; and (2) to the maximum extent practicable, incorporate information and perspectives derived from consultations under paragraph (1). 505. Annual reports (a) In general Not later than 18 months after the date of enactment of this Act, and annually thereafter, the Institute shall submit to the President a report on the activities of the Institute. (b) Requirements The President shall prescribe requirements for the report submitted under subsection (a). 506. Sponsorship (a) Sponsor The Director of the National Institute of Standards and Technology shall be the sponsor of the Institute. (b) Agreement (1) In general The Director of the National Institute of Standards and Technology, in consultation with the Chief Manufacturing Officer, shall enter into a sponsoring agreement with respect to the Institute that requires the Institute carry out functions determined by the Chief Manufacturing Officer that are consistent with the duties described in section 503. (2) Consistency with requirements prescribed by Administrator for Federal Procurement Policy The Administrator for Federal Procurement Policy shall prescribe general requirements for the sponsoring agreement entered into under paragraph (1). VI National Medal of Manufacturing and Industrial Innovation 601. Award (a) Recommendations The President shall from time to time award a medal, to be known as the National Medal of Manufacturing and Industrial Innovation , on the basis of recommendations received from the National Academies of Sciences, the Chief Manufacturing Officer, or on the basis of such other information and evidence as the President determines appropriate, to individuals who in the judgment of the President are deserving of special recognition by reason of outstanding contributions to knowledge in manufacturing and industrial innovation. (b) Number Not more than 20 individuals may be awarded a medal under this section in any one calendar year. (c) Citizenship An individual may not be awarded a medal under this section unless at the time such award is