25 U.S.C. § 4011 — Responsibility of Secretary to account for

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 an individual Indian which are deposited or invested pursuant to section 162a of this title. (b) Periodic statement of performance Not later than 20 business days after the close of a calendar quarter, the Secretary shall pro- vide 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. 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, and shall include a letter relat- ing to the audit in the first statement of per- formance provided under subsection (b) after the completion of the audit. (Pub. L. 103–412, title I, § 102, Oct. 25, 1994, 108 Stat. 4240.) Statutory Notes and Related Subsidiaries PERFORMANCE AND ACCOUNT STATEMENTS FOR INACTIVE ACCOUNTS Provisions stating that the Secretary was not re- quired to provide a quarterly statement of performance for any Indian trust account that had not had activity for at least 18 months and had a balance of $1.00 or less but was required to issue an annual account statement and maintain a record of any such accounts and to per- mit the balance in each such account to be withdrawn upon the express written request of the account holder, were contained in Department of the Interior, Environ- ment, and Related Agencies Appropriations Act, 2006, Pub. L. 109–54, title I, Aug. 2, 2005, 119 Stat. 519, and were repeated in provisions of subsequent appropria- tions acts which are not set out in the Code. Similar provisions were also contained in the following prior appropriations acts: Pub. L. 108–447, div. E, title I, Dec. 8, 2004, 118 Stat. 3061. Pub. L. 108–108, title I, Nov. 10, 2003, 117 Stat. 1263. Pub. L. 108–7, div. F, title I, Feb. 20, 2003, 117 Stat. 236. Pub. L. 107–63, title I, Nov. 5, 2001, 115 Stat. 435. Pub. L. 106–291, title I, Oct. 11, 2000, 114 Stat. 939. Pub. L. 106–113, div. B, § 1000(a)(3) [title I], Nov. 29, 1999, 113 Stat. 1535, 1501A–153. Pub. L. 105–277, div. A, § 101(e) [title I], Oct. 21, 1998, 112 Stat. 2681–231, 2681–251. § 4012. Authority for payment of claims for inter- est owed The Secretary shall make payments to an in- dividual Indian in full satisfaction of any claim of such individual for interest on amounts de- posited or invested on behalf of such individual before October 25, 1994, retroactive to the date that the Secretary began investing individual Indian monies on a regular basis, to the extent that the claim is identified— (1) by a reconciliation process of individual Indian money accounts, or (2) by the individual and presented to the Secretary with supporting documentation, and is verified by the Secretary pursuant to the Department’s policy for addressing accountholder losses. (Pub. L. 103–412, title I, § 104, Oct. 25, 1994, 108 Stat. 4241.) SUBCHAPTER II—INDIAN TRUST FUND MANAGEMENT PROGRAM § 4021. Purpose The purpose of this subchapter is to allow tribes an opportunity to manage tribal funds currently held in trust by the United States and managed by the Secretary through the Bureau, that, consistent with the trust responsibility of the United States and the principles of self-de- termination, will— (1) give Indian tribal governments greater control over the management of such trust funds; or (2) otherwise demonstrate how the principles of self-determination can work with respect to the management of such trust funds, in a man- ner consistent with the trust responsibility of the United States. (Pub. L. 103–412, title II, § 201, Oct. 25, 1994, 108 Stat. 4242.)