Short title

This Act may be cited as the

Eurasia Foundation Act

Findings and purposes

(a)

Findings

Congress finds the following: (1)There has been established in the District of Columbia a private, nonprofit corporation known as the Eurasia Foundation (hereafter in this Act referred to as the Foundation), which is not an agency or establishment of the United States Government. (2)In recognition of the valuable contributions of the Foundation to long-range United States foreign policy interests, the United States Government has, through the United States Agency for International Development and the Department of State, provided financial support for the Foundation. (3)It is in the interest of the United States, and the further strengthening of cooperation with the countries of Eurasia, to establish a more permanent mechanism for United States Government financial support for the ongoing activities of the Foundation, while preserving the independent character of the Foundation. (b)

Purposes

The purposes of the Foundation are— (1)to promote civil society, private enterprise, and sound public administration and policy in the countries of Eurasia and in lending encouragement and assistance to citizens of such countries in their own efforts to develop more open, just, and democratic societies; (2)to strengthen indigenous institutions that foster national development, constructive social change, equitable economic growth, and cooperative international relationships that are fully consistent with and supportive of long-term United States interests with respect to the countries of Eurasia; and (3)to conduct programs in response to initiatives in the countries of Eurasia that would be difficult or impossible for an official United States entity, and, as a result of its position in the countries of Eurasia, to respond quickly and flexibly to meet new opportunities.

Grants to the Foundation

(a)

Grants required

(1)

In general

The Secretary of State shall make an annual grant to the Foundation to enable the Foundation to carry out its purposes as specified in section 2(b). (2)

Additional requirements

Each grant required under paragraph (1)— (A)shall be made with funds specifically appropriated for grants to the Foundation; and (B)shall be made pursuant to a grant agreement between the Secretary and the Foundation which— (i)requires that grant funds will only be used for activities the Board of Directors of the Foundation determines are consistent with the purposes described in section 2(b), and that the Foundation will otherwise comply with the requirements of this Act; and (ii)may not require the Foundation to comply with requirements other than those specified in this Act. (b)

Use of funds

The Foundation may use funds received under a grant described in subsection (a) to carry out the purposes described in section 2(b). (c)

Rule of construction

Nothing in this Act shall be construed to make the Foundation an agency or establishment of the United States Government or to make the members of the Board of Directors of the Foundation, or the officers or employees of the Foundation, officers or employees of the United States. (d)

Oversight

The Foundation and its grantees shall be subject to the appropriate oversight procedures of Congress. (e)

Other funding

The Foundation shall have authority to accept funding from non-United States Government sources to complement United States Government funding. (f)

Sense of Congress

It is the sense of Congress that— (1)a robust Foundation, funded at the levels authorized under section 6 of this Act, and at appropriate levels in subsequent fiscal years, can contribute significantly to the political, economic, and social development of democracy and human rights in the countries of Eurasia; (2)notwithstanding the Foundation’s distinguished record of performance, organizations that seek competitive grants typically perform in a more transparent and effective manner; and (3)to the maximum extent possible, the Foundation should seek competitive grants to supplement appropriations from the United States Government, and at least 20 percent of the funding received in each fiscal year by the Foundation should be from non-United States Government sources to ensure continued strong performance of the Foundation.

Eligibility of the Foundation for grants

(a)

Compliance with statutory requirements

Grants may be made to the Foundation under this Act only if the Foundation agrees to comply with the requirements specified in this section and elsewhere in this Act. (b)

Funding for covered programs only

The Foundation may provide funding only for programs that are consistent with the purposes set forth in section 2(b). (c)

Compensation for officers and employees of the foundation

If an individual who is an officer or employee of the United States Government serves as a member of the Board of Directors or as an officer or employee of the Foundation, that individual may not receive any compensation or travel expenses in connection with service performed for the Foundation. (d)

Prohibition respecting financial matters

The Foundation shall not issue any shares of stock or declare or pay any dividends. No part of the assets of the Foundation shall inure to the benefit of any member of the Board of Directors of the Foundation, any officer or employee of the Foundation, or any other individual, except as salary or reasonable compensation for expenses incurred in the performance of duties to the Foundation. (e)

Audit of accounts; reporting requirements

(1)

Audit of accounts

The accounts of the Foundation shall be audited annually in accordance with generally accepted auditing standards by independent certified public accountants or independent licensed public accountants certified or licensed by a regulatory authority of a State or other political subdivision of the United States. (2)

Reporting requirements

The report of each such independent audit shall be included in the annual report required by subsection (h) of this section. The audit report shall set forth the scope of the audit and include such statements as are necessary to present fairly the Foundation’s assets and liabilities, surplus or deficit, with an analysis of the changes therein during the year, supplemented in reasonable detail by a statement of the Foundation’s income and expenses during the year, and a statement of the application of funds, together with the independent auditor’s opinion of those statements. (f)

Audit of financial transactions

(1)

Audit of financial transactions

The financial transactions of the Foundation for each fiscal year may be audited by the Government Accountability Office in accordance with such principles and procedures and under such rules and regulations as may be prescribed by the Comptroller General of the United States. (2)

Reporting requirements

A report of each such audit shall be made by the Comptroller General to the Congress. The report to the Congress shall contain such comments and information as the Comptroller General may deem necessary to inform the Congress of the financial operations and condition of the Foundation, together which such recommendations with respect thereto as the Comptroller General may deem advisable. A copy of each report shall be furnished to the President and to the Foundation at the time submitted to the Congress. (g)

Recordkeeping requirements; audit and examination of books

(1)

Recordkeeping requirements

The Foundation shall ensure that each recipient of assistance provided through the Foundation under this Act keeps such records as may be reasonably necessary to fully disclose the amount and the disposition by such recipient of the proceeds of such assistance, the total cost of the project or undertaking in connection with which such assistance is given or used, and the amount and nature of that portion of the cost of the project or undertaking supplied by other sources, and such other records as will facilitate an effective audit. (2)

Audit and examination of books

The Foundation shall ensure that it, or any of its duly authorized representatives, shall have access for the purpose of audit and examination to any books, documents, papers, and records of the recipient that are pertinent to assistance provided through the Foundation under this Act. The Comptroller General of the United States or any duly authorized representative of the Comptroller General shall also have access thereto for such purpose. (h)

Annual report; testimony relating to report

(1)

Annual report

(A)

In general

Not later than March 31 of each year, the Foundation shall submit an annual report for the preceding fiscal year to the President for transmittal to the Congress. (B)

Contents

The report required under subparagraph (A) shall include a comprehensive and detailed report of the Foundation’s operations, activities, financial condition, and accomplishments under this Act and may include such recommendations as the Foundation deems appropriate. The report should also include any information regarding allegations or reports on the misuse of funds and how such allegations or reports were addressed by the Foundation. (2)

Testimony relating to report

The Board members and officers of the Foundation shall be available to testify before appropriate committees of the Congress with respect to the report required under paragraph (1), the report of any audit made by the Comptroller General of the United States pursuant to subsection (f) of this section, or any other matter which any such committees may determine. (i)

Grantee; conflict of interest

A member of the Board of Directors of the Foundation who serves as a member of the board of directors or an officer of a grantee of the Foundation may not receive compensation for their services but shall be entitled to reimbursement for travel and other expenses incurred by them in connection with their duties on behalf of such grantee.

Agreement between Foundation and successor or related entity to the U.S. Russia Investment Fund

(a)

Agreement required

The Foundation and any successor or related entity to the U.S. Russia Investment Fund shall enter into a memorandum of understanding for the purpose of coordinating activities carried out by the Foundation and the successor or related entity. The memorandum of understanding shall include language that prohibits the same entities from carrying out the same activities. (b)

Deadline

The memorandum of understanding described in subsection (a) shall be entered into between the Foundation and the successor or related entity described in subsection (a) by not later than the later of the following: (1)If the successor or related entity is established on or before the date of the enactment of this Act, 90 days after the date of the enactment of this Act. (2)If the successor or related entity is established after the date of the enactment of this Act, 90 days after the date on which the entity is established. (c)

Submission to Secretary of State and Congress

The Foundation and the successor or related entity described in subsection (a) shall submit to the Secretary of State and Congress a copy of the memorandum of understanding described in subsection (a) not later than 30 days after the date on which the parties enter into the memorandum of understanding. (d)

Limitations

For the period beginning on the date on which the successor or related entity described in subsection (a) is established, or the date of the enactment of this Act, whichever occurs later, and ending on the date on which the memorandum of understanding described in subsection (a) is entered into— (1)United States assistance may not be provided to the Foundation under any other provision of law; and (2)funds may not be transferred from the U.S. Russia Investment Fund to the successor or related entity or placed in a trust on behalf of the successor or related entity. (e)

Successor or related entity to the U.S. Russia Investment Fund defined

In this section, the term successor or related entity to the U.S. Russia Investment Fund or successor or related entity means any organization, corporation, limited-liability partnership, foundation, or other corporate structure that receives any or all of the remaining funds of the U.S. Russia Investment Fund after liquidation of assets upon closure of the U.S. Russia Investment Fund.

Countries of Eurasia defined

In this Act, the term countries of Eurasia means Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, the Kyrgyz Republic, Moldova, the Russian Federation, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan.

Authorization of appropriations

(a)

In general

There are authorized to be appropriated to carry out this Act $15,000,000 for fiscal year 2008 and such sums as may be necessary for fiscal year 2009. (b)

Availability

Amounts appropriated pursuant to the authorization of appropriation under subsection (a) are authorized to remain available for 2 years from the end of the fiscal year for which the amount was appropriated.