(1)A Government corporation shall submit an annual management report to the Congress not later than 180 days after the end of the Government corporation’s fiscal year.
(2)A management report under this subsection shall include—
(A)a statement of financial position;
(B)a statement of operations;
(C)a statement of cash flows;
(D)a reconciliation to the budget report of the Government corporation, if applicable;
(E)a statement on internal accounting and administrative control systems by the head of the management of the corporation, consistent with the requirements for agency statements on internal accounting and administrative control systems under the amendments made by the Federal Managers’ Financial Integrity Act of 1982 (Public Law 97–255);
(F)the report resulting from an audit of the financial statements of the corporation conducted under section
9105 of this title; and
(G)any other comments and information necessary to inform the Congress about the operations and financial condition of the corporation.
(b)A Government corporation shall provide the President, the Director of the Office of Management and Budget, and the Comptroller General of the United States a copy of the management report when it is submitted to Congress.
In subsection (a), before clause (1), the words “of a Government corporation” are added for clarity. In clause (5), the words “program, expenditure, or other”, “observed in the course of the audit”, and “of law” are omitted as surplus. In clause (6), the word “statement” is substituted for “report” for consistency. The words “noted in the audit” are omitted as surplus. The word “made” is substituted for “accomplished” for consistency. In clause (7), the word “other” is added for clarity because of the restatement. The words “with respect thereto” are omitted as surplus.
In subsection (b), the words “The Comptroller General” are added for clarity.
References in Text
The Federal Managers’ Financial Integrity Act of 1982, referred to in subsec. (a)(2)(E), is Pub. L. 97–255, Sept. 8, 1982, 96 Stat. 814, which added subsec. (d) tosection 66a of former Title 31, Money and Finance. Section 66a of former Title 31 was repealed by Pub. L. 97–258, § 5(b),Sept. 13, 1982, 96 Stat. 1068, and reenacted by the first section thereof as section
3512 of this title. Provisions relating to statements on internal accounting and administrative control systems are restated in section
3512(d)(2) and (3) of this title.
1990—Pub. L. 101–576substituted “Management” for “Audit” in section catchline and amended text of section generally. Prior to amendment, section read as follows:
“(a) The Comptroller General shall submit to Congress a report on each audit of a Government corporation under section
9105 of this title not later than 6.5 months after the end of the last year covered by the audit. The report shall state the scope of the audit and include—
“(1) a statement (showing intercorporate relations) of assets, liabilities, capital, and surplus or deficit;
“(2) a statement of surplus or deficit analysis;
“(3) a statement of income and expenditures;
“(4) a statement of sources and the use of money;
“(5) specifically each financial transaction or undertaking the Comptroller General believes was carried out or made without authority of law;
“(6) comments and information the Comptroller General considers necessary to keep Congress informed about the operations and financial condition of the Government corporation, including a statement of impaired capital noticed and recommendations for the return of capital of the United States Government or the payment of dividends the Comptroller General believes should be made; and
“(7) other recommendations the Comptroller General considers advisable.
“(b) The Comptroller General shall give the President, the Secretary of the Treasury, and the Government corporation a copy of the report when it is submitted to Congress.”
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The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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