Second Chance Reauthorization Act of 2011

Requires, as a condition of receiving financial assistance, the development of a comprehensive reentry strategic plan by grant applicants for adult and juvenile offenders.

Authorizes the Attorney General to make grants to states, local governments, territories, Indian tribes, nonprofit agencies, or any combination thereof to develop, implement, or expand programs that provide alternatives to incarceration and to provide training and technical assistance for grantees.

Directs the Attorney General to identify and publish best practices relating to academic and vocational education for offenders in prisons, jails, and juvenile facilities.

(Sec. 3) Requires the Inspector General of the Department of Justice (DOJ), beginning in FY2012 and every three years thereafter, to conduct an audit of not less than 10% of all grantees awarded funding for grant programs under provisions of the Omnibus Crime Control and Safe Streets Act of 1968 relating to: (1) adult offender reentry demonstration projects; (2) qualified drug treatment programs; (3) grants to develop, implement, and expand comprehensive and clinically-appropriate family-based substance abuse treatment programs as alternatives to incarceration for nonviolent parent drug offenders and grants to provide prison-based family treatment programs for incarcerated parents of minor children; (4) grants to evaluate and improve educational methods at prisons, jails, and juvenile facilities; (5) technology careers training demonstration grants; (6) the offender reentry substance abuse and criminal justice collaboration program; and (7) mentoring grants for nonprofit organizations.

Prohibits a grantee found to have an unresolved audit finding (an audit finding or recommendation that a grantee has used grant funds for an unauthorized expenditure or otherwise unallowable cost that is not closed or resolved during a one-year period beginning on the date of initial notification of the finding or recommendation) from receiving grant funds in the two fiscal years following the fiscal year to which the finding relates.

Prohibits the Attorney General from awarding a grant to a nonprofit organization for a programs subject to an audit if such organization holds money in offshore accounts for the purpose of tax avoidance. Requires such organizations to disclose to the Attorney General the process for determining the compensation of its officers, directors, trustees, and key employees.

(Sec. 4) Repeals provisions of the Act authorizing: (1) the program for responsible reintegration of offenders, (2) the study on the effectiveness of depot naltrexone for heroin addiction, and (3) the Federal Remote Satellite Tracking and Reentry Training (ReStart) Program.

Provides that a prisoner who is serving a term of imprisonment of more than one year, other than a term of life imprisonment, shall receive credit in addition to the time actually served at a rate of 54 days per year of sentence imposed if the Bureau of Prisons determines that the prisoner has displayed exemplary compliance with institutional disciplinary regulations.

Makes any prisoner who, in the judgment of the Director of the Bureau of Prisons, successfully participates in a program that has been demonstrated to reduce recidivism eligible to earn additional credit of up to 60 days per year toward satisfaction of the prisoner's sentence.

Requires the Director to: (1) develop policies to require wardens of prisons and community-based facilities to enter into recidivism reduction partnerships with faith-based and community-based nonprofit organizations that are willing to provide, on a volunteer basis, programs that have been demonstrated to reduce recidivism; and (2) report annually on such partnerships.

(Sec. 5) Directs the Comptroller General to: (1) conduct a study that identifies all programs and initiatives for prisoners in federal custody focusing on prisoner reentry, criminal recidivism, substance abuse treatment, mentoring, or career training and that evaluates whether any are duplicative or overlapping in nature; and (2) report on the study's findings and make recommendations for achieving cost savings.