprehensive description of the activities and accomplishments of the corporation during such calendar year.

(B) Data concerning the participation of women, disabled individuals, and racial and ethnic minorities in the amateur athletic activities and administration of the corporation and national governing bodies.

(C) A description of the steps taken to encourage the participation of women, disabled individuals, and racial minorities in amateur athletic activities.

(D) A description of any lawsuit or grievance filed against the corporation, including any dispute initiated under this chapter.

(E) The agenda and minutes of any meeting of the board of directors of the corporation that occurred during such calendar year.

(F) A report by the compliance committee of the corporation that, with respect to such calendar year-

(i) identifies-

(I) the areas in which the corporation has met compliance standards; and

(II) the areas in which the corporation has not met compliance standards; and

(ii) assesses the compliance of each member of the corporation and provides a plan for improvement, as necessary.

(G) A detailed description of any complaint of retaliation made during such calendar year, including the entity involved, the number of allegations of retaliation, and the outcome of such allegations.

(3) Public availability.-The corporation shall make each report under this subsection available to the public on an easily accessible internet website of the corporation.

(b) Audit.-

(1) In general.-Not less frequently than annually, the financial statements of the corporation for the preceding fiscal year shall be audited in accordance with generally accepted auditing standards by-

(A) an independent certified public accountant; or

(B) an independent licensed public accountant who is certified or licensed by the regulatory authority of a State or a political subdivision of a State.

(2) Location.-An audit under paragraph (1) shall be conducted at the location at which the financial statements of the corporation normally are kept.

(3) Access.-An individual conducting an audit under paragraph (1) shall be given full access to-

(A) all records and property owned or used by the corporation, as necessary to facilitate the audit; and

(B) any facility under audit for the purpose of verifying transactions, including any balance or security held by a depository, fiscal agent, or custodian.

(4) Report.-

(A) In general.-Not later than 180 days after the end of the fiscal year for which an audit is carried out, the auditor shall submit a report on the audit to the Committee on Commerce, Science, and Transportation of the Senate, the Committee on the Judiciary of the House of Representatives, and the chair of the Athletes' Advisory Council.

(B) Matters to be included.-Each report under subparagraph (A) shall include the following for the applicable fiscal year:

(i) Any statement necessary to present fairly the assets, liabilities, and surplus or deficit of the corporation.

(ii) An analysis of the changes in the amounts of such assets, liabilities, and surplus or deficit.

(iii) A detailed statement of the income and expenses of the corporation, including the results of any trading, manufacturing, publishing, or other commercial endeavor.

(iv) A detailed statement of the amounts spent on stipends and services for athletes.

(v) A detailed statement of the amounts spent on compensation and services for executives and administration officials of the corporation, including the 20 employees of the corporation who receive the highest amounts of compensation.

(vi) A detailed statement of the amounts allocated to the national governing bodies.

(vii) Such comments and information as the auditor considers necessary to inform Congress of the financial operations and condition of the corporation.

(viii) Recommendations relating to the financial operations and condition of the corporation.

(ix) A description of any financial conflict of interest (including a description of any recusal or other mitigating action taken), evaluated in a manner consistent with the policies of the corporation, of-

(I) a member of the board of directors of the corporation; or

(II) any senior management personnel of the corporation.

(i) In general.-The corporation shall make each report under this paragraph available to the public on an easily accessible internet website of the corporation.

(ii) Personally identifiable information.-A report made available under clause (i) shall not include the personally identifiable information of any individual.

( Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1471 ; Pub. L. 105–277, div. C, title I, §142(j)(1), Oct. 21, 1998, 112 Stat. 2681–606 ; Pub. L. 109–284, §5(18), Sept. 27, 2006, 120 Stat. 1212 ; Pub. L. 116–189, §6(f)(1), Oct. 30, 2020, 134 Stat. 953 .)

Historical and Revision Notes
Revised Section	Source (U.S. Code)	Source (Statutes at Large)
220511	36:382a(a).	Sept. 21, 1950, ch. 975, title I, §113(a), as added Nov. 8, 1978, Pub. L. 95–606, §1(b), 92 Stat. 3049 .

In subsection (a)(1), the words "full and" are omitted as unnecessary.

Editorial Notes

Amendments

2020-Pub. L. 116–189 amended section generally. Prior to amendment, section related to reports to be submitted by the United States Olympic Committee.

2006-Pub. L. 109–284 substituted "Report" for "Annual report" in section catchline.

1998-Subsec. (a). Pub. L. 105–277 amended heading and text of subsec. (a) generally. Prior to amendment, text read as follows: "Not later than June 1 of each year, the corporation shall submit simultaneously to the President and to each House of Congress a detailed report of its operations during the prior calendar year, including-

"(1) a complete statement of the corporation's receipts and expenditures; and

"(2) a comprehensive description of the activities and accomplishments of the corporation during the prior year."

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