Indian Arts Amendments Act of 1987

Indian Arts Amendments Act of 1987 - Amends the American Indian, Alaska Native, and Native Hawaiian Culture and Art Development Act concerning: (1) the appointment of the voting members of the initial board of trustees (Board) of the Institute of American Indian and Alaska Native Culture and Arts Development (Institute); (2) the determination of Board members' staggered terms; (3) removal from the Board of the power to obtain insurance; (4) the authority of the President of the Institute to fix the length of the appointments of Institute personnel; (5) certain deadlines and the role of the Advisory Board of the Institute of American Indian Arts and of the Bureau of Indian Affairs with respect to the transfer of functions from the Institute of American Indian Arts to the Institute of American Indian and Alaska Native Culture and Arts Development; and (6) a requirement that the Comptroller General of the United States submit triennially to the Congress and to the Board a complete financial audit of the latter institute.