About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

FGMSD-80-76 1 (1980-09-24)

handle is hein.gao/gaobabbgp0001 and id is 1 raw text is: by the Of~ice ofC'0 1 Cx B-198730 SEPTEMBER 24, 1980 The Honorable Max S. Baucus Chairman, Subcommittee on Limitations of Contracted and Delegated Authority Committee on the Judiciary 113888 United States Senate Dear Mr. Chairman: Subject: Library of Congress' Revolving Trust Funds§ (FGMSD-80-76) _ This is the second of two letter reports responding to your August 3, 1979, request that we review Federal agency gift funds. The first letter report, Review of Federal Agencies' Gift Funds (FGMSD-80-77), contains our analysis of these funds throughout the Federal Government. This report concerns the Library of Congress' use of its gift authority to establish revolving funds. We are reporting on this use separately because of its uniqueness to the Library. The Library has used its gift authority to establish at least 24 revolving funds which are not specifically approved by the Congress. Together these funds generate approximately $3.7 million annually in receipts from various activities. The activities include, among other things, a photoduplication service, a recording laboratory, and various publications. The Library's disclosure of these activities in the Federal Budget Appendix is inadequate, and its accounting, budgeting, and reporting of them do not meet prescribed procedures. These factors serve to limit congressional knowledge of the Library's revolving funds. NATURE OF REVOLVING FUNDS The general term revolving fund designates a fund established by the Congress to finance a cycle of operations through amounts received by the fund. A Government activity can thus finance a businesslike cycle of operations with a revolving fund. Expenditures from the fund generate receipts which, in turn, a:e earmarked for new expenditures, thereby making the Government activity a self-sustaining enterprise. . .(905009)

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most