§ 831h. — Annual financial statement; purchases and contracts; audit by Comptroller General.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 16USC831h]
TITLE 16--CONSERVATION
CHAPTER 12A--TENNESSEE VALLEY AUTHORITY
Sec. 831h. Annual financial statement; purchases and contracts;
audit by Comptroller General
(a) Financial statement and report
The board shall file with the President and with the Congress, in
March of each year, a financial statement and a complete report as to
the business of the Corporation covering the preceding governmental
fiscal year. This report shall include an itemized statement of the cost
of power at each power station, the total number of employees and the
names, salaries, and duties of those receiving compensation at the rate
of more than $1,500 a year.
(b) Bids; audits; settlements; accounts; contracts
All purchases and contracts for supplies or services, except for
personal services, made by the Corporation, shall be made after
advertising, in such manner and at such times sufficiently in advance of
opening bids, as the Board shall determine to be adequate to insure
notice and opportunity for competition: Provided, That advertisement
shall not be required when, (1) an emergency requires immediate delivery
of the supplies or performance of the services; or (2) repair parts,
accessories, supplemental equipment, or services are required for
supplies or services previously furnished or contracted for; or (3) the
aggregate amount involved in any purchase of supplies or procurement of
services does not exceed $25,000; in which cases such purchases of
supplies or procurement of services may be made in the open market in
the manner common among businessmen: Provided further, That in comparing
bids and in making awards the Board may consider such factors as
relative quality and adaptability of supplies or services, the bidder's
financial responsibility, skill, experience, record of integrity in
dealing, ability to furnish repairs and maintenance services, the time
of delivery or performance offered, and whether the bidder has complied
with the specifications.
The Comptroller General of the United States shall audit the
transactions of the Corporation at such times as he shall determine, but
not less frequently than once each governmental fiscal year, with
personnel of his selection. In such connection he and his
representatives shall have free and open access to all papers, books,
records, files, accounts, plants, warehouses, offices, and all other
things, property, and places belonging to or under the control of or
used or employed by the Corporation, and shall be afforded full
facilities for counting all cash and verifying transactions with and
balances in depositaries. He shall make report of each such audit in
quadruplicate, one copy for the President of the United States, one for
the chairman of the Board, one for public inspection at the principal
office of the Corporation, and the other to be retained by him for the
uses of the Congress: Provided, That such report shall not be made until
the Corporation shall have had reasonable opportunity to examine the
exceptions and criticisms of the Comptroller General or the General
Accounting Office, to point out errors therein, explain or answer the
same, and to file a statement which shall be submitted by the
Comptroller General with his report. The expenses for each such audit
shall be paid from any appropriation or appropriations for the General
Accounting Office, and such part of such expenses as may be allocated to
the cost of generating, transmitting, and distributing electric energy
shall be reimbursed promptly by the Corporation as billed by the
Comptroller General. Nothing in this chapter shall be construed to
relieve the Treasurer or other accountable officers or employees of the
Corporation from compliance with the provisions of existing law
requiring the rendition of accounts for adjustment and settlement
pursuant to sections 3526(a) and 3702(a) of title 31, and accounts for
all receipts and disbursements by or for the Corporation shall be
rendered accordingly: Provided, That, subject only to the provisions of
this chapter, the Corporation is authorized to make such expenditures
and to enter into such contracts, agreements, and arrangements, upon
such terms and conditions and in such manner as it may deem necessary,
including the final settlement of all claims and litigation by or
against the Corporation; and, notwithstanding the provisions of any
other law governing the expenditure of public funds, the General
Accounting Office, in the settlement of the accounts of the Treasurer or
other accountable officer or employee of the Corporation, shall not
disallow credit for, nor withhold funds because of, any expenditure
which the Board shall determine to have been necessary to carry out the
provisions of said chapter.
The Corporation shall determine its own system of administrative
accounts and the forms and contents of its contracts and other business
documents except as otherwise provided in this chapter.
(May 18, 1933, ch. 32, Sec. 9, 48 Stat. 63; Aug. 31, 1935, ch. 836,
Sec. 14, 49 Stat. 1080; Nov. 21, 1941, ch. 485, 55 Stat. 775; Aug. 30,
1954, ch. 1076, Sec. 1 (32), 68 Stat. 968; Pub. L. 93-356, Sec. 5, July
25, 1974, 88 Stat. 390; Pub. L. 94-273, Sec. 5(1), Apr. 21, 1976, 90
Stat. 377; Pub. L. 98-191, Sec. 9(d), Dec. 1, 1983, 97 Stat. 1332.)
Codification
In the second par. of subsec. (b), ``sections 3526(a) and 3702(a) of
title 31'' substituted for ``section 236, Revised Statutes, as amended
by section 305 of the Budget and Accounting Act, 1921 (42 Stat. 24 [31
U.S.C. 71])'' on authority of Pub. L. 97-258, Sec. 4(b), Sept. 13, 1982,
96 Stat. 1067, the first section of which enacted Title 31, Money and
Finance.
Amendments
1983--Subsec. (b)(3). Pub. L. 98-191 substituted ``$25,000'' for
``$10,000''.
1976--Subsec. (a). Pub. L. 94-273 substituted ``March'' for
``December''.
1974--Subsec. (b)(3). Pub. L. 93-356 substituted ``$10,000'' for
``$500''.
1954--Subsec. (b). Act Aug. 30, 1954, in second paragraph, repealed
a sentence requiring the Comptroller General to make special reports of
any transactions or conditions found to be in conflict with the powers
or duties entrusted to the Tennessee Valley Authority by law, such
provision now being covered by section 9101 et seq. of Title 31, Money
and Finance.
1941--Subsec. (b). Act Nov. 21, 1941, inserted last paragraph and
last sentence of next to last paragraph.
1935--Subsec. (b). Act Aug. 31, 1935, amended subsec. (b) generally.
Termination of Reporting Requirements
For termination, effective May 15, 2000, of provisions in subsec.
(a) of this section relating to filing with the Congress, in March of
each year, a financial statement and complete report, see section 3003
of Pub. L. 104-66, as amended, set out as a note under section 1113 of
Title 31, Money and Finance, and page 193 of House Document No. 103-7.
Single Audit Requirements
Tennessee Valley Authority audits unaffected by single audit
requirements of chapter 75 (Sec. 7501 et seq.) of Title 31, Money and
Finance, see section 2(b) of Pub. L. 98-502, set out as a note under
section 7501 of Title 31.
Audit of Government Corporations
Section 9105(f) of Title 31, Money and Finance, provides that the
audit provided in section 9105(a) of Title 31 shall be in lieu of any
audit of the financial transactions of any Government corporation
required to be made by the General Accounting Office for the purpose of
a report to the Congress or to the President under any existing law.
Section Referred to in Other Sections
This section is referred to in sections 831m, 831n-4 of this title;
title 31 sections 3720, 3720A; title 41 section 612.
