; (E) overhead rates associated with each program, service, or activity; and (F) a breakdown of the revenue collected from services provided to the FAA, Department of Transportation, other Federal entities, and non-Federal entities; (3) assess the FAA’s governance and oversight of the Franchise Fund and the programs, service, and activities that use the Franchise Fund, including the use of internal and publicly available performance metrics; (4) evaluate the current and historical unobligated and unexpended balances of the Franchise Fund; and (5) assess the degree to which FAA policies and controls associated with the Franchise Fund conform with generally accepted accounting principles, Federal policies, best practices, or other guidance relating to revolving funds. (c) Report Not later than 180 days after the date of initiation of the audit described in subsection (a), the Inspector General shall submit to the Committee on Transportation and Infrastructure of the House of Representatives and the Committee on Commerce, Science, and Transportation of the Senate a report on the results of the audit, including findings and recommendations. (d) Definition In this section, the term FAA means the Federal Aviation Administration. 550. Report on air traffic control modernization (a) FAA report Not later than 180 days after the date of enactment of this Act, the Chief Operating Officer of the Federal Aviation Administration shall submit to the Committee on Transportation and Infrastructure of the House of Representatives and the Committee on Commerce, Science, and Transportation of the Senate a report describing the multiyear effort of the Administration to modernize the air transportation system (in this section referred to as the modernization effort ), including— (1) the number of years that the modernization effort has been underway as of the date of the report; (2) the total amount of money expended on the modernization effort as of the date of the report (including a description of how that amount was calculated)