25 U.S.C. § 4011 — Responsibility of Secretary to account for daily and annual balances of Indian trust funds
submitted 32 years ago by Pub. L. 103-412 to r/title-25-INDIANS · 209 words · no verdicts yet
This section requires the Secretary to account for Indian trust funds held by the United States. It requires quarterly performance statements with specified information and an annual audit.
(a) Requirement to account. The Secretary* must account for the daily and annual balances of all funds held in trust by the United States for an Indian tribe* or individual Indian and deposited or invested under section 162a.
(b) Periodic statement of performance. Within 20 business days after each calendar quarter, the Secretary must give each affected tribe and individual a performance statement identifying for that period (1) the funds’ source, type, and status; (2) the beginning balance; (3) gains and losses; (4) receipts and disbursements; and (5) the ending balance.
(c) Annual audit. The Secretary must arrange an annual fiscal-year audit of all those funds and include an audit letter in the first performance statement issued after the audit is completed.
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.
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—
the source, type, and status of the funds;
the beginning balance;
the gains and losses;
receipts and disbursements; and
the ending balance.
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) after the completion of the audit.
Source credit: (Pub. L. 103–412, title I, § 102, Oct. 25, 1994, 108 Stat. 4240.)
- 1994Enacted · Pub. L. 103-412 · 108 Stat. 4240
A history note hasn’t been published yet. The record shows enactment by Pub. L. 103-412 on 1994-10-25.
all 0 arguments · sorted by: best
no arguments yet — make the first case