31 U.S. Code § 322 - Working capital fund

(a) The Department of the Treasury has a working capital fund. Amounts in the fund are available for expenses of operating and maintaining common administrative services of the Department that the Secretary of the Treasury, with the approval of the Director of the Office of Management and Budget, decides may be carried out more advantageously and more economically as central services.
(b) Amounts in the fund remain available until expended. Amounts may be appropriated to the fund.
(c) The fund consists of—
(1) amounts appropriated to the fund;
(2) to the extent transferred to the fund by the Secretary, the reasonable value of supply inventories, equipment, and other assets and inventories on order for providing services out of amounts in the fund, less related liabilities and unpaid obligations;
(3) amounts received from the sale or exchange of property; and
(4) payments received for loss or damage to property of the fund.
(d) The fund shall be reimbursed, or credited with advance payments, from amounts available to the Department or from other sources, for supplies and services at rates that will equal the expenses of operation, including accrual of annual leave and the depreciation of plant and equipment. Amounts the Secretary decides are in excess of the needs of the fund shall be deposited at the end of each fiscal year in the Treasury as miscellaneous receipts.

Source

(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 881; Pub. L. 98–369, div. A, title IV, § 442,July 18, 1984, 98 Stat. 816.)

Historical and Revision Notes
Revised Section Source (U.S. Code) Source (Statutes at Large)
322(a) 31:1033(1st sentence less words between 1st and 3d commas, 2d sentence 1st–9th words). Dec. 31, 1970, Pub. L. 91–614, § 401, 84 Stat. 1846.
322(b) 31:1033(1st sentence words between 1st and 3d commas, last sentence).
322(c) 31:1033(2d sentence less 1st–9th words, 4th sentence).
322(d) 31:1033(3d, 5th sentences).

In subsection (a), the words “Amounts in the fund are available” are added because of the restatement.
In subsection (b), the words “Amounts in the fund remain available until expended” are substituted for “shall be available, without fiscal year limitation” for consistency in the revised title.
In subsection (c)(1), the words “amounts appropriated to the fund” are substituted for “any appropriations made for the purpose of providing capital” to eliminate unnecessary words. In clause (2), the word “reasonable” is substituted for “fair and reasonable” because it is inclusive.
In subsection (d), the words “other Federal agencies” are omitted because they are included in “other sources”.
Amendments

1984—Subsec. (a). Pub. L. 98–369struck out provision placing a $1,000,000 limitation on fund.
Department of the Treasury Franchise Fund

Pub. L. 104–208, div. A, title I, § 101(f) [title I], Sept. 30, 1996, 110 Stat. 3009–314, 3009–316, as amended by Pub. L. 106–554, § 1(a)(3) [title I, § 120], Dec. 21, 2000, 114 Stat. 2763, 2763A–135; Pub. L. 108–7, div. J, title I, § 123,Feb. 20, 2003, 117 Stat. 439; Pub. L. 108–447, div. H, title II, § 219,Dec. 8, 2004, 118 Stat. 3242, provided in part that: “Hereafter There [sic] is established in the Treasury a franchise fund to be available without fiscal year limitation, for expenses and equipment necessary for the maintenance and operation of such financial and administrative support services as the Secretary 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 for the purpose of providing capital, shall be used to capitalize such fund: Provided further, That such fund shall be reimbursed or credited with the payments, including advanced payments, from applicable appropriations and funds available to the Department and other Federal agencies for which such administrative and financial services are performed, at rates which will recover all expenses of operation, including accrued leave, depreciation of fund plant and equipment, amortization of Automatic Data Processing (ADP) software and systems, and an amount necessary to maintain a reasonable operating reserve, as determined by the Secretary: Provided further, That such fund shall provide services on a competitive basis: Provided further, That an amount not to exceed 4 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 Treasury financial management, ADP, and other support systems: Provided further, That no later than 30 days after the end of each fiscal year, amounts in excess of this reserve limitation shall be deposited as miscellaneous receipts in the Treasury.”
[Amendments by Pub. L. 108–447to Pub. L. 104–208, § 101(f) [title I], set out above, were executed to reflect the probable intent of Congress, notwithstanding errors in the directory language.]

The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.

The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013

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31 USCDescription of ChangeSession YearPublic LawStatutes at Large

 

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