- Accountability“(a) Regulations and policies normally applicable to United States financial assistance to its state and local governments, as set forth in the 2004 Fiscal Procedures Agreement, shall apply to each grant described in section 211, except as modified in the Agreement Concerning Procedures for the Implementation of United States Economic Assistance Provided in the 2023 Amended Compact Between the Government of the United States of America and the Government of the Republic of the Marshall Islands, done at Honolulu on October 16, 2023 (‘2023 Fiscal Procedures Agreement’), and to grants administered under section 221 made before FY 2024, except as modified in the separate agreements referred to in section 231 of this Compact, as amended, or by United States law. Through FY 2023, as set forth in the 2004 Fiscal Procedures Agreement, reasonable terms and conditions, including annual performance indicators that are necessary to ensure effective use of United States assistance and reasonable progress toward achieving program objectives, may be attached. In addition, through FY 2023, the Government of the United States may seek appropriate remedies for noncompliance with the terms and conditions attached to the assistance, or for failure to comply with section 234, including withholding assistance.
“(b) The Government of the United States shall, for each fiscal year of the twenty years during which assistance is to be provided on a sector grant basis under section 2ll(a), grant the Government of the Republic of the Marshall Islands an amount equal to the lesser of (i) one half of the reasonable, properly documented cost incurred during such fiscal year to conduct the annual audit required under Article VIII(2) of the 2004 Fiscal Procedures Agreement or (ii) $500,000. Such amount shall not be adjusted for inflation under section 218 or otherwise.
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