31 U.S.C. § 9104 — Congressional action on budgets of wholly

Page 575 TITLE 31—MONEY AND FINANCE § 9104 this title, see Disposition Table preceding section 101 of this title. DISSOLUTION OF PENNSYLVANIA AVENUE DEVELOPMENT CORPORATION Pennsylvania Avenue Development Corporation dis- solved on or before Apr. 1, 1996, and assets, obligations, indebtedness, and unobligated and unexpended balances of Corporation transferred, see Pub. L. 92–578, § 3, Oct. 27, 1972, 86 Stat. 1267, as amended, which was classified to section 872 of former Title 40, Public Buildings, Property, and Works, prior to repeal by Pub. L. 107–217, § 6(b), Aug. 21, 2002, 116 Stat. 1304. ABOLITION OF UNITED STATES RAILWAY ASSOCIATION AND TRANSFER OF FUNCTIONS The United States Railway Association was abolished effective Apr. 1, 1987, with all powers, duties, rights, and obligations of Association relating to Consolidated Rail Corporation under the Regional Rail Reorganiza- tion Act of 1973 (45 U.S.C. 701 et seq.) transferred to Secretary of Transportation on Jan. 1, 1987, and any se- curities of Corporation held by Association transferred to Secretary of Transportation on Oct. 21, 1986, see sec- tion 1341 of Title 45, Railroads. COMPENSATION PRACTICES OF GOVERNMENT CORPORATIONS For provisions relating to certain bonuses paid by mixed-ownership and wholly owned corporations listed in pars. (2) and (3) of this section, see Ex. Ord. No. 12976, Oct. 5, 1995, 60 F.R. 52829, set out as a note under sec- tion 4501 of Title 5, Government Organization and Em- ployees. § 9102. Establishing and acquiring corporations An agency may establish or acquire a corpora- tion to act as an agency only by or under a law of the United States specifically authorizing the action. (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 1042.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 9102 ......... 31:869(a). Dec. 6, 1945, ch. 557, § 304(a), 59 Stat. 602. The word ‘‘agency’’ is substituted for ‘‘officer or agency of the Federal Government or by any Govern- ment corporation’’ and ‘‘agency or instrumentality of the United States’’ because of section 101 of the revised title, for consistency, and because a Government cor- poration is an ‘‘instrumentality of the United States Government’’. The word ‘‘establish’’ is substituted for ‘‘created, organized’’ to eliminate unnecessary words. The words ‘‘on or after December 6, 1945’’ are omitted as executed. The words ‘‘law of the United States’’ are substituted for ‘‘Act of Congress’’ for consistency. § 9103. Budgets of wholly owned Government corporations (a) Each wholly owned Government corpora- tion shall prepare and submit each year to the President a business-type budget in a way, and before a date, the President prescribes by regu- lation for the budget program. (b) The budget program for each wholly owned Government corporation shall— (1) contain estimates of the financial condi- tion and operations of the corporation for the current and following fiscal years and the con- dition and results of operations in the last fis- cal year; (2) contain statements of financial condi- tion, income and expense, and sources and use of money, an analysis of surplus or deficit, and additional statements and information to make known the financial condition and oper- ations of the corporation, including estimates of operations by major activities, administra- tive expenses, borrowings, the amount of United States Government capital that will be returned to the Treasury during the fiscal year, and appropriations needed to restore capital impairments; and (3) provide for emergencies and contin- gencies and otherwise be flexible so that the corporation may carry out its activities. (c) The President shall submit the budget pro- grams submitted by wholly owned Government corporations (as changed by the President) as part of the budget submitted to Congress under section 1105 of this title. The President there- after may submit changes in a budget program of a corporation at any time. (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 1042.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 9103(a) ..... 31:847(1st sentence). Dec. 6, 1945, ch. 557, § 102, 59 Stat. 598; Sept. 12, 1950, ch. 946, § 105, 64 Stat. 834. 9103(b) ..... 31:847(2d–last sen- tences). 9103(c) ..... 31:848. Dec. 6, 1945, ch. 557, § 103, 59 Stat. 598. In subsection (a), the word ‘‘President’’ is substituted for ‘‘Office of Management and Budget’’ because sec- tions 101 and 102(a) of Reorganization Plan No. 2 of 1970 (eff. July 1, 1970, 84 Stat. 2085) designated the Bureau of the Budget as the Office of Management and Budget and transferred all functions of the Bureau to the President. The words ‘‘in a way, and before a date, the President prescribes by regulation for the budget pro- gram’’ are substituted for ‘‘under such rules and regu- lations as the President may establish as to the date of submission, the form and content, the classifications of data, and the manner in which such budget program shall be prepared and presented’’ to eliminate unneces- sary words. In subsection (b), before clause (1), the words ‘‘budget program’’ are substituted for ‘‘budget program shall be a business-type budget, or plan of operation’’ for con- sistency and to eliminate unnecessary words. In clause (1), the words ‘‘actual’’ and ‘‘completed’’ are omitted as surplus. In clause (2), the words ‘‘as are necessary or desirable’’, ‘‘types of’’, ‘‘together with’’, and ‘‘funds’’ are omitted as surplus. In clause (3), the words ‘‘as au- thorized by law’’ are omitted as surplus. In subsection (c), the words ‘‘as changed’’ are sub- stituted for ‘‘as modified, amended, or revised’’ to eliminate unnecessary words. The word ‘‘submit’’ is substituted for ‘‘transmitted’’ for consistency. The word ‘‘annual’’ is omitted as surplus. The word ‘‘there- after’’ is added for clarity. The text of 31:848 (last par.) is omitted as unnecessary. § 9104. Congressional action on budgets of wholly owned Government corporations (a) Congress shall— (1) consider budget programs for wholly owned Government corporations the President submits; (2) make necessary appropriations author- ized by law; (3) make corporate financial resources avail- able for operating and administrative ex- penses; and Page 576 TITLE 31—MONEY AND FINANCE § 9105 (4) provide for repaying capital and the pay- ment of dividends. (b) This section does not— (1) prevent a wholly owned Government cor- poration from carrying out or financing its ac- tivities as authorized under another law; (2) affect section 26 of the Tennessee Valley Authority Act of 1933 (16 U.S.C. 831y); or (3) affect the authority of a wholly owned Government corporation to make a commit- ment without fiscal year limitation. (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 1043.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 9104(a) ..... 31:849(1st sentence). Dec. 6, 1945, ch. 557, § 104, 59 Stat. 598; restated July 30, 1947, ch. 358, § 307, 61 Stat. 584. 9104(b) ..... 31:849(2d, last sen- tences). In subsection (a), the words ‘‘budget programs for wholly owned Government corporations’’ are sub- stituted for ‘‘Budget programs’’ for clarity and consist- ency. The words ‘‘legislation . . . be enacted’’, ‘‘as may be’’, ‘‘for expenditure’’, ‘‘corporate funds or other’’, ‘‘or limiting the use thereof’’, ‘‘as the Congress may deter- mine’’, and ‘‘funds’’ are omitted as surplus. In subsection (b), the word ‘‘existing’’ is omitted as surplus. In clause (1), the word ‘‘another’’ is added for clarity. In clause (3), the words ‘‘contracts or other’’ and ‘‘reference to’’ are omitted as surplus. § 9105. Audits (a)(1) The financial statements of Government corporations shall be audited by the Inspector General of the corporation appointed under chapter 4 of title 5, or under other Federal law, or by an independent external auditor, as deter- mined by the Inspector General or, if there is no Inspector General, by the head of the corpora- tion. (2) Audits under this section shall be con- ducted in accordance with applicable generally accepted government auditing standards. (3) Upon completion of the audit required by this subsection, the person who audits the state- ment shall submit a report on the audit to the head of the Government corporation, to the Chairman of the Committee on Government Op- erations of the House of Representatives, and to the Chairman of the Committee on Govern- mental Affairs of the Senate. (4) The Comptroller General of the United States— (A) may review any audit of a financial statement conducted under this subsection by an Inspector General or an external auditor; (B) shall report to the Congress, the Director of the Office of Management and Budget, and the head of the Government corporation which prepared the statement, regarding the results of the review and make any recommendation the Comptroller General of the United States considers appropriate; and (C) may audit a financial statement of a Government corporation at the discretion of the Comptroller General or at the request of a committee of the Congress. An audit the Comptroller General performs under this paragraph shall be in lieu of the audit otherwise required by paragraph (1) of this sub- section. Prior to performing such audit, the Comptroller General shall consult with the In- spector General of the agency which prepared the statement. (5) A Government corporation shall reimburse the Comptroller General of the United States for the full cost of any audit conducted by the Comptroller General under this subsection, as determined by the Comptroller General. All re- imbursements received under this paragraph by the Comptroller General of the United States shall be deposited in the Treasury as miscella- neous receipts. (b) Upon request of the Comptroller General of the United States, a Government corporation shall provide to the Comptroller General of the United States all books, accounts, financial records, reports, files, workpapers, and property belonging to or in use by the Government cor- poration and its auditor that the Comptroller General of the United States considers nec- essary to the performance of any audit or review under this section. (c) Activities of the Comptroller General of the United States under this section are in lieu of any audit of the financial transactions of a Government corporation that the Comptroller General is required to make under any other law. (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 1043; Pub. L. 100–86, title IV, § 403, Aug. 10, 1987, 101 Stat. 609; Pub. L. 100–233, title VII, § 703, Jan. 6, 1988, 101 Stat. 1706; Pub. L. 100–399, title VI, § 602, Aug. 17, 1988, 102 Stat. 1006; Pub. L. 101–73, title V, § 511(b)(2), Aug. 9, 1989, 103 Stat. 406; Pub. L. 101–576, title III, § 305, Nov. 15, 1990, 104 Stat. 2853; Pub. L. 103–82, title II, § 202(e)(2), Sept. 21, 1993, 107 Stat. 888; Pub. L. 117–286, § 4(b)(58), Dec. 27, 2022, 136 Stat. 4349.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 9105(a) ..... 31:850(1st sentence 1st–16th, 30th–46th words, 4th–last sentences). Dec. 6, 1945, ch. 557, § 105, 59 Stat. 599; Aug. 30, 1964, Pub. L. 88–518, § 2(a), 78 Stat. 698; Jan. 2, 1975, Pub. L. 93–604, § 601(a), 88 Stat. 1962. 31:857(1st sentence 1st–26th, 39th–last words, 4th–last sentences). Dec. 6, 1945, ch. 557, § 202, 59 Stat. 600; Aug. 30, 1964, Pub. L. 88–518, § 1(a), 78 Stat. 698; Jan. 2, 1975, Pub. L. 93–604, § 601(c), 88 Stat. 1962. 9105(b) ..... 31:866(a)(last pro- viso), (b). Dec. 6, 1945, ch. 557, § 301, 59 Stat. 601. 9105(c) ..... 31:850(1st sentence 17th–29th words, 2d, 3d sentences). 31:857(1st sentence 27th–38th words, 2d, 3d sentences). 9105(d) ..... 31:850(1st sentence proviso). 9105(e) ..... 31:866(a)(words be- fore 1st comma, 1st proviso), (d). 9105(f) ..... 31:866(c). 9105(g) ..... 31:866(a)(words be- tween 1st comma and 1st proviso). In the section, the words ‘‘Comptroller General’’ are substituted for ‘‘General Accounting Office’’ for con- sistency. In subsection (a), the words ‘‘rules and . . . of the United States’’ are omitted as surplus. The words ‘‘United States’’ are added for consistency. The text of 31:850(4th sentence) and 857(4th sentence) and the words ‘‘Effective July 1, 1974’’ are omitted as executed.