Us Code § 220511 - Reports and audits
Full text of Us Code United States Code § 220511 — Reports and audits, with citation guidance and answers to common questions.
§ 220511. Reports and audits
(a)
(1)
(2)
(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)
(b)
(1)
(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)
(3)
(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)
(A)
(B)
(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.
(C)
(i)
(ii)
(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.)
| 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."
About This Section
36 U.S.C. § 220511 is part of Title 36 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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