36 U.S.C. § 220511 — Reports and audits

(a) Report. (1) At least once a year, the corporation must send the President and both houses of Congress a detailed report on its work from the past calendar year. (2) Each report must include: a full description of the year's activities and accomplishments; data on participation by women, disabled people, and racial and ethnic minorities in sports and in running the corporation and national governing bodies; steps taken to encourage that participation; a list of lawsuits or grievances filed against the corporation, including disputes under this chapter; the agenda and minutes of every board meeting that year; a compliance committee report showing where the corporation met or missed compliance standards, plus a compliance assessment and improvement plan for each member; and a detailed account of any retaliation complaint made that year, including who was involved, how many allegations, and what happened. (3) The corporation must post each report on an easy-to-find website. (b) Audit. (1) At least once a year, an independent certified or licensed public accountant must audit the corporation's financial statements using standard accounting rules. (2) The audit happens wherever the corporation normally keeps its financial records. (3) The auditor must get full access to all of the corporation's records, property, and facilities needed to verify the audit, including any funds held by a bank or other custodian. (4) Within 180 days after the fiscal year ends, the auditor must send a report to the Senate Commerce Committee, the House Judiciary Committee, and the head of the Athletes' Advisory Council. That report must include: a fair statement of assets, debts, and surplus or deficit; an analysis of how those changed; a detailed statement of income and expenses, including any commercial activity; how much was spent on athlete stipends and services; how much was spent on pay for executives and administrators, including the corporation's 20 highest-paid employees; how much money went to national governing bodies; any comments or information the auditor thinks Congress should know; recommendations about the corporation's finances; and a description of any financial conflict of interest involving a board member or senior staff member, including what was done about it. The corporation must post each audit report online, leaving out anyone's personal identifying information.