
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 106-445 Section 3]
[CITE: 31USC5134]

 
                       TITLE 31--MONEY AND FINANCE
 
                           SUBTITLE IV--MONEY
 
                     CHAPTER 51--COINS AND CURRENCY
 
                   SUBCHAPTER III--UNITED STATES MINT
 
Sec. 5134. Numismatic Public Enterprise Fund

    (a) Definitions.--For purposes of this section--
        (1) Fund.--The term ``Fund'' means the Numismatic Public 
    Enterprise Fund.
        (2) Mint.--The term ``Mint'' means the United States Mint.
        (3) Numismatic item.--The term ``numismatic item'' means any 
    medal, proof coin, uncirculated coin, bullion coin, or other coin 
    specifically designated by statute as a numismatic item, including 
    products and accessories related to any such medal, coin, or item.
        (4) Numismatic operations and programs.--The term ``numismatic 
    operations and programs''--
            (A) means the activities concerning, and assets utilized in, 
        the production, administration, sale, and management of 
        numismatic items and the Numismatic Public Enterprise Fund; and
            (B) includes capital, personnel salaries, functions relating 
        to operations, marketing, distribution, promotion, advertising, 
        and official reception and representation, the acquisition or 
        replacement of equipment, and the renovation or modernization of 
        facilities (other than the construction or acquisition of new 
        buildings).

        (5) Secretary.--The term ``Secretary'' means the Secretary of 
    the Treasury.

    (b) Establishment of Fund.--There is hereby established in the 
Treasury of the United States a revolving Numismatic Public Enterprise 
Fund consisting of amounts deposited in the fund \1\ under subsection 
(c)(2) of this section or section 221(b) of the United States Mint 
Reauthorization and Reform Act of 1992 which shall be available to the 
Secretary for numismatic operations and programs of the United States 
Mint without fiscal year limitation.
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    \1\ So in original. Probably should be capitalized.
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    (c) Operations of the Fund.--
        (1) Payment of expenses.--Any expense incurred by the Secretary 
    for numismatic operations and programs which the Secretary 
    determines, in the Secretary's sole discretion, to be ordinary and 
    reasonable incidents of the numismatic business shall be paid out of 
    the Fund, including any expense incurred pursuant to any obligation 
    or other commitment of Mint numismatic operations and programs which 
    was entered into before the beginning of fiscal year 1993.
        (2) Deposit of receipts.--All receipts from numismatic 
    operations and programs shall be deposited into the Fund, including 
    amounts attributable to any surcharge imposed with respect to the 
    sale of any numismatic item.
        (3) Transfer of seigniorage.--The Secretary shall transfer 
    monthly from the Fund to the general fund of the Treasury an amount 
    equal to the total amount on the seigniorage of numismatic items 
    sold since the date of any preceding transfer.
        (4) Expenses of citizens commemorative coin advisory 
    committee.--For purposes of paragraph (1), any expense incurred by 
    the Secretary in connection with the Citizens Commemorative Coin 
    Advisory Committee established under section 5135 shall be treated 
    as an expense incurred for numismatic operations and programs which 
    is an ordinary and reasonable incident of the numismatic business.
        (5) Transfer of excess amounts to the treasury.--
            (A) In general.--At such times as the Secretary determines 
        to be appropriate, the Secretary shall transfer any amount in 
        the Fund which the Secretary determines to be in excess of the 
        amount required by the Fund to the Treasury for deposit as 
        miscellaneous receipts.
            (B) Report to congress.--The Secretary shall submit an 
        annual report to the Congress containing--
                (i) a statement of the total amount transferred to the 
            Treasury pursuant to subparagraph (A) during the period 
            covered by the report;
                (ii) a statement of the amount by which the amount on 
            deposit in the Fund at the end of the period covered by the 
            report exceeds the estimated operating costs of the Fund for 
            the 1-year period beginning at the end of such period; and
                (iii) an explanation of the specific purposes for which 
            such excess amounts are being retained in the Fund.

    (d) Budget Treatment.--
        (1) In general.--The Secretary shall prepare budgets for the 
    Fund, and estimates and statements of financial condition of the 
    Fund in accordance with the requirements of section 9103 which shall 
    be submitted to the President for inclusion in the budget submitted 
    under section 1105.
        (2) Inclusion in annual report.--Statements of the financial 
    condition of the Fund shall be included in the Secretary's annual 
    report on the operation of the Mint.
        (3) Treatment as wholly owned government corporation for certain 
    purposes.--Section 9104 shall apply to the Fund to the same extent 
    such section applies to wholly owned Government corporations.

    (e) Financial Statements, Audits, and Reports.--
        (1) Annual financial statement required.--By the end of each 
    calendar year, the Secretary shall prepare an annual financial 
    statement of the Fund for the fiscal year which ends during such 
    calendar year.
        (2) Contents of financial statement.--Each statement prepared 
    pursuant to paragraph (1) shall, at a minimum, contain--
            (A) the overall financial position (including assets and 
        liabilities) of the Fund as of the end of the fiscal year;
            (B) the results of the numismatic operations and programs of 
        the Fund during the fiscal year;
            (C) the cash flows or the changes in financial position of 
        the Fund;
            (D) a reconciliation of the financial statement to the 
        budget reports of the Fund; and
            (E) a supplemental schedule detailing--
                (i) the costs and expenses for the production, for the 
            marketing, and for the distribution of each denomination of 
            circulating coins produced by the Mint during the fiscal 
            year and the per-unit cost of producing, of marketing, and 
            of distributing each denomination of such coins; and
                (ii) the gross revenue derived from the sales of each 
            such denomination of coins.

        (3) Annual audits.--
            (A) In general.--Each annual financial statement prepared 
        under paragraph (1) shall be audited--
                (i) by--
                    (I) an independent external auditor; or
                    (II) the Inspector General of the Department of the 
                Treasury,

          as designated by the Secretary; and
                (ii) in accordance with the generally accepted 
            Government auditing standards issued by the Comptroller 
            General of the United States.

            (B) Auditor's report required.--The auditor designated to 
        audit any financial statement of the Fund pursuant to 
        subparagraph (A) shall submit a report--
                (i) to the Secretary by March 31 of the year beginning 
            after the end of the fiscal year covered by such financial 
            statement; and
                (ii) containing the auditor's opinion on--
                    (I) the financial statement of the Fund;
                    (II) the internal accounting and administrative 
                controls and accounting systems of the Fund; and
                    (III) the Fund's compliance with applicable laws and 
                regulations.

        (4) Annual report on fund.--
            (A) Report required.--By April 30 of each year, the 
        Secretary shall submit a report on the Fund for the most 
        recently completed fiscal year to the President, the Congress, 
        and the Director of the Office of Management and Budget.
            (B) Contents of annual report.--The annual report required 
        under subparagraph (A) for any fiscal year shall include--
                (i) the financial statement prepared under paragraph (1) 
            for such fiscal year;
                (ii) the audit report submitted to the Secretary 
            pursuant to paragraph (3)(B) for such fiscal year;
                (iii) a description of activities carried out during 
            such fiscal year;
                (iv) a summary of information relating to numismatic 
            operations and programs contained in the reports on systems 
            on internal accounting and administrative controls and 
            accounting systems submitted to the President and the 
            Congress under section 3512(c);
                (v) a summary of the corrective actions taken with 
            respect to material weaknesses relating to numismatic 
            operations and programs identified in the reports prepared 
            under section 3512(c);
                (vi) any other information the Secretary considers 
            appropriate to fully inform the Congress concerning the 
            financial management of the Fund; and
                (vii) a statement of the total amount of excess funds 
            transferred to the Treasury.

        (5) Marketing report.--
            (A) Report required for 10 years.--For each fiscal year 
        beginning before fiscal year 2003, the Secretary shall submit an 
        annual report on all marketing activities and expenses of the 
        Fund to the Congress before the end of the 3-month period 
        beginning at the end of such fiscal year.
            (B) Contents of report.--The report submitted pursuant to 
        subparagraph (A) shall contain a detailed description of--
                (i) the sources of income including surcharges; and
                (ii) expenses incurred for manufacturing, materials, 
            overhead, packaging, marketing, and shipping.

    (f) Conditions on Payment of Surcharges to Recipient 
Organizations.--
        (1) Payment of surcharges.--Notwithstanding any other provision 
    of law, no amount derived from the proceeds of any surcharge imposed 
    on the sale of any numismatic item shall be paid from the fund \2\ 
    to any designated recipient organization unless--
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    \2\ So in original. Probably should be capitalized.
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            (A) all numismatic operation and program costs allocable to 
        the program under which such numismatic item is produced and 
        sold have been recovered; and
            (B) the designated recipient organization submits an audited 
        financial statement that demonstrates to the satisfaction of the 
        Secretary of the Treasury that, with respect to all projects or 
        purposes for which the proceeds of such surcharge may be used, 
        the organization has raised funds from private sources for such 
        projects and purposes in an amount that is equal to or greater 
        than the maximum amount the organization may receive from the 
        proceeds of such surcharge.

        (2) Annual audits.--
            (A) Annual audits of recipients required.--Each designated 
        recipient organization that receives any payment from the fund 
        \2\ of any amount derived from the proceeds of any surcharge 
        imposed on the sale of any numismatic item shall provide, as a 
        condition for receiving any such amount, for an annual audit, in 
        accordance with generally accepted government auditing standards 
        by an independent public accountant selected by the 
        organization, of all such payments to the organization beginning 
        in the first fiscal year of the organization in which any such 
        amount is received and continuing until all amounts received by 
        such organization from the fund \2\ with respect to such 
        surcharges are fully expended or placed in trust.
            (B) Minimum requirements for annual audits.--At a minimum, 
        each audit of a designated recipient organization pursuant to 
        subparagraph (A) shall report--
                (i) the amount of payments received by the designated 
            recipient organization from the fund \2\ during the fiscal 
            year of the organization for which the audit is conducted 
            that are derived from the proceeds of any surcharge imposed 
            on the sale of any numismatic item;
                (ii) the amount expended by the designated recipient 
            organization from the proceeds of such surcharges during the 
            fiscal year of the organization for which the audit is 
            conducted; and
                (iii) whether all expenditures by the designated 
            recipient organization during the fiscal year of the 
            organization for which the audit is conducted from the 
            proceeds of such surcharges were for authorized purposes.

            (C) Responsibility of organization to account for 
        expenditures of surcharges.--Each designated recipient 
        organization that receives any payment from the fund \2\ of any 
        amount derived from the proceeds of any surcharge imposed on the 
        sale of any numismatic item shall take appropriate steps, as a 
        condition for receiving any such payment, to ensure that the 
        receipt of the payment and the expenditure of the proceeds of 
        such surcharge by the organization in each fiscal year of the 
        organization can be accounted for separately from all other 
        revenues and expenditures of the organization.
            (D) Submission of audit report.--Not later than 90 days 
        after the end of any fiscal year of a designated recipient 
        organization for which an audit is required under subparagraph 
        (A), the organization shall--
                (i) submit a copy of the report to the Secretary of the 
            Treasury; and
                (ii) make a copy of the report available to the public.

            (E) Use of surcharges for audits.--Any designated recipient 
        organization that receives any payment from the fund \2\ of any 
        amount derived from the proceeds of any surcharge imposed on the 
        sale of any numismatic item may use the amount received to pay 
        the cost of an audit required under subparagraph (A).
            (F) Waiver of paragraph.--The Secretary of the Treasury may 
        waive the application of any subparagraph of this paragraph to 
        any designated recipient organization for any fiscal year after 
        taking into account the amount of surcharges that such 
        organization received or expended during such year.
            (G) Nonapplicability to federal entities.--This paragraph 
        shall not apply to any Federal agency or department or any 
        independent establishment in the executive branch that receives 
        any payment from the fund \2\ of any amount derived from the 
        proceeds of any surcharge imposed on the sale of any numismatic 
        item.
            (H) Availability of books and records.--An organization that 
        receives any payment from the fund \2\ of any amount derived 
        from the proceeds of any surcharge imposed on the sale of any 
        numismatic item shall provide, as a condition for receiving any 
        such payment, to the Inspector General of the Department of the 
        Treasury or the Comptroller General of the United States, upon 
        the request of such Inspector General or the Comptroller 
        General, all books, records, and work papers belonging to or 
        used by the organization, or by any independent public 
        accountant who audited the organization in accordance with 
        subparagraph (A), which may relate to the receipt or expenditure 
        of any such amount by the organization.

        (3) Use of agents or attorneys to influence commemorative coin 
    legislation.--No portion of any payment from the fund \2\ to any 
    designated recipient organization of any amount derived from the 
    proceeds of any surcharge imposed on the sale of any numismatic item 
    may be used, directly or indirectly, by the organization to 
    compensate any agent or attorney for services rendered to support or 
    influence in any way legislative action of the Congress relating to 
    such numismatic item.
        (4) Designated recipient organization defined.--For purposes of 
    this subsection, the term ``designated recipient organization'' 
    means any organization designated, under any provision of law, as 
    the recipient of any surcharge imposed on the sale of any numismatic 
    item.

    (g) Quarterly Financial Reports.--
        (1) In general.--Not later than the 30th day of each month 
    following each calendar quarter through and including the final 
    period of sales with respect to any commemorative coin program 
    authorized on or after the date of enactment of the Treasury, Postal 
    Service, and General Government Appropriations Act, 1997, the Mint 
    shall submit to the Congress a quarterly financial report in 
    accordance with this subsection.
        (2) Requirements.--Each report submitted under paragraph (1) 
    shall include, with respect to the calendar quarter at issue--
            (A) a detailed financial statement, prepared in accordance 
        with generally accepted accounting principles, that includes 
        financial information specific to that quarter, as well as 
        cumulative financial information relating to the entire program;
            (B) a detailed accounting of--
                (i) all costs relating to marketing efforts;
                (ii) all funds projected for marketing use;
                (iii) all costs for employee travel relating to the 
            promotion of commemorative coin programs;
                (iv) all numismatic items minted, sold, not sold, and 
            rejected during the production process; and
                (v) the costs of melting down all rejected and unsold 
            products;

            (C) adequate market-based research for all commemorative 
        coin programs; and
            (D) a description of the efforts of the Mint in keeping the 
        sale price of numismatic items as low as practicable.

(Added Pub. L. 102-390, title II, Sec. 221(a), Oct. 6, 1992, 106 Stat. 
1624; amended Pub. L. 104-208, div. A, title I, Sec. 101(f) [title V, 
Sec. 529(b)(1), (2), (c)], Sept. 30, 1996, 110 Stat. 3009-314, 3009-349, 
3009-350, 3009-352; Pub. L. 106-445, Sec. 3, Nov. 6, 2000, 114 Stat. 
1931.)

                       References in Text

    Section 221(b) of the United States Mint Reauthorization and Reform 
Act of 1992, referred to in subsec. (b), is section 221(b) of Pub. L. 
102-390, which is set out below.
    The date of enactment of the Treasury, Postal Service, and General 
Government Appropriations Act, 1997, referred to in subsec. (g)(1), is 
the date of enactment of section 101(f) of title I of div. A of Pub. L. 
104-208, which was approved Sept. 30, 1996.


                               Amendments

    2000--Subsec. (e)(2). Pub. L. 106-445, Sec. 3(1), substituted 
``contain'' for ``reflect'' in introductory provisions.
    Subsec. (e)(2)(E). Pub. L. 106-445, Sec. 3(2)-(4), added subpar. 
(E).
    1996--Subsec. (c)(2). Pub. L. 104-208, Sec. 101(f) [title V, 
Sec. 529(b)(1)], inserted ``, including amounts attributable to any 
surcharge imposed with respect to the sale of any numismatic item'' 
before period at end.
    Subsec. (f). Pub. L. 104-208, Sec. 101(f) [title V, Sec. 529(b)(2)], 
added subsec. (f).
    Subsec. (g). Pub. L. 104-208, Sec. 101(f) [title V, Sec. 529(c)], 
added subsec. (g).


                    Effective Date of 1996 Amendment

    Section 101(f) [title V, Sec. 529(b)(3)] of Pub. L. 104-208 provided 
that: ``The amendments made by this section [probably should be this 
subsection, amending this section] shall apply with respect to the 
proceeds of any surcharge imposed on the sale of any numismatic item 
that are deposited in the Numismatic Public Enterprise Fund after the 
date of the enactment of this Act [Sept. 30, 1996].''


                             Effective Date

    Section applicable with respect to fiscal years beginning after 
fiscal year 1992, see section 221(e) of Pub. L. 102-390, set out as an 
Effective Date of 1992 Amendment note under section 5132 of this title.


            Termination of Numismatic Public Enterprise Fund

    All assets and liabilities of Numismatic Public Enterprise Fund 
transferred to United States Mint Public Enterprise Fund and Numismatic 
Public Enterprise Fund to cease to exist as separate fund as its 
activities and functions are subsumed under and subject to United States 
Mint Public Enterprise Fund, see section 5136 of this title.


       Initial Funding of Fund From Existing Numismatic Operations

    Section 221(b) of Pub. L. 102-390 provided that:
    ``(1) In general.--As soon as practicable after the end of fiscal 
year 1992, the Secretary of the Treasury shall transfer to the Fund--
        ``(A) from the Mint's numismatic profits for such fiscal year, 
    an amount which the Secretary determines to be necessary--
            ``(i) to meet existing numismatic liabilities and 
        obligations; and
            ``(ii) to provide working capital for Mint numismatic 
        operations and programs; and
        ``(B) all numismatic receivables, and the numismatic operations 
    and programs (including liabilities and other obligations) of the 
    United States Mint, and the land and buildings of the San Francisco 
    Mint, the Old San Francisco Mint, and the West Point Mint, 
    capitalized at current book value as carried in the Mint combined 
    statement of financial condition.
    ``(2) Excess amounts to be deposited in the general fund.--That 
portion of the total amount of numismatic profits for fiscal year 1992 
which remains after the transfer to the Fund pursuant to paragraph 
(1)(A) is made shall be deposited by the Secretary in the general fund 
of the Treasury as soon as practicable after the end of the fiscal year.
    ``(3) Definitions.--For purposes of paragraphs (1) and (2)--
        ``(A) Numismatic profit.--The term `numismatic profit' means the 
    amount which is equal to the proceeds (including seigniorage) from 
    the sale of numismatic items minus the costs of numismatic 
    operations and programs.
        ``(B) Numismatic receivable.--The term `numismatic receivable' 
    means any account receivable from numismatic operations and 
    programs, including chargebacks, returned checks, amounts due from 
    special order sales, and amounts due from consignment sales.
        ``(C) Other terms.--The terms `Fund' and `numismatic item' have 
    the meaning given to such terms in the amendment made by subsection 
    (a) [enacting this section].''

                  Section Referred to in Other Sections

    This section is referred to in sections 5112, 5132, 5135, 5136 of 
this title.
