12 2 STA T . 1 9 12 PUBLIC LA W 11 0– 2 46—J U NE 1 8, 2008 ‘ ‘ (1)INGE NE RAL.—TheS e cr e ta r ys ha l l m a k ea g ra n tt o a qu al if ie d entity authori z ed to carry out a demonstration p ro - gram under this section. ‘‘( 2 ) M A XIMU MAM O UN T O F GRANT S .—The aggregate amount of grant funds pro v ided to a demonstration program carried out under this section shall not e x ceed $ 2 50, 000. ‘‘( 3 ) TIMING OF GRANT P A Y MENTS.—The Secretary shall pay the amounts a w arded under a grant made under this section— ‘‘( A ) on the awarding of the grant
or ‘‘( B ) pursuant to such payment plan as the qualified entity may specify. ‘‘(e) R EPORTS.— ‘‘(1) ANNUAL PROGRESS REPORTS.— ‘‘(A) IN GENERAL.— N ot later than 6 0 days after the end of the calendar year in which the Secretary authorizes a qualified entity to carry out a demonstration program under this section, and annually thereafter until the conclu- sion of the demonstration program, the qualified entity shall prepare an annual report that includes, for the period covered b y the report— ‘‘(i) an evaluation of the progress of the demonstra- 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 Secretary may require. ‘‘(B) SU B MISSION OF REPORTS.—A qualified entity shall submit each report required under subparagraph (A) to the Secretary. ‘‘(2) REPORTS BY T H ESE C RETARY.—Not later than 1 year after the date on which 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) ANNUAL RE V IE W .—The 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) REGULATIONS.—In 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 authorized to be appropriated to carry out this section $5,000,000 for each of fiscal years 200 8 through 2012. ’ ’.
�
