12 2 STA T . 11 5 1 PUBLIC LA W 11 0– 2 34—M A Y 22 , 200 8shal l pre pare a n ann u al rep o r t that i n c lu d es ,f or the period co v ered by the report —‘ ‘ ( i ) an evaluation of the pro g ress of the de m onstra - tion program
‘‘(ii) information about the demonstration program, including the eligible participants and the individual development accounts that have been established; and ‘‘(iii) such other information as the S ecretary may re q uire . ‘‘( B )S UBMIS SI ON O FREP OR T S.— A qualified entity shall submit each report required under subparagraph (A) to the Secretary. ‘‘( 2 ) R EPORTS B Y T H ESE C RET A RY.— N ot later than 1 year after the date on w hich all demonstration programs under this section are concluded, the Secretary shall submit to C on- gress a final report that describes the results and findings of all reports and evaluations carried out under this section. ‘‘(f) ANNUA L RE V IE W .— T he Secretary may conduct an annual review of the financial records of a qualified entity— ‘‘(1) to assess the financial soundness of the qualified entity; and ‘‘(2) to determine the use of grant funds made available to the qualified entity under this section. ‘‘(g) RE G ULATIONS.— I n carrying out this section, the Secretary may promulgate regulations to ensure that the program includes provisions for— ‘‘(1) the termination of demonstration programs; ‘‘(2) control of the reserve funds in the case of such a termination; ‘‘( 3 ) transfer of demonstration programs to other qualified entities; and ‘‘( 4 ) remissions from a reserve fund to the Secretary in a case in which a demonstration program is terminated without transfer to a new qualified entity. ‘‘(h) AUTHORI Z ATION OF APPROPRIATIONS.—There is authori z ed to be appropriated to carry out this section $5 , 0 00,000 for each of fiscal years 200 8 through 2012. ’ ’. SEC.5302 . INV EN TORY S AL ES P RE F ERENCES
LOAN F U N D SET - ASIDES. (a) INVENTORY SALES P REFERENCES.—Section 335(c) of the Consolidated F arm and Rural D evelopment Act ( 7U .S.C. 1 9 85(c)) is amended— (1) in paragraph (1)— (A) in subparagraph (B)— (i) in the subparagraph heading, by inserting ‘‘; SOCIALLY D ISADVANTAGED FARMER OR RANCHER’’ after ‘‘OR RANCHER’’; (ii) in clause (i), by inserting ‘‘ or a socially dis- advantaged farmer or rancher’’ after ‘‘or rancher’’; (iii) in clause (ii), by inserting ‘‘or socially disadvan- taged farmer or rancher’’ after ‘‘or rancher’’; (iv) in clause (iii), by inserting ‘‘or a socially dis- advantaged farmer or rancher’’ after ‘‘or rancher’’; and (v) in clause (iv), by stri k ing ‘‘and ranchers’’ and inserting ‘‘or ranchers and socially disadvantaged farmers or ranchers’’; and
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