
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 38USC8121]

 
                      TITLE 38--VETERANS' BENEFITS
 
            PART VI--ACQUISITION AND DISPOSITION OF PROPERTY
 
   CHAPTER 81--ACQUISITION AND OPERATION OF HOSPITAL AND DOMICILIARY 
FACILITIES; PROCUREMENT AND SUPPLY; ENHANCED-USE LEASES OF REAL PROPERTY
 
                  SUBCHAPTER II--PROCUREMENT AND SUPPLY
 
Sec. 8121. Revolving supply fund

    (a) The revolving supply fund established for the operation and 
maintenance of a supply system for the Department (including procurement 
of supplies, equipment, and personal services and the repair and 
reclamation of used, spent, or excess personal property) shall be--
        (1) available without fiscal year limitations for all expenses 
    necessary for the operation and maintenance of such supply system;
        (2) reimbursed from appropriations for the cost of all services, 
    equipment, and supplies furnished, at rates determined by the 
    Secretary on the basis of estimated or actual direct cost (which may 
    be based on the cost of recent significant purchases of the 
    equipment or supply item involved) and indirect cost; and
        (3) credited with advances from appropriations for activities to 
    which services or supplies are to be furnished, and all other 
    receipts resulting from the operation of the fund, including 
    property returned to the supply system when no longer required by 
    activities to which it had been furnished, the proceeds of disposal 
    of scrap, excess or surplus personal property of the fund, and 
    receipts from carriers and others for loss of or damage to personal 
    property.

At the end of each fiscal year, there shall be covered into the Treasury 
of the United States as miscellaneous receipts such amounts as the 
Secretary determines to be in excess of the requirements necessary for 
the maintenance of adequate inventory levels and for the effective 
financial management of the revolving supply fund.
    (b) An adequate system of accounts for the fund shall be maintained 
on the accrual method, and financial reports prepared on the basis of 
such accounts. An annual business type budget shall be prepared for 
operations under the fund.
    (c) The Secretary is authorized to capitalize, at fair and 
reasonable values as determined by the Secretary, all supplies and 
materials and depot stocks of equipment on hand or on order.

(Pub. L. 85-857, Sept. 2, 1958, 72 Stat. 1253, Sec. 5011; amended Pub. 
L. 87-314, Sept. 26, 1961, 75 Stat. 675; Pub. L. 94-581, title II, 
Sec. 210(e)(6), Oct. 21, 1976, 90 Stat. 2865; renumbered Sec. 5021, Pub. 
L. 96-22, title III, Sec. 301(b)(1), June 13, 1979, 93 Stat. 61; Pub. L. 
96-330, title IV, Sec. 402(a), Aug. 26, 1980, 94 Stat. 1051; renumbered 
Sec. 8121, Pub. L. 102-40, title IV, Sec. 402(b)(1), May 7, 1991, 105 
Stat. 238; Pub. L. 102-83, Sec. 4(a)(3), (4), (b)(1), (2)(E), Aug. 6, 
1991, 105 Stat. 404, 405.)


                               Amendments

    1991--Pub. L. 102-40 renumbered section 5021 of this title as this 
section.
    Subsec. (a). Pub. L. 102-83, Sec. 4(b)(1), (2)(E), substituted 
``Secretary'' for ``Administrator'' in par. (2) and in last sentence.
    Pub. L. 102-83, Sec. 4(a)(3), (4), substituted ``Department'' for 
``Veterans' Administration'' in introductory provisions.
    Subsec. (c). Pub. L. 102-83, Sec. 4(b)(1), (2)(E), substituted 
``Secretary'' for ``Administrator'' in two places.
    1980--Subsec. (a). Pub. L. 96-330 substituted ``actual direct cost 
(which may be based on the cost of recent significant purchases of the 
equipment or supply item involved)'' for ``actual direct'' in par. (2), 
and, in provisions following par. (3), substituted ``At the end of each 
fiscal year, there shall be covered into the Treasury of the United 
States as miscellaneous receipts such amounts as the Administrator 
determines to be in excess of the requirements necessary for the 
maintenance of adequate inventory levels and for the effective financial 
management of the revolving supply fund'' for ``At the end of each 
fiscal year, any net income of the fund, after making provision for 
prior losses, shall be covered into the Treasury of the United States as 
miscellaneous receipts''.
    1976--Subsec. (c). Pub. L. 94-581 substituted ``the Administrator'' 
for ``him''.
    1961--Subsec. (a). Pub. L. 87-314 included among the purposes for 
which the supply fund was established, the repair and reclamation of 
used, spent, or excess personal property, and authorized the crediting 
of the fund with property returned to the supply system when no longer 
required by activities to which it had been furnished.


                    Effective Date of 1980 Amendment

    Section 402(b) of Pub. L. 96-330 provided that: ``The amendments 
made by subsection (a) [amending this section] shall take effect as of 
October 1, 1979.''


                    Effective Date of 1976 Amendment

    Amendment by Pub. L. 94-581 effective Oct. 21, 1976, see section 211 
of Pub. L. 94-581, set out as a note under section 111 of this title.

                  Section Referred to in Other Sections

    This section is referred to in section 1732 of this title.
