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

B-173240 1 (1973-08-30)

handle is hein.gao/gaobadovs0001 and id is 1 raw text is: 1030 COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON. D.C. 20549 o-173240 August 30, 1973 rb iozirable William S. Moorhead Charnn, Foreign Operations and Government Informatioa Subco~mlttee Comittee on Government Operations iggse of Representatives Dear Mr. Chairman: Further reference is made to your letter of February 8, 1973, asking that we consider the propriety of the liquidation by the Agency for International Development (AID) of the working fund described on pages 10-13 of House Report 92-718 and reported in the hearings held by the House Foreign Operations and Government Information Subcommittee, Couittee on Covernment Operations on July 12, 1971, entitled Economy and Efficiency of U.S. Aid Programs in Laos and Cambodia, and the disposition of the interest on those funds. You express the view that the situation regarding such funds is *iilar to that considered In a letter dated January 12, 1973, addressed t Dr. annisl Administrator of AID, by Mr* Stovall, Director of our international Division. That letter concerned an advance by AID of $31 million of a $35 million grant to the United Nations Relief Opera- tion in Dacca (DNRW) for assistance to Bangladesh. While it first was contemplated by AID that the entire grant would be made to finance specific goods and services for Bangladesh assistance, it subsequently was determined that $31 million should be made available as a cash transfer to UNRD, reserving the remaining $4 million to purchase relief comodities requested. The $31 million was advanced to UNROD prior to the time UNROD could effect1vely utilize the funds and, as a result, UNROD was able to earn interest on the funds. Mr. Stovall took the position that the interest earned on such funds should be returned to the WJnited States, citing Comptroller General decision 42 Comp. Gen. 289ot1962) wherein it was held that interest earned on Federal grants belong to the United States rather than to the grantee. The cited decision involved grants made by the United States through the Department of State to American-sponsored schools or libraries abroad. It was held that interest earned on such grant funds accrued

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