Reports

(a) Annual report The President of the University shall submit to the appropriate committees of Congress and the Board an annual report describing the status of the University during the 1-year period preceding the date of the report, which shall include, among other matters— (1) a detailed statement of all private and public funds, gifts, and other items of a monetary value received by the University during that period and the disposition thereof; and (2) any recommendations for improving the University. (b) Budget proposal (1) Submission (A) In general Not later than 180 days after the date on which the initial members of the Board appointed under section 8(b)(1)(A)(ii) are confirmed by the Senate, and each fiscal year thereafter, the Board shall submit to Congress a budget proposal. (B) Initial submission to OMB Prior to the submission to Congress of a budget proposal under subparagraph (A), the Board shall submit the applicable budget proposal to the Director of the Office of Management and Budget, who shall provide advice and recommendations on the proposal before returning the proposal to the University for submission to Congress under that subparagraph. (2) Requirements A budget proposal submitted under paragraph (1)(A) shall— (A) be submitted not later than April 1 of each calendar year; and (B) propose a budget for the University for the 2 fiscal years succeeding the fiscal year during which the proposal is submitted. (3) No consideration of fundraising or bequests In determining the amount of funds to be appropriated to the University on the basis of a budget proposal submitted under paragraph (1)(A), Congress shall not consider the amount of private fundraising or bequests made on behalf of the University during any preceding fiscal year.