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

B-226692 1 (1988-04-29)

handle is hein.gao/gaobadnbu0001 and id is 1 raw text is: .EThe Comptroller General _of the United States Washington, D.C. 20548 Decision Timber Deposits or Credits--Inclusion in Annual Matterof. Payments to States Pursuant to 16 U.S.C. § 500 File: B-226692 Date: April 29, 1988 DIGEST Deposits or credits established pursuant to contracts for the removal of timber from national forest land should not be included in annual distributions to states under 16 U.S.C. § 500, unless they are earned or offset by the corresponding removal of timber. This decision is based on both generally accepted and specifically applicable accounting principles and on analysis of 16 U.S.C. § 500. DECISION The Secretary of Agriculture requested our decision concerning whether deposits or credits established pursuant to contracts for the removal of timber from national forests may be included in the computation of annual 25 percent payments to states under 16 U.S.C. § 500 prior to those deposits or credits actually being earned or offset by the removal of timber.1/ In addition, in the event that we answer in the negative, the Secretary asked if we would object to a phasing-in of accounting changes to accommodate such a ruling. As discussed in more detail below, we conclude that deposits made by or credits granted to prospective purchasers of timber from national forests should not be included in annual payments to states until those deposits or credits are earned or offset by the corresponding removal of timber. The Forest Service has not given us information that would provide a basis for con- cluding that we have no objection to incremental implemen- tation of the changes. BACKGROUND Since 1908, at the end of each fiscal year, the federal government has paid 25 percent of all moneys received during that year from resource utilization in each national 1/ After consulting the Office of the General Counsel of the Department of Agriculture, we consolidated and rephrased the questions submitted in the Secretary's original request. 6'4W0~33/i55m70 I

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