S. 2484: NeighborWorks Accountability Act

This bill, known as the NeighborWorks Accountability Act, aims to enhance accountability and oversight of the Neighborhood Reinvestment Corporation (NRC) by establishing an Office of Inspector General (OIG) specifically for the NRC. The key components of the bill include:

1. Establishment of an Inspector General

The bill authorizes the creation of an Inspector General for the Neighborhood Reinvestment Corporation. This role is intended to provide independent oversight and ensure that the NRC operates effectively and in compliance with relevant laws.

2. Duties and Audits

The bill makes several amendments to the Neighborhood Reinvestment Corporation Act:

• Funding Authority: The bill allows for funds to be appropriated to the Office of Inspector General to carry out its responsibilities.
• Program Operation Exclusion: The Inspector General will not take over the program operating responsibilities of the NRC, such as overseeing grantee functions or conducting organizational assessments.

3. Independent Audits

The bill requires that the NRC's accounts be audited annually by an independent external auditor. This audit will be separate from any audit functions performed by the Office of Inspector General. The auditing must comply with generally accepted auditing standards and be conducted by certified public accountants.

4. Implications of the Bill

By requiring these audits and establishing an independent oversight body, the bill aims to enhance financial transparency and accountability within the NRC, potentially addressing any issues of oversight and ethical management within the organization.

Relevant Companies

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