; (B) enter into contracts and agreements for administrative services; and (C) pay the cost of approved generic research, education, and promotion programs and projects using assessments collected under section 6 , earnings obtained from assessments, and other income of the Board. (2) Requirements Each contract or agreement shall provide that any person who enters into the contract or agreement with the Board shall— (A) develop and submit to the Board a proposed program or project together with a budget that specifies the cost to be incurred to carry out the program or project; (B) keep accurate records of all transactions relating to the contract or agreement; (C) account for funds received and expended in connection with the contract or agreement; (D) make periodic reports to the Board of activities conducted under the contract or agreement; and (E) make such other reports as the Board or the Secretary considers relevant. (3) Failure to approve If the Secretary fails to approve or reject a contract or agreement entered into under paragraph (1) within 60 days of receipt, the contract or agreement shall be deemed approved, unless the Secretary provides to the Board and to Congress, in writing, reasonable justification for the delay and provides a reasonable date by which approval or disapproval will be made. (f) Books and records of Board (1) In general The order shall require the Board to— (A) maintain such books and records (which shall be available to the Secretary for inspection and audit) as the Secretary may require; (B) collect and submit to the Secretary, at any time the Secretary may specify, any information the Secretary may request; and (C) account for the receipt and disbursement of all funds in the possession, or under the control, of the Board. (2) Audits The order shall require the Board to have— (A) the books and records of the Board audited by an independent auditor at the end of each fiscal year