; and (B) Federal and State law and regulations, executive orders, circulars, policies of the Department, and directives that apply generally to the receipt and expenditure of funds by organizations described in section 501(c)(3) of the Internal Revenue Code of 1986 and exempt from taxation under section 501(a) of such Code. (h) Accountability and oversight (1) Records available to Secretary The records of the Foundation shall be available to the Secretary. (2) Inspector General For the purposes of sections 404(a)(1) and 406(a)(1) of title 5, the programs and operations of the Foundation shall be considered to be programs and operations of the Department with respect to which the Inspector General of the Department has responsibilities under chapter 4 of title 5. (3) Comptroller General The Foundation shall be considered an agency for the purposes of section 716 of title 31 (relating to availability of information and inspection of records by the Comptroller General). (4) Conflict of interest policy Each director, officer, and employee of the Foundation shall be subject to a conflict of interest policy adopted by the Foundation. (5) Annual report by Foundation (A) In general Each year, the Foundation shall submit to the Secretary a report. (B) Elements Each report required by subparagraph (A) shall include the following: (i) A detailed statement of the operations, activities, and accomplishments of the Foundation during the year in which the report is submitted. (ii) The most recent audit of the Foundation under paragraph (6). (iii) The most recent Internal Revenue Service Form 990 Return of Organization Exempt from Income Tax or equivalent and the applicable schedules under such form. (6) Audits of Foundation (A) Revenues in excess of $500,000 If revenues of the Foundation exceed $500,000 in any year, the Foundation shall obtain an audit of the Foundation for that year. (B) Revenues between $100,000 and $500,000 If revenues of the Foundation are between $100,000 and $500,000 each year for three consecutive