Public Law 102–457

SECTION 1. SHORT TITLE.

This Act may be cited as the “Congressional Award Act Amendments of 1992”.

SEC. 2. REQUIREMENTS REGARDING FINANCIAL OPERATIONS OF CONGRESSIONAL AWARD PROGRAM; NONCOMPLIANCE WITH REQUIREMENTS.

Section 5 of the Congressional Award Act (2 U.S.C. 804) is amended by adding at the end the following subsection:

“(c)“(c)

(1)(1)

The Director shall, in consultation with the Board, ensure that appropriate procedures for fiscal control and fund accounting are established for the financial operations of the Congressional Award Program, and that such operations are administered by personnel with expertise in accounting and financial management. Such personnel may be retained under contract. In carrying out this paragraph, the Director shall ensure that the liabilities of the Board do not, for any calendar year, exceed the assets of the Board.

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“(2)“(2)

(A)(A)

The Comptroller General of the United States shall

Reports.

determine, for calendar years 1993 and 1994, whether the Director has substantially complied with paragraph (1). The findings made by the Comptroller General under the preceding sentence shall be included in the first report submitted under section 8(b) after December 31, 1994.

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“(B)“(B)

If the Director fails to substantially comply with paragraph (1), the Board shall take such actions as may be necessary to prepare, pursuant to section 9, for the orderly cessation of the activities of the Board.”.

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SEC. 3. TERMINATION.

Section 9 of the Congressional Award Act (2 U.S.C. 808) is amended by striking “October 1, 1992” and inserting “October 1, 1995”.