US Supreme Court Decisions On-Line | US Laws

§ 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.)

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