PUBLIC LAW 104-104—FEB. 8, 1996 110 STAT. 157 Treasury to the President and to the Congress not later than 6 months following the close of such fiscal year. The report shall set forth the scope of the audit and shall include a statement of assets and liabilities, capital and surplus or deficit; a statement of surplus or deficit analysis; a statement of income and expense; a statement of sources and application of funds; and such comments and information as may be deemed necessary to keep the President and the Congress informed of the operations and financial condition of the Fund, together with such recommendations with respect thereto as the Secretary may deem advisable. "(k) DEFINITIONS. —As used in this section: "(1) ELIGIBLE SMALL BUSINESS.— The term 'eligible small business' means business enterprises engaged in the telecommunications industry that have $50,000,000 or less in annual revenues, on average over the past 3 years prior to submitting the application under this section. "(2) FUND.— The term 'Fund' means the Telecommunications Development Fund established pursuant to this section. "(3) TELECOMMLTNICATIONS INDUSTRY.— The term 'telecommunications industry' means communications businesses using regulated or unregulated facilities or services and includes broadcasting, telecommunications, cable, computer, data trginsmission, software, programming, advanced messaging, and electronics businesses.". SEC. 708. NATIONAL EDUCATION TECHNOLOGY FUNDING CORPORA- TION. (a) FINDINGS; PURPOSE.— (1) FINDINGS.— The Congress finds as follows: (A) CORPORATION.—T here has been established in the District of Columbia a private, nonprofit corporation known as the National Education Technology Funding Corporation which is not an agency or independent establishment of the Federal Government. (B) BOARD OF DIRECTORS.— The Corporation is governed by a Board of Directors, as prescribed in the Corporation's articles of incorporation, consisting of 15 members, of which— (i) five members are representative of public agencies representative of schools and public libraries; (ii) five members are representative of State government, including persons knowledgeable about State finance, technology and education; and (iii) five members are representative of the private sector, with expertise in network technology, finance and management. (C) CORPORATE PURPOSES.— The purposes of the Corporation, as set forth in its articles of incorporation, are— (i) to leverage resources and stimulate private investment in education technology infrastructure; (ii) to designate State education technology agencies to receive loans, grants or other forms of assistance from the Corporation; (iii) to establish criteria for encouraging States to— (I) create, maintain, utilize and upgrade interactive high capacity networks capable of providing
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