
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document affected by Public Law 106-531 Section 4(a)]
[CITE: 31USC3515]

 
                       TITLE 31--MONEY AND FINANCE
 
                   SUBTITLE III--FINANCIAL MANAGEMENT
 
                  CHAPTER 35--ACCOUNTING AND COLLECTION
 
    SUBCHAPTER II--ACCOUNTING REQUIREMENTS, SYSTEMS, AND INFORMATION
 
Sec. 3515. Financial statements of agencies

    (a) Not later than March 1 of 1997 and each year thereafter, the 
head of each executive agency identified in section 901(b) of this title 
shall prepare and submit to the Congress and the Director of the Office 
of Management and Budget an audited financial statement for the 
preceding fiscal year, covering all accounts and associated activities 
of each office, bureau, and activity of the agency.
    (b) Each audited financial statement of an executive agency under 
this section shall reflect--
        (1) the overall financial position of the offices, bureaus, and 
    activities covered by the statement, including assets and 
    liabilities thereof; and
        (2) results of operations of those offices, bureaus, and 
    activities.

    (c) The Director of the Office of Management and Budget shall 
identify components of executive agencies that shall be required to have 
audited financial statements meeting the requirements of subsection (b).
    (d) The Director of the Office of Management and Budget shall 
prescribe the form and content of the financial statements of executive 
agencies under this section, consistent with applicable accounting and 
financial reporting principles, standards, and requirements.

(Added Pub. L. 101-576, title III, Sec. 303(a)(1), Nov. 15, 1990, 104 
Stat. 2849; amended Pub. L. 103-356, title IV, Sec. 405(a), Oct. 13, 
1994, 108 Stat. 3415; Pub. L. 106-531, Sec. 4(a), Nov. 22, 2000, 114 
Stat. 2539.)


                               Amendments

    2000--Subsec. (a). Pub. L. 106-531, Sec. 4(a)(1), inserted 
``Congress and the'' before ``Director''.
    Subsecs. (e) to (h). Pub. L. 106-531, Sec. 4(a)(2), struck out 
subsecs. (e) to (h) which read as follows:
    ``(e) The Director of the Office of Management and Budget may waive 
the application of all or part of subsection (a) for financial 
statements required for fiscal years 1996 and 1997.
    ``(f) Not later than March 1 of 1995 and 1996, the head of each 
executive agency identified in section 901(b) of this title and 
designated by the Director of the Office of Management and Budget shall 
prepare and submit to the Director of the Office of Management and 
Budget an audited financial statement for the preceding fiscal year, 
covering all accounts and associated activities of each office, bureau, 
and activity of the agency.
    ``(g) Not later than March 31 of 1995 and 1996, for executive 
agencies not designated by the Director of the Office of Management and 
Budget under subsection (f), the head of each executive agency 
identified in section 901(b) of this title shall prepare and submit to 
the Director of the Office of Management and Budget a financial 
statement for the preceding fiscal year, covering--
        ``(1) each revolving fund and trust fund of the agency; and
        ``(2) to the extent practicable, the accounts of each office, 
    bureau, and activity of the agency which performed substantial 
    commercial functions during the preceding fiscal year.
    ``(h) For purposes of subsection (g), the term `commercial 
functions' includes buying and leasing of real estate, providing 
insurance, making loans and loan guarantees, and other credit programs 
and any activity involving the provision of a service or thing for which 
a fee, royalty, rent, or other charge is imposed by an agency for 
services and things of value it provides.''
    1994--Pub. L. 103-356 amended section generally, revising and 
restating as subsecs. (a) to (h) provisions of former subsecs. (a) to 
(e) which required agency preparation and submission of annual financial 
statements, provided for form and contents of such statements, and 
defined term ``commercial functions'' for purposes of section.


Effective Date; Waiver of Requirement; Resolution Approving Designation 
                               of Agencies

    Section 303(a)(2), (3), (b) of Pub. L. 101-576 provided that section 
3515(e) of this title, as added by section 303(a)(1) of Pub. L. 101-576, 
would take effect on date on which a resolution was passed by Congress 
and approved by the President, provided that Director of Office of 
Management and Budget could, for fiscal year 1991, waive application of 
section 3515(a) of this title with respect to any revolving fund, trust 
fund, or account of an executive agency, and described and specified 
procedures for passage of the resolution.


               Report on Substantial Commercial Functions

    Section 303(c) of Pub. L. 101-576 directed Director of Office of 
Management and Budget, not later than 180 days after Nov. 15, 1990, to 
determine and report to Congress on which executive agencies or parts 
thereof perform substantial commercial functions for which financial 
statements can be prepared practicably under 31 U.S.C. 3515.


Pilot Project for Preparation and Audit of Financial Statements; Report 
                               to Congress

    Section 303(d), (e) of Pub. L. 101-576 directed specific 
departments, administrations, and services by Mar. 31 of 1991, 1992, and 
1993 to prepare and submit to Director of Office of Management and 
Budget financial statements for the preceding fiscal year for the 
accounts of all of the offices, bureaus, and activities, required each 
financial statement to be audited in accordance with 31 U.S.C. section 
3521(e), (f), (g), and (h), and directed Director of Office of 
Management and Budget, not later than June 30, 1993, to report to 
Congress on the financial statements including an analysis of the 
accuracy of the data, the difficulties encountered in preparing the 
data, the benefits derived from preparation of the financial statements, 
and the cost associated with preparing and auditing the financial 
statements.

                  Section Referred to in Other Sections

    This section is referred to in sections 902, 3512, 3521 of this 
title; title 7 section 136a-1; title 12 section 1709; title 36 section 
2103; title 44 section 309.
