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25 U.S.C. § 4012 — Responsibility of Secretary to account for daily and annual balances of Indian trust funds

Federal law — U.S. Code and appendices · legal_authorities

25 U.S.C. § 4012 — Responsibility of Secretary to account for daily and annual balances of Indian trust funds

**(a) Requirement to account** The Secretary shall account for the daily and annual balance of all funds held in trust by the United States for the benefit of an Indian tribe or an individual Indian which are deposited or invested pursuant to [section 162a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title25-section162a&num=0&edition=prelim). **(b) Periodic statement of performance** Not later than 20 business days after the close of a calendar quarter, the Secretary shall provide a statement of performance to each Indian tribe and individual with respect to whom funds are deposited or invested pursuant to [section 162a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title25-section162a&num=0&edition=prelim). The statement, for the period concerned, shall identify— (1) the source, type, and status of the funds; (2) the beginning balance; (3) the gains and losses; (4) receipts and disbursements; and (5) the ending balance. **(c) Annual audit** The Secretary shall cause to be conducted an annual audit on a fiscal year basis of all funds held in trust by the United States for the benefit of an Indian tribe or an individual Indian which are deposited or invested pursuant to [section 162a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title25-section162a&num=0&edition=prelim), and shall include a letter relating to the audit in the first statement of performance provided under subsection (b) after the completion of the audit.

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Source location: Title 25, Chapter 42, § 4012; chapter-042-american-indian-trust-fund-management-reform.md

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Federal law — U.S. Code and appendices · legal_authorities

25 U.S.C. § 162a — Deposit of tribal funds in banks; bond or collateral security; investments; collections from irrigation projects; affirmative action required

**(a) Deposit of tribal trust funds in banks** The Secretary of the Interior is hereby authorized in his discretion, and under such rules and regulations as he may prescribe, to withdraw from the United States Treasury and to deposit in banks to be selected by him the common or community funds of any Indian tribe which are, or may hereafter be, held in trust by the United States and on which the United States is not obligated by law to pay interest at higher rates than can be procured from the banks. The said Secretary is also authorized, under such rules and regulations as he may prescribe, to withdraw from the United States Treasury and to deposit in banks to be selected by him the funds held in trust by the United States for the benefit of individual Indians: Provided, That no individual Indian money shall be deposited in any bank until the bank shall have agreed to pay interest thereon at a reasonable rate, subject, however, to the regulations of the Board of Governors of the Federal Reserve System in the case of member banks, and of the Board of Directors of the Federal Deposit Insurance Corporation in the case of insured nonmember banks, except that the payment of interest may be waived in the discretion of the Secretary of the Interior on any deposit which is payable on demand: Provided further, That no tribal or individual Indian money shall be deposited in any bank until the bank shall have furnished an acceptable bond or pledged collateral security therefor in the form of any public-debt obligations of the United States and any bonds, notes, or other obligations which are unconditionally guaranteed as to both interest and principal by the United States, except that no such bond or collateral shall be required to be furnished by any such bank which is entitled

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Federal law — U.S. Code and appendices · legal_authorities

25 U.S.C. § 4012 — Authority for payment of claims for inter-

Page 624 TITLE 25—INDIANS § 4011 (3) The term ‘‘Secretary’’ means the Sec- retary of the Interior. (4) The term ‘‘Office’’ means the Office of Special Trustee for American Indians estab- lished by section 4042 of this title. (5) The term ‘‘Bureau’’ means the Bureau of Indian Affairs within the Department of the Interior. (6) The term ‘‘Department’’ means the De- partment of the Interior. (Pub. L. 103–412, § 2, Oct. 25, 1994, 108 Stat. 4239.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in text, was in the original ‘‘this Act’’, meaning Pub. L. 103–412, Oct. 25, 1994, 108 Stat. 4239, which is classified principally to this chap- ter. For complete classification of this Act to the Code, see Short Title note below and Tables. The Alaska Native Claims Settlement Act, referred to in par. (2), is Pub. L. 92–203, Dec. 18, 1971, 85 Stat. 688, which is classified generally to chapter 33 (§ 1601 et seq.) of Title 43, Public Lands. For complete classification of this Act to the Code, see Short Title note set out under section 1601 of Title 43 and Tables. Statutory Notes and Related Subsidiaries SHORT TITLE Pub. L. 103–412, § 1(a), Oct. 25, 1994, 108 Stat. 4239, pro- vided that: ‘‘This Act [enacting this chapter, amending sections 161a and 162a of this title, and enacting provi- sions set out as a note under section 161a of this title] may be cited as the ‘American Indian Trust Fund Man- agement Reform Act of 1994’.’’ SUBCHAPTER I—RECOGNITION OF TRUST RESPONSIBILITY § 4011. Responsibility of Secretary to account for daily and annual balances of Indian trust funds (a) Requirement to account The Secretary shall account for the daily and annual balance of all funds held in trust by the United States for the benefit of an Indian tribe or a

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