31 U.S.C. § 9106 — Management reports

Page 577 TITLE 31—MONEY AND FINANCE § 9106 In subsection (b)(1), the words ‘‘pursuant to law’’ are omitted as surplus. In subsection (b)(2), the words ‘‘may make a con- tract’’ are substituted for ‘‘is authorized in his discre- tion to employ by contract’’ to eliminate unnecessary words. In subsection (c), before clause (1), the words ‘‘at the place or places’’ and ‘‘of the respective corporations’’ are omitted as surplus. The words ‘‘A Government cor- poration shall’’ are added for clarity. In clause (1), the words ‘‘make available . . . for audit all records’’ are substituted for ‘‘The representatives of . . . shall have access to all books, accounts, financial records, re- ports, files, and all other papers’’ for consistency and because of the restatement. The words ‘‘things, or’’ are omitted because they are included in ‘‘property’’. In clause (2), the word ‘‘full’’ is omitted as surplus. Subsection (d) is substituted for 31:850(1st sentence proviso words before 7th comma) because of the re- statement. In subsection (e), the words ‘‘The Comptroller Gen- eral shall pay the cost of an audit’’ are substituted for ‘‘The expenses of auditing the financial transactions of wholly owned and mixed-ownership Government cor- porations as provided in sections 850 and 857 of this title shall be borne out of appropriations to the General Accounting Office’’ to eliminate unnecessary words. The words ‘‘full’’ and ‘‘otherwise . . . funds of any . . . be used to . . . of the offices’’ are omitted as surplus. The words ‘‘except the cost of such audits contracted for and undertaken prior to April 25, 1945’’ are omitted as executed. Subsection (g) is substituted for 31:866(a)(words be- tween 1st comma and 1st proviso) for clarity and con- sistency. Editorial Notes AMENDMENTS 2022—Subsec. (a)(1). Pub. L. 117–286 substituted ‘‘chap- ter 4 of title 5,’’ for ‘‘the Inspector General Act of 1978 (5 U.S.C. App.),’’. 1993—Subsec. (a)(1). Pub. L. 103–82 inserted ‘‘, or under other Federal law,’’ before ‘‘or by an inde- pendent’’. 1990—Pub. L. 101–576 amended section generally. Prior to amendment, section required Comptroller General to audit financial transactions of Government corpora- tions at least once every 3 years, the Federal Savings and Loan Insurance Corporation and Federal home loan banks each year, the Federal Asset Disposition Asso- ciation and the Federal Agricultural Mortgage Cor- poration as necessary; suggested that Comptroller Gen- eral in conducting an audit use reports of examinations of Government corporation by supervising administra- tive agency and authorized Comptroller General to con- tract for professional services; required audits to be conducted consistent with principles and procedures applicable to commercial corporate transactions; set forth responsibility for payment of audit cost, and au- thorized appropriations. 1989—Subsec. (a)(2). Pub. L. 101–73 struck out ‘‘Fed- eral Savings and Loan Insurance Corporation and’’ after ‘‘The Comptroller General shall audit the’’ and in- serted sentence at end requiring the Comptroller Gen- eral to audit the Resolution Funding Corporation annu- ally. 1988—Subsec. (a)(4). Pub. L. 100–399 substituted ‘‘Cor- poration’’ for ‘‘Association’’ in subpar. (B)(i). Pub. L. 100–233 added par. (4). 1987—Subsec. (a)(3). Pub. L. 100–86 added par. (3). Statutory Notes and Related Subsidiaries CHANGE OF NAME Committee on Governmental Affairs of Senate changed to Committee on Homeland Security and Gov- ernmental Affairs of Senate, effective Jan. 4, 2005, by Senate Resolution No. 445, One Hundred Eighth Con- gress, Oct. 9, 2004. Committee on Government Operations of House of Representatives treated as referring to Committee on Government Reform and Oversight of House of Rep- resentatives by section 1(a) of Pub. L. 104–14, set out as a note preceding section 21 of Title 2, The Congress. Committee on Government Reform and Oversight of House of Representatives changed to Committee on Government Reform of House of Representatives by House Resolution No. 5, One Hundred Sixth Congress, Jan. 6, 1999. Committee on Government Reform of House of Representatives changed to Committee on Oversight and Government Reform of House of Rep- resentatives by House Resolution No. 6, One Hundred Tenth Congress, Jan. 5, 2007. Committee on Oversight and Government Reform of House of Representatives changed to Committee on Oversight and Reform of House of Representatives by House Resolution No. 6, One Hundred Sixteenth Congress, Jan. 9, 2019. Com- mittee on Oversight and Reform of House of Represent- atives changed to Committee on Oversight and Ac- countability of House of Representatives by House Res- olution No. 5, One Hundred Eighteenth Congress, Jan. 9, 2023. EFFECTIVE DATE OF 1993 AMENDMENT Amendment by Pub. L. 103–82 effective Oct. 1, 1993, see section 202(i) of Pub. L. 103–82, set out as an Effec- tive Date note under section 12651 of Title 42, The Pub- lic Health and Welfare. EFFECTIVE DATE OF 1988 AMENDMENT Amendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of Title 12, Banks and Banking. DEPOSIT OF FUNDS REIMBURSED TO COMPTROLLER GEN- ERAL TO APPROPRIATION OF GOVERNMENT ACCOUNT- ABILITY OFFICE Pub. L. 106–57, title II, Sept. 29, 1999, 113 Stat. 426, as amended by Pub. L. 108–271, § 8(b), July 7, 2004, 118 Stat. 814, provided in part: ‘‘That notwithstanding 31 U.S.C. 9105 hereafter amounts reimbursed to the Comptroller General pursuant to that section shall be deposited to the appropriation of the Government Accountability Office then available and remain available until ex- pended’’. Similar provisions were contained in the following prior appropriation acts: Pub. L. 105–275, title II, Oct. 21, 1998, 112 Stat. 2450. Pub. L. 105–55, title II, Oct. 7, 1997, 111 Stat. 1196. Pub. L. 104–197, title II, Sept. 16, 1996, 110 Stat. 2411. Pub. L. 104–53, title II, Nov. 19, 1995, 109 Stat. 534. Pub. L. 103–283, title II, July 22, 1994, 108 Stat. 1440. § 9106. Management reports (a)(1) A Government corporation shall submit an annual management report to the Congress not later than 180 days after the end of the Gov- ernment corporation’s fiscal year. (2) A management report under this sub- section shall include— (A) a statement of financial position; (B) a statement of operations; (C) a statement of cash flows; (D) a reconciliation to the budget report of the Government corporation, if applicable; (E) a statement on internal accounting and administrative control systems by the head of the management of the corporation, con- sistent with the requirements for agency statements on internal accounting and admin- istrative control systems under the amend- ments made by the Federal Managers’ Finan- cial Integrity Act of 1982 (Public Law 97–255); Page 578 TITLE 31—MONEY AND FINANCE § 9107 (F) the report resulting from an audit of the financial statements of the corporation con- ducted under section 9105 of this title; and (G) any other comments and information necessary to inform the Congress about the operations and financial condition of the cor- poration. (b) A Government corporation shall provide the President, the Director of the Office of Man- agement and Budget, and the Comptroller Gen- eral of the United States a copy of the manage- ment report when it is submitted to Congress. (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 1044; Pub. L. 101–576, title III, § 306(a), Nov. 15, 1990, 104 Stat. 2854.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 9106(a) ..... 31:851(1st–3d sen- tences). Dec. 6, 1945, ch. 557, § 106, 59 Stat. 599; Aug. 30, 1964, Pub. L. 88–518, § 2(b), 78 Stat. 698; Jan. 2, 1975, Pub. L. 93–604, § 601(b), 88 Stat. 1962. 31:858(1st–3d sen- tences). Dec. 6, 1945, ch. 557, § 203, 59 Stat. 600; Aug. 30, 1964, Pub. L. 88–518, § 1(b), 78 Stat. 698; Jan. 2, 1975, Pub. L. 93–604, § 601(d), 88 Stat. 1963. 9106(b) ..... 31:851(last sen- tence). 31:858(last sen- tence). In subsection (a), before clause (1), the words ‘‘of a Government corporation’’ are added for clarity. In clause (5), the words ‘‘program, expenditure, or other’’, ‘‘observed in the course of the audit’’, and ‘‘of law’’ are omitted as surplus. In clause (6), the word ‘‘statement’’ is substituted for ‘‘report’’ for consistency. The words ‘‘noted in the audit’’ are omitted as surplus. The word ‘‘made’’ is substituted for ‘‘accomplished’’ for consist- ency. In clause (7), the word ‘‘other’’ is added for clar- ity because of the restatement. The words ‘‘with re- spect thereto’’ are omitted as surplus. In subsection (b), the words ‘‘The Comptroller Gen- eral’’ are added for clarity. Editorial Notes REFERENCES IN TEXT The Federal Managers’ Financial Integrity Act of 1982, referred to in subsec. (a)(2)(E), is Pub. L. 97–255, Sept. 8, 1982, 96 Stat. 814, which added subsec. (d) to sec- tion 66a of former Title 31, Money and Finance. Section 66a of former Title 31 was repealed by Pub. L. 97–258, § 5(b), Sept. 13, 1982, 96 Stat. 1068, and reenacted by the first section thereof as section 3512 of this title. Provi- sions relating to statements on internal accounting and administrative control systems are restated in sec- tion 3512(d)(2) and (3) of this title. AMENDMENTS 1990—Pub. L. 101–576 substituted ‘‘Management’’ for ‘‘Audit’’ in section catchline and amended text of sec- tion generally. Prior to amendment, section read as follows: ‘‘(a) The Comptroller General shall submit to Con- gress a report on each audit of a Government corpora- tion under section 9105 of this title not later than 6.5 months after the end of the last year covered by the audit. The report shall state the scope of the audit and include— ‘‘(1) a statement (showing intercorporate relations) of assets, liabilities, capital, and surplus or deficit; ‘‘(2) a statement of surplus or deficit analysis; ‘‘(3) a statement of income and expenditures; ‘‘(4) a statement of sources and the use of money; ‘‘(5) specifically each financial transaction or un- dertaking the Comptroller General believes was car- ried out or made without authority of law; ‘‘(6) comments and information the Comptroller General considers necessary to keep Congress in- formed about the operations and financial condition of the Government corporation, including a state- ment of impaired capital noticed and recommenda- tions for the return of capital of the United States Government or the payment of dividends the Comp- troller General believes should be made; and ‘‘(7) other recommendations the Comptroller Gen- eral considers advisable. ‘‘(b) The Comptroller General shall give the Presi- dent, the Secretary of the Treasury, and the Govern- ment corporation a copy of the report when it is sub- mitted to Congress.’’ § 9107. Accounts (a) With the approval of the Comptroller Gen- eral, a Government corporation may consolidate its cash into an account if the cash will be ex- pended as provided by law. (b) The Secretary of the Treasury shall keep the accounts of a Government corporation. If the Secretary approves, a Federal reserve bank or a bank designated as a depositary or fiscal agent of the United States Government may keep the accounts. The Secretary may waive the requirements of this subsection. (c)(1) Subsection (b) of this section does not apply to maintaining a temporary account of not more than $50,000 in one bank. (2) Subsection (b) of this section does not apply to a mixed-ownership Government cor- poration when the corporation has no capital of the Government. (3) Subsection (b) of this section does not apply to the Federal Intermediate Credit Banks, the Central Bank for Cooperatives, the Regional Banks for Cooperatives, or the Federal Land Banks. However, the head of each of those banks shall report each year to the Secretary the names of depositaries where accounts are kept. If the Secretary considers it advisable when an annual report is received, the Secretary may make a written report to the corporation, the President, and Congress. (Pub. L. 97–258, §§ 1, 2(l)(2), Sept. 13, 1982, 96 Stat. 1044, 1062; Pub. L. 97–452, § 1(27), Jan. 12, 1983, 96 Stat. 2478.) HISTORICAL AND REVISION NOTES 1982 ACT Revised Section Source (U.S. Code) Source (Statutes at Large) 9107(a) ..... 31:870. Aug. 24, 1949, ch. 506, § 309, 63 Stat. 662. 9107(b) ..... 31:867(1st sentence less last proviso). Dec. 6, 1945, ch. 577, § 302, 59 Stat. 601; July 26, 1956, ch. 741, § 201(a)(4), 70 Stat. 667; Aug. 20, 1978, Pub. L. 95–351, § 301(b), 92 Stat. 514; Aug. 13, 1981, Pub. L. 97–35, § 396(h)(2), 95 Stat. 440. 9107(c)(1) 31:867(1st sentence last proviso). 9107(c)(2) 31:868(d)(1st sen- tence related to 31:867). Dec. 6, 1945, ch. 577, § 303(d)(1st sentence related to § 302), 59 Stat. 602. 9107(c)(3) 31:867(last sen- tence). In subsection (a), the words ‘‘After June 30, 1949’’ are omitted as executed. The words ‘‘Government corpora- tion’’ are substituted for ‘‘corporations or agencies sub- ject to this chapter’’ because of section 9101(1) of the re- vised title. The words ‘‘notwithstanding the provisions of any other law’’, ‘‘or more . . . for banking and checking purposes’’, and ‘‘including amounts appro- priated, from whatever source derived’’ are omitted as