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Title 15, Commerce and TradeRelease 119-110

§278b Working Capital Fund

Title 15 › CHAPTER 7 — NATIONAL INSTITUTE OF STANDARDS AND TECHNOLOGY › § 278b

Last updated Sep 22, 2026|Official source

Summary

Authorizes the Institute to use the Working Capital Fund created by the Act of June 29, 1950 (64 Stat. 275). The fund can pay for activities the chapter allows and for work covered by appropriations that repay the fund. It may be reimbursed for car rental, consultant hire, and travel to meetings when those costs are allowed under Department of Commerce appropriations. The fund may also receive advances and payments, including money from non‑Federal sources, for services under section 273. "Cost" means direct expenses plus appropriate indirect and administrative charges. Any net income the fund earns at the end of each fiscal year must go into the general fund of the Treasury, except that the income may first be used to fix past shortfalls and to keep enough working capital to replace equipment and inventories.

Full Legal Text

Title 15, §278b

Commerce and Trade, Source: USLM XML via OLRC

(a)Utilization
The Institute is authorized to utilize in the performance of its functions the Working Capital Fund established by the Act of June 29, 1950 (64 Stat. 275).
(b)Availability of Fund
The working capital of the fund shall be available for obligation and payment for any activities authorized by this chapter, and for any activities for which provision is made in the appropriations which reimburse the fund.
(c)Reimbursements
In the performance of authorized activities, the Working Capital Fund shall be available and may be reimbursed for expenses of hire of automobile, hire of consultants, and travel to meetings, to the extent that such expenses are authorized for the appropriations of the Department of Commerce.
(d)Credits
The fund may be credited with advances and reimbursements, including receipts from non-Federal sources, for services performed under the authority of section 273 of this title.
(e)“Cost” defined
As used in this chapter, the term “cost” shall be construed to include directly related expenses and appropriate charges for indirect and administrative expenses.
(f)Distribution of earnings; restoration of prior impairment
The amount of any earned net income resulting from the operation of the fund at the close of each fiscal year shall be paid into the general fund of the Treasury: Provided, That such earned net income may be applied to restore any prior impairment of the fund, and to ensure the availability of working capital necessary to replace equipment and inventories.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

References in Text

Act of June 29, 1950 (64 Stat. 275), referred to in subsec. (a), was the Deficiency Appropriation Act, 1950. Provisions thereof relating to Working Capital Fund are not classified to the Code.

Prior Provisions

A prior section 12 of act Mar. 3, 1901, ch. 872, as added by act July 22, 1950, ch. 486, § 2, 64 Stat. 373, related to equipment purchased by Department of Commerce to carry out investigations, prior to repeal by act Aug. 3, 1956.

Amendments

1988—Subsec. (a). Pub. L. 100–418 substituted “Institute” for “National Bureau of Standards”. 1985—Subsec. (f). Pub. L. 99–73 struck out “first” after “may be applied”, and inserted provisions relating to working capital for replacement of equipment and inventories. 1978—Subsec. (a). Pub. L. 95–322 struck out “, and additional amounts as from time to time may be required for the purposes of said fund are authorized to be appropriated” after “(64 Stat. 275)”.

Statutory Notes and Related Subsidiaries

Effective Date

of 1985 AmendmentAmendment by Pub. L. 99–73 effective Oct. 1, 1984, see section 5(c) of Pub. L. 99–73, set out as an

Effective Date

note under section 275c of this title.

Reference

Citations & Metadata

Citation

15 U.S.C. § 278b

Title 15, Commerce and Trade

Last Updated

Sep 22, 2026

Release point: 119-110