Annual report

Not later than 2 years after the date of the enactment of this Act, and annually thereafter by March 31st of any year during which the Foundation is operational, the Executive Director of the Foundation shall submit to the appropriate congressional committees a report that— (1) has been approved by the Board of Directors; (2) contains the expectations of the year ahead; and (3) describes— (A) the goals of the Foundation for the upcoming year, including areas to increase operational efficiency and further advance United States policy objectives and national security; (B) lessons learned and best practices developed through projects funded by the Foundation during the prior fiscal year; (C) a project-specific and a portfolio-level report describing— (i) the progress achieved against key performance indicators and the outcomes described in section 6, and (ii) how such progress will benefit the American taxpayer; (D) an assessment of— (i) whether the grant making and financing processes are effective and expeditious; (ii) how any necessary additional efficiencies can be built into future project selection; and (iii) whether project evaluations are successfully measuring outcomes; (E) how the funding and selected projects authorized under this Act were publicized in the selected country to expand recognition for the United States; and (F) an annual financial report from an independent auditor.