Establishment of Schedule V for veteran employment and philanthropy reporting by defense contractors and grantees

(a) Establishment The Secretary of Defense shall develop and implement a standardized disclosure schedule, to be known as Schedule V, to be included in all applicable contracts, subcontracts, and grant awardees as specified in this section. These disclosures by contract, subcontract, and grant awardees will contribute to critical long-term recruitment and retention of the Armed Forces. (b) Applicability Schedule V shall be required as a condition of award for— (1) any contract or subcontract with an annual value exceeding $5,000,000 with the Department of Defense or any organizations receiving a contract or subcontract with an annual revenue of $1,000,000,000 or more; or (2) any Department of Defense Federal grant to an institution of higher education or research entity in excess of $10,000,000 annually. (c) Disclosure requirements Entities subject to subsection (b) shall, on an annual basis, publicly disclose the following: (1) Veteran employment and retention date, including— (A) the number of United States military veterans hired annually for the previous 3 years; (B) the number of those veterans retained 12 and 24 months after hire; and (C) a summary of the company’s United States military veteran retention initiatives, if any. (2) Philanthropic and community investment, including— (A) disclosure of a corporate philanthropy program; (B) the total amount of philanthropic giving in the previous fiscal year; (C) the amount and percentage of such giving dedicated to military and veteran-related causes; and (D) any volunteer hours towards veteran or military causes. (3) Executive engagement A narrative response describing the direct involvement of the company’s Chief Executive Officer and Board of Directors in reviewing and supporting efforts related to paragraphs (1) and (2). (d) Subcontracting and indirect vendors The Secretary shall ensure Schedule V requirements apply, to the greatest extent practicable, to indirect suppliers and subcontractors at a value of $5,000,000 or above or annual revenue of $1,000,000,000 or more. (e) Public accessibility The disclosures required under subsection (c) shall be submitted to the relevant contracting or grant officer and made publicly available through the Federal Procurement Data System or another centralized government database designated by the Administrator of General Services. (f) Implementation The Secretary shall issue regulations to implement this section not later than 180 days after the date of enactment of this Act. These regulations may include exemptions for small businesses and provisions for pilot implementation prior to full enforcement.