
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 31USC1554]

 
                       TITLE 31--MONEY AND FINANCE
 
                     SUBTITLE II--THE BUDGET PROCESS
 
                  CHAPTER 15--APPROPRIATION ACCOUNTING
 
                     SUBCHAPTER IV--CLOSING ACCOUNTS
 
Sec. 1554. Audit, control, and reporting

    (a) Any audit requirement, limitation on obligations, or reporting 
requirement that is applicable to an appropriation account shall remain 
applicable to that account after the end of the period of availability 
for obligation of that account.
    (b)(1) After the close of each fiscal year, the head of each agency 
shall submit to the President and the Secretary of the Treasury a report 
regarding the unliquidated obligations, unobligated balances, canceled 
balances, and adjustments made to appropriation accounts of that agency 
during the completed fiscal year. The report shall be submitted no later 
than 15 days after the date on which the President's budget for the next 
fiscal year is submitted to Congress under section 1105 of this title.
    (2) Each report required by this subsection shall--
        (A) provide a description, with reference to the fiscal year of 
    appropriations, of the amount in each account, its source, and an 
    itemization of the appropriations accounts;
        (B) describe all current and expired appropriations accounts;
        (C) describe any payments made under section 1553 of this title;
        (D) describe any adjustment of obligations during that fiscal 
    year pursuant to section 1553 of this title;
        (E) contain a certification by the head of the agency that the 
    obligated balances in each appropriation account of the agency 
    reflect proper existing obligations and that expenditures from the 
    account since the preceding review were supported by a proper 
    obligation of funds and otherwise were proper;
        (F) describe all balances canceled under sections 1552 and 1555 
    of this title.

    (3) The head of each Federal agency shall provide a copy of each 
such report to the Speaker of the House of Representatives and the 
Committee on Appropriations, the Committee on Governmental Affairs, and 
other appropriate oversight and authorizing committees of the Senate.
    (c) The head of each agency shall establish internal controls to 
assure that an adequate review of obligated balances is performed to 
support the certification required by section 1108(c) of this title.

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 936; Pub. L. 101-510, div. A, 
title XIV, Sec. 1405(a)(1), Nov. 5, 1990, 104 Stat. 1677; Pub. L. 102-
190, div. A, title X, Sec. 1004(b), Dec. 5, 1991, 105 Stat. 1457.)

                                          Historical and Revision Notes
-------------------------------------------------------------------------------
---------------------------------
           Revised Section                   Source (U.S. Code)                
Source (Statutes at Large)
-------------------------------------------------------------------------------
---------------------------------
1554(a)..............................  31:703(a)(1st, 2d sentences,    July 25,
 1956, ch. 727, Sec.  3(a), 70
                                        last sentence proviso).         Stat. 6
49; Reorg. Plan No. 2 of 1970,
                                                                        eff. Ju
ly 1, 1970, Sec.  102(a), 84
                                                                        Stat. 2
085; Apr. 21, 1976, Pub. L. 94-
                                                                        273, Se
c.  8(1), 90 Stat. 378.
1554(b)..............................  31:703(a)(3d sentence, last
                                        sentence less proviso).
-------------------------------------------------------------------------------
---------------------------------

    In subsection (a), the words ``head of the agency'' are substituted 
for ``agency concerned'' for consistency. The word ``President'' is 
substituted for ``Director of the Office of Management and Budget'' 
because sections 101 and 102(a) of Reorganization Plan No. 2 of 1970 
(eff. July 1, 1970, 84 Stat. 2085) designated the Bureau of the Budget 
as the Office of Management and Budget and transferred all functions of 
the Bureau to the President.
    In subsection (b), the words ``withdrawal or restoration'' are 
substituted for ``transactions'' the first time it appears.


                               Amendments

    1991--Subsecs. (c), (d). Pub. L. 102-190 redesignated subsec. (d) as 
(c) and struck out former subsec. (c) which read as follows:
    ``(1) The Director of the Congressional Budget Office shall estimate 
each year the effect on the Federal deficit of payments and adjustments 
made with respect to sections 1552 and 1553 of this title. Such estimate 
shall be made separately for accounts of each agency.
    ``(2) The Director shall include in the annual report of the 
Director to the Committees on the Budget of the Senate and House of 
Representatives under paragraph (1) of section 202(f) of the 
Congressional Budget Act of 1974 a statement of the estimates made 
pursuant to paragraph (1) of this subsection during the preceding year 
(including any revisions to estimates contained in earlier reports under 
such paragraph). The Director shall include in any report under 
paragraph (2) of that section any revisions to such estimates made since 
the most recent report under paragraph (1) of such section.''
    1990--Pub. L. 101-510 substituted ``Audit, control, and reporting'' 
for ``Review of appropriation accounts'' in section catchline and 
amended text generally, substituting subsecs. (a) to (d) for former 
subsecs. (a) and (b) which required the head of each agency to annually 
review each appropriation account established by the agency under 
section 1552 of this title.


                    Effective Date of 1990 Amendment

    Amendment by Pub. L. 101-510 applicable to any appropriation account 
the obligated balance of which, on Nov. 5, 1990, has not been 
transferred under section 1552(a)(1) of this title, as in effect Nov. 4, 
1990, with transitional provisions, see section 1405(b) of Pub. L. 101-
510, set out as a note under section 1551 of this title.


     Reporting Requirement Regarding Effect of Certain Payments and 
                     Adjustments on Federal Deficit

    Section 1004(a) of Pub. L. 102-190 provided that: ``At the same time 
that the President submits to Congress the budget for each of fiscal 
years 1993, 1994, 1995, and 1996 under section 1105 of title 31, United 
States Code, the Director of the Office of Management and Budget shall 
submit to Congress a report regarding the effect on the Federal deficit 
of payments and adjustments made with respect to sections 1552 and 1553 
of such title for the fiscal year in which such budget is submitted, the 
fiscal year preceding that fiscal year, and the fiscal year covered by 
that budget. The report shall include separate estimates for the 
accounts of each agency.''
