§ 182. — Cooperative Acquisitions Program Revolving Fund.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 2USC182]
TITLE 2--THE CONGRESS
CHAPTER 5--LIBRARY OF CONGRESS
Sec. 182. Cooperative Acquisitions Program Revolving Fund
(a) Establishment
Effective October 1, 1997, there is established in the Treasury of
the United States a revolving fund to be known as the Cooperative
Acquisitions Program Revolving Fund (in this section referred to as the
``revolving fund''). Moneys in the revolving fund shall be available to
the Librarian of Congress, without fiscal year limitation, for financing
the cooperative acquisitions program (in this section referred to as the
``program'') under which the Library acquires foreign publications and
research materials on behalf of participating institutions on a cost-
recovery basis. Obligations under the revolving fund are limited to
amounts specified in the appropriations Act for that purpose for any
fiscal year.
(b) Amounts deposited
The revolving fund shall consist of--
(1) any amounts appropriated by law for the purposes of the
revolving fund;
(2) any amounts held by the Librarian as of October 1, 1997 or
October 7, 1997, whichever is later, that were collected as payment
for the Library's indirect costs of the program; and
(3) the difference between (A) the total value of the supplies,
equipment, gift fund balances, and other assets of the program, and
(B) the total value of the liabilities (including unfunded
liabilities such as the value of accrued annual leave of employees)
of the program.
(c) Credits to revolving fund
The revolving fund shall be credited with all advances and amounts
received as payment for purchases under the program and services and
supplies furnished to program participants, at rates estimated by the
Librarian to be adequate to recover the full direct and indirect costs
of the program to the Library over a reasonable period of time.
(d) Unobligated balances
Any unobligated and unexpended balances in the revolving fund that
the Librarian determines to be in excess of amounts needed for
activities financed by the revolving fund, shall be deposited in the
Treasury of the United States as miscellaneous receipts. Amounts needed
for activities financed by the revolving fund means the direct and
indirect costs of the program, including the costs of purchasing,
shipping, binding of books and other library materials; supplies,
materials, equipment and services needed in support of the program;
salaries and benefits; general overhead; and travel.
(e) Annual report
Not later than March 31 of each year, the Librarian of Congress
shall prepare and submit to Congress an audited financial statement for
the revolving fund for the preceding fiscal year. The audit shall be
conducted in accordance with Government Auditing Standards for financial
audits issued by the Comptroller General of the United States.
(Pub. L. 105-55, title II, Sec. 207, Oct. 7, 1997, 111 Stat. 1193.)
