42 U.S.C. § 4370e: Working capital fund in…

Summary

A Working Capital Fund is set up in the Treasury to pay for central administrative services and needed equipment. Existing inventories, equipment, and other related assets, minus liabilities or unpaid bills, plus any future capital appropriations, will be used to start or add to the fund. Agencies that use the services must pay in advance or reimburse the fund. Rates must cover all operating costs, including accrued leave, depreciation of plant and equipment, amortization of ADP software and systems (acquired or donated), and enough to keep a reasonable reserve as the Administrator decides. Services must be offered competitively. Starting in fiscal year 1997 and every year after, up to 4% of the fund’s yearly income may be kept for buying capital equipment and improving financial, ADP, and other support systems; any money above that limit must be sent to the Treasury within 30 days after the fiscal year ends.

Title 42, §4370e

The Public Health and Welfare, Source: USLM XML via OLRC

There is hereby established in the Treasury a “Working capital fund”, to be available without fiscal year limitation for expenses and equipment necessary for the maintenance and operation of such administrative services as the Administrator determines may be performed more advantageously as central services: Provided, That any inventories, equipment, and other assets pertaining to the services to be provided by such fund, either on hand or on order, less the related liabilities or unpaid obligations, and any appropriations made hereafter for the purpose of providing capital, shall be used to capitalize such fund: Provided further, That such fund shall be paid in advance or reimbursed from funds available to the Agency and other Federal agencies for which such centralized services are performed, at rates which will return in full all expenses of operation, including accrued leave, depreciation of fund plant and equipment, amortization of automated data processing (ADP) software and systems (either acquired or donated), and an amount necessary to maintain a reasonable operating reserve, as determined by the Administrator: Provided further, That such fund shall provide services on a competitive basis: Provided further, That an amount not to exceed four percent of the total annual income to such fund may be retained in the fund for fiscal year 1997 and each fiscal year thereafter, to remain available until expended, to be used for the acquisition of capital equipment and for the improvement and implementation of Agency financial management, ADP, and other support systems: Provided further, That no later than thirty days after the end of each fiscal year amounts in excess of this reserve limitation shall be transferred to the Treasury.

Notes & Related Subsidiaries

Editorial Notes

Codification Section was formerly set out as a note under section 501 of Title 31, Money and Finance. Section was enacted as part of the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1997, and not as part of the National Environmental Policy Act of 1969 which comprises this chapter.

Amendments

1998—Pub. L. 105–276, which directed the insertion of “or reimbursed” after “that such fund shall be paid in advance”, was executed by making the insertion after “That such fund shall be paid in advance”, to reflect the probable intent of Congress. 1997—Pub. L. 105–65 substituted “a ‘Working capital fund’ to be available without fiscal year limitation for expenses and equipment” for “a franchise fund pilot to be known as the ‘Working capital fund’, as authorized by section 403 of Public Law 103–356, to be available as provided in such section for expenses and equipment” and struck out proviso at end which read “: Provided further, That such franchise fund pilot shall terminate pursuant to section 403(f) of Public Law 103–356”.

§4370e Working Capital Fund in Treasury

Summary

Title 42, §4370e

Notes & Related Subsidiaries

Editorial Notes

Amendments

Citations & Metadata