; and (II) a for-profit business entity, academic institution, or nonprofit entity in Israel; or (ii) (I) the Federal Government; and (II) the Government of Israel. (4) Applications To be eligible to receive a grant under this subsection, an applicant shall submit to the Secretary an application for such grant in accordance with procedures established by the Secretary, in consultation with the advisory board established under paragraph (5). (5) Advisory board (A) Establishment The Secretary shall establish an advisory board to— (i) monitor the method by which grants are awarded under this subsection; and (ii) provide to the Secretary periodic performance reviews of actions taken to carry out this subsection. (B) Composition The advisory board established under subparagraph (A) shall be composed of three members, to be appointed by the Secretary, of whom— (i) one shall be a representative of the Federal Government; (ii) one shall be selected from a list of nominees provided by the United States-Israel Binational Science Foundation; and (iii) one shall be selected from a list of nominees provided by the Israel-United States Binational Industrial Research and Development Foundation. (6) Contributed funds Notwithstanding any other provision of law, the Secretary may accept or retain funds contributed by any person, government entity, or organization for purposes of carrying out this subsection. Such funds shall be available, subject to appropriation, without fiscal year limitation. (7) Report Not later than 180 days after the date of completion of a project for which a grant is provided under this subsection, the grant recipient shall submit to the Secretary a report that contains— (A) a description of how the grant funds were used by the recipient