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B-301714 1 (2004-01-30)

handle is hein.gao/gaocrptapqb0001 and id is 1 raw text is: .any GAO ..Accountability * Integrity * Reliability United States General Accounting Office Washington, DC 20548 Decision Matter of: File: Date: DIGEST Assignment of Losses Incurred by the Library of Congress FEDLINK Revolving Fund B-301714 January 30, 2004 The Library of Congress has incurred losses as a result of advance payments made for the acquisition of subscriptions by the Federal Library and Information Network (FEDLINK) revolving fund to a contractor who subsequently defaulted and declared bankruptcy. The Library should use the administrative fees that it has collected from all of FEDLINK's customers to cover this loss, rather than assign the loss to the specific agencies whose orders were placed with the contractor. DECISION The Library of Congress has requested our decision concerning the assignment of losses incurred by the Federal Library and Information Network (FEDLINK) revolving fund as a result of advance payments made to a defaulting contractor. Letter from Elizabeth Pugh, General Counsel, The Library of Congress, to Anthony Gamboa, General Counsel, General Accounting Office, August 15, 2003 (Pugh Letter). Specifically, the Library asks whether the revolving fund or the specific agencies on whose behalf the Library had placed orders with the defaulting contractor should bear the cost of the losses associated with the default. If the revolving fund, as opposed to the specific customer agencies, bears the losses, the Library would use the fund's reserve accumulated through the assessment of administrative fees to all of FEDLINK's customers. As explained below, we conclude that the FEDLINK revolving fund should cover the losses. BACKGROUND The Library of Congress operates the FEDLINK intragovernmental revolving fund pursuant to 2 U.S.C. § 182c. FEDLINK is a cooperative procurement, accounting, and training program designed to provide access to online databases, periodical Comptroller General of the United States

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