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31 U.S.C. § 3515 — Financial statements of agencies

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

31 U.S.C. § 3515 — Financial statements of agencies

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Stable record: federal_law:legal_authorities:record_usc_d1e58a06b2707ac4e2daf43c
Source file: Laws/federal/codes/united-states-code/title-31/section-3515-financial-statements-of-agencies--efbc444c05.md
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Source location: Title 31, Chapter 35, § 3515; chapter-035-accounting-and-collection.md

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**(a)** (1) 11 So in original. No par. (2) has been enacted Except as provided in subsection (e), not later than March 1 of 2003 and each year thereafter, the head of each covered executive agency shall prepare and submit to the Congress and the Director of the Office of Management and Budget an audited financial statement for the preceding fiscal year, covering all accounts and associated activities of each office, bureau, and activity of the agency. **(b)** Each audited financial statement of a covered executive agency under this section shall reflect— (1) the overall financial position of the offices, bureaus, and activities covered by the statement, including assets and liabilities thereof; and (2) results of operations of those offices, bureaus, and activities. **(c)** The Director of the Office of Management and Budget shall identify components of covered executive agencies that shall be required to have audited financial statements meeting the requirements of subsection (b). **(d)** The Director of the Office of Management and Budget shall prescribe the form and content of the financial statements of covered executive agencies under this section, consistent with applicable accounting and financial reporting principles, standards, and requirements. **(e)** (1) The Director of the Office of Management and Budget may exempt a covered executive agency, except an agency described in section 901(b), from the requirements of this section with respect to a fiscal year if— (A) the total amount of budget authority available to the agency for the fiscal year does not exceed $25,000,000; and (B) the Director determines that requiring an annual audited financial statement for the agency with respect to the fiscal year is not warranted due to the absence of risks associated with the agency’s operations, the agency’s demonstrated performance, or other factors that the Director considers relevant. (2) The Director shall annually notify the Committee on Government Reform of the House of Representatives and the Committee on Governmental Affairs of the Senate of each agency the Director has exempted under this subsection and the reasons for each exemption. **(f)** The term “covered executive agency”— (1) means an executive agency that is not required by another provision of Federal law to prepare and submit to the Congress and the Director of the Office of Management and Budget an audited financial statement for each fiscal year, covering all accounts and associated activities of each office, bureau, and activity of the agency; and (2) does not include a corporation, agency, or instrumentality subject to chapter 91 of this title.

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

10 U.S.C. § 240f — Audits: selection of service providers for audit services

The Department of Defense shall select service providers for auditing services based on the best value to the Department, as determined by the resource sponsor for an auditing contract, rather than based on the lowest price technically acceptable service provider.

Source: Supplied U.S. Code snapshot — release unconfirmed · 10 U.S.C. § 240f

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

12 U.S.C. § 1715z–22 — Insurance of mortgages

**(a) Authorization** The Secretary is authorized, upon application by the mortgagee, to insure as hereinafter provided any mortgage offered to him which is eligible for insurance as hereinafter provided, and, upon such terms as the Secretary may prescribe, to make commitments for the insuring of such mortgages prior to the date of their execution or disbursement thereon. **(b) Eligibility for insurance; mortgage limits** To be eligible for insurance under this section a mortgage shall comply with the following: (1) Have been made to, and be held by, a mortgagee approved by the Secretary as responsible and able to service the mortgage properly. (2) Involve a principal obligation (including such initial service charges, appraisal, inspection, and other fees as the Secretary shall approve) in an amount— (A) not to exceed the lesser of— (i) in the case of a 1-family residence, 115 percent of the median 1-family house price in the area, as determined by the Secretary; and in the case of a 2-, 3-, or 4-family residence, the percentage of such median price that bears the same ratio to such median price as the dollar amount limitation determined under the sixth sentence of [section 1454(a)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1454/a/2&num=0&edition=prelim) for a 2-, 3-, or 4-family residence, respectively, bears to the dollar amount limitation determined under such section for a 1-family residence; or (ii) 150 percent of the dollar amount limitation determined under the sixth sentence of such section 1454(a)(2) for a residence of applicable size; except that the dollar amount limitation in effect under this subparagraph for any size residence for any area may not be less than the greater of: (I) the d

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1715z–22

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

31 U.S.C. § 3351 — Definitions

In this subchapter: (1) **Annual financial statement.—** — The term “annual financial statement” means the annual financial statement required under [section 3515 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3515&num=0&edition=prelim) or similar provision of law. (2) **Compliance.—** — The term “compliance” means that an executive agency— (A) has— (i) published improper payments information with the annual financial statement of the executive agency for the most recent fiscal year; and (ii) posted on the website of the executive agency that statement and any accompanying materials required under guidance of the Office of Management and Budget; (B) if required, has conducted a program specific risk assessment for each program or activity that conforms with the requirements under section 3352(a); (C) if required, publishes improper payments estimates for all programs and activities identified under section 3352(a) in the accompanying materials to the annual financial statement; (D) publishes programmatic corrective action plans prepared under section 3352(d) that the executive agency may have in the accompanying materials to the annual financial statement; (E) publishes improper payments reduction targets established under section 3352(d) that the executive agency may have in the accompanying materials to the annual financial statement for each program or activity assessed to be at risk, and has demonstrated improvements and developed a plan to meet the reduction targets; and (F) has reported an improper payment rate of less than 10 percent for each program and activity for which an estimate was published under section 3352(c). (3) **Do not pay initiative.—** — The term “Do Not Pay Initiative” me

Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 3351

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

31 U.S.C. § 3501 — Definition

In this chapter, “executive agency” does not include (except in section 3513) a corporation, agency, or instrumentality subject to chapter 91 of this title.

Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 3501

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

31 U.S.C. § 3512 — Executive agency accounting and other financial management reports and plans

**(a)** (1) The Director of the Office of Management and Budget shall prepare and submit to the appropriate committees of the Congress and make available on a website described in section 1122 a financial management status report and a governmentwide 5-year financial management plan. (2) A financial management status report under this subsection shall include— (A) a description and analysis of the status of financial management in the executive branch; (B) a summary of the most recently completed financial statements— (i) of Federal agencies under [section 3515 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3515&num=0&edition=prelim); and (ii) of Government corporations; (C) a summary of the most recently completed financial statement audits and reports— (i) of Federal agencies under section 3521(e) and (f) of this title; and (ii) of Government corporations; (D) a summary of reports on internal accounting and administrative control systems submitted to the President and the Congress under the amendments made by the Federal Managers’ Financial Integrity Act of 1982 (Public Law 97–255); (E) a listing of agencies whose financial management systems do not comply substantially with the requirements of Section 11 So in original. Probably should not be capitalized. 3(a) 22 So in original. Probably should be followed by “of”. See References in Text note below. the Federal Financial Management Improvement Act of 1996, and a summary statement of the efforts underway to remedy the noncompliance; and (F) any other information the Director considers appropriate to fully inform the Congress regarding the financial management of the Federal Government. (3) (A) A governmentwide 5-year financial mana

Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 3512

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

31 U.S.C. § 3521 — Audits by agencies

**(a)** Each account of an agency shall be audited administratively before being submitted to the Comptroller General. The head of each agency shall prescribe regulations for conducting the audit and designate a place at which the audit is to be conducted. However, a disbursing official of an executive agency may not administratively audit vouchers for which the official is responsible. With the consent of the Comptroller General, the head of the agency may waive any part of an audit. **(b)** The head of an agency may prescribe a statistical sampling procedure to audit vouchers of the agency when the head of the agency decides economies will result from using the procedure. The Comptroller General— (1) may prescribe the maximum amount of a voucher that may be audited under this subsection; and (2) in reviewing the accounting system of the agency, shall evaluate the adequacy and effectiveness of the procedure. **(c)** A disbursing or certifying official acting in good faith under subsection (b) of this section is not liable for a payment or certification of a voucher not audited specifically because of the procedure prescribed under subsection (b) if the official and the head of the agency carry out diligently collection action the Comptroller General prescribes. **(d)** Subsections (b) and (c) of this section do not— (1) affect the liability, or authorize the relief, of a payee, beneficiary, or recipient of an illegal, improper, or incorrect payment; or (2) relieve a disbursing or certifying official, the head of an agency, or the Comptroller General of responsibility in carrying out collection action against a payee, beneficiary, or recipient. **(e)** Each financial statement prepared under section 3515 by an agency shall be audited in accordance with applicabl

Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 3521

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

31 U.S.C. § 902 — Authority and functions of agency Chief Financial Officers

**(a)** An agency Chief Financial Officer shall— (1) report directly to the head of the agency regarding financial management matters; (2) oversee all financial management activities relating to the programs and operations of the agency; (3) develop and maintain an integrated agency accounting and financial management system, including financial reporting and internal controls, which— (A) complies with applicable accounting principles, standards, and requirements, and internal control standards; (B) complies with such policies and requirements as may be prescribed by the Director of the Office of Management and Budget; (C) complies with any other requirements applicable to such systems; and (D) provides for— (i) complete, reliable, consistent, and timely information which is prepared on a uniform basis and which is responsive to the financial information needs of agency management; (ii) the development and reporting of cost information; (iii) the integration of accounting and budgeting information; and (iv) the systematic measurement of performance; (4) make recommendations to the head of the agency regarding the selection of the Deputy Chief Financial Officer of the agency; (5) direct, manage, and provide policy guidance and oversight of agency financial management personnel, activities, and operations, including— (A) the preparation and annual revision of an agency plan to— (i) implement the 5-year financial management plan prepared by the Director of the Office of Management and Budget under [section 3512(a)(3) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3512/a/3&num=0&edition=prelim); and (ii) comply with the requirements established under sections 3515 and subsections (

Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 902

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

36 U.S.C. § 2103 — Administrative

**(a) General Authority.—** Subject to appropriations made to carry out this chapter, the American Battle Monuments Commission may— (1) acquire land or an interest in land in a foreign country to carry out the purposes of this chapter, or an executive order conferring duties and powers on the Commission, without submission to the Attorney General under [section 3111 of title 40](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title40-section3111&num=0&edition=prelim); (2) maintain, repair, and operate motor-propelled passenger-carrying vehicles and other property that another department, agency, or instrumentality of the United States Government provides to the Commission; (3) establish offices in the District of Columbia and elsewhere in or outside the United States; (4) rent office and garage space, which may be paid for in advance, in foreign countries; and (5) procure printing, binding, engraving, lithographing, photographing, and typewriting, including the publication of information on United States activities, battlefields, memorials, and cemeteries with respect to which the Commission may exercise any duties and powers. **(b) Disposition of Land.—** Under conditions and in the manner the Commission decides is proper, the Commission may dispose of land or an interest in land in a foreign country that the Commission acquires in connection with its work. **(c) Contracting Out.—** Notwithstanding the requirements of existing laws or regulations, the Commission, under conditions the Commission decides are necessary and proper, may contract for work, supplies, materials, and equipment outside or for use outside the United States and engage the services of architects and other technical and professional personnel. **(d) Delegation.—** Under conditio

Source: Supplied U.S. Code snapshot — release unconfirmed · 36 U.S.C. § 2103

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

38 U.S.C. § 309 — Chief Financial Officer

The Secretary shall designate the Assistant Secretary whose functions include budgetary and financial functions as the Chief Financial Officer of the Department. The Chief Financial Officer shall advise the Secretary on financial management of the Department and shall exercise the authority and carry out the functions specified in [section 902 of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section902&num=0&edition=prelim).

Source: Supplied U.S. Code snapshot — release unconfirmed · 38 U.S.C. § 309

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

31 U.S.C. § 3515 — Financial statements of agencies

Page 275 TITLE 31—MONEY AND FINANCE § 3515 1 So in original. No par. (2) has been enacted ‘‘(B) supporting financial planning or budgeting activities; ‘‘(C) accumulating and reporting costs informa- tion; or ‘‘(D) supporting the preparation of financial statements. ‘‘(6) MIXED SYSTEM.—The term ‘mixed system’ means an information system that supports both fi- nancial and nonfinancial functions of the Federal Government or components thereof. ‘‘SEC. 807. EFFECTIVE DATE. ‘‘This title shall take effect for the fiscal year ending September 30, 1997. ‘‘SEC. 808. REVISION OF SHORT TITLES. ‘‘(a) [Amended section 4001 of Pub. L. 104–106, set out as a Short Title of 1996 Act note under section 101 of Title 41, Public Contracts.] ‘‘(b) [Amended section 5001 of Pub. L. 104–106, div. E, Feb. 10, 1996, 110 Stat. 679, subsequently repealed by Pub. L. 107–217, § 6(b), Aug. 21, 2002, 116 Stat. 1304.] ‘‘(c) Any reference in any law, regulation, document, record, or other paper of the United States to the Fed- eral Acquisition Reform Act of 1996 or to the Informa- tion Technology Management Reform Act of 1996 shall be considered to be a reference to the Clinger-Cohen Act of 1996 [see Short Title of 1996 Act note set out under section 101 of Title 41].’’ § 3513. Financial reporting and accounting sys- tem (a) The Secretary of the Treasury shall pre- pare reports that will inform the President, Con- gress, and the public on the financial operations of the United States Government. The reports shall include financial information the Presi- dent requires. The head of each executive agen- cy shall give the Secretary reports and informa- tion on the financial conditions and operations of the agency the Secretary requires to prepare the reports. (b) The Secretary may— (1

Source: Supplied 2024 U.S. Code historical extraction · 31 U.S.C. § 3515

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