The United States property and fiscal officer shall perform such duties as may be assigned to him or her by the Adjutant General. He or she shall make such reports and returns to the Department of the Army and the Air Force or the President of the United States as may be required by law or regulations. He or she shall give such bond to the United States as may be required by the Secretary of the Army and Secretary of the Air Force, respectively, for the faithful accounting, safekeeping, and payment of public money coming into his or her hands or entrusted to him or her for disbursement. To satisfy state bonding requirements, he or she shall be bonded or insured as required by section 11-201.