§ 4011 — Responsibility of Secretary to account for daily and annual balances of Indian trust funds.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 25USC4011]
TITLE 25--INDIANS
CHAPTER 42--AMERICAN INDIAN TRUST FUND MANAGEMENT REFORM
SUBCHAPTER I--RECOGNITION OF TRUST RESPONSIBILITY
Sec. 4011. Responsibility of Secretary to account for daily and
annual balances of Indian trust funds
(a) Requirement to account
The Secretary shall account for the daily and annual balance of all
funds held in trust by the United States for the benefit of an Indian
tribe or an individual Indian which are deposited or invested pursuant
to section 162a of this title.
(b) Periodic statement of performance
Not later than 20 business days after the close of a calendar
quarter, the Secretary shall provide a statement of performance to each
Indian tribe and individual with respect to whom funds are deposited or
invested pursuant to section 162a of this title. The statement, for the
period concerned, shall identify--
(1) the source, type, and status of the funds;
(2) the beginning balance;
(3) the gains and losses;
(4) receipts and disbursements; and
(5) the ending balance.
(c) Annual audit
The Secretary shall cause to be conducted an annual audit on a
fiscal year basis of all funds held in trust by the United States for
the benefit of an Indian tribe or an individual Indian which are
deposited or invested pursuant to section 162a of this title, and shall
include a letter relating to the audit in the first statement of
performance provided under subsection (b) of this section after the
completion of the audit.
(Pub. L. 103-412, title I, Sec. 102, Oct. 25, 1994, 108 Stat. 4240.)
Performance and Account Statements for Inactive Accounts
Pub. L. 107-63, title I, Nov. 5, 2001, 115 Stat. 435, provided in
part: ``That notwithstanding any other provision of law, the Secretary
shall not be required to provide a quarterly statement of performance
for any Indian trust account that has not had activity for at least 18
months and has a balance of $1.00 or less: Provided further, That the
Secretary shall issue an annual account statement and maintain a record
of any such accounts and shall permit the balance in each such account
to be withdrawn upon the express written request of the account
holder.''
Similar provisions were contained in the following prior
appropriation acts:
Pub. L. 106-291, title I, Oct. 11, 2000, 114 Stat. 939.
Pub. L. 106-113, div. B, Sec. 1000(a)(3) [title I], Nov. 29, 1999,
113 Stat. 1535, 1501A-153.
Pub. L. 105-277, div. A, Sec. 101(e) [title I], Oct. 21, 1998, 112
Stat. 2681-231, 2681-251.
