§3483 Working Capital Fund

Summary

The Secretary, with OMB approval, can create a working capital fund for the Department. The fund can be used across years to pay for shared office services that save money and work better, such as a central supply system, messenger and mail and phone services, office space and document copying and graphics, and a central library. The fund’s money comes from appropriations and from the fair value of supplies, equipment, and other assets the Secretary moves into the fund, minus related debts. Department units must pay in advance for supplies and services at rates that match the fund’s costs, including accrued leave and equipment depreciation. The fund also keeps proceeds from selling or exchanging property and from payments for loss or damage. Any surplus beyond the amounts put in must be sent to the Treasury. Stocks, equipment, assets, liabilities, and unpaid obligations for the covered services can be transferred into the fund with OMB approval.