§5134. Numismatic Public Enterprise Fund

(a) Definitions.-For purposes of this section-

(1) Fund.-The term "Fund" means the Numismatic Public Enterprise Fund.

(2) Mint.-The term "Mint" means the United States Mint.

(3) Numismatic item.-The term "numismatic item" means any medal, proof coin, uncirculated coin, bullion coin, or other coin specifically designated by statute as a numismatic item, including products and accessories related to any such medal, coin, or item.

(4) Numismatic operations and programs.-The term "numismatic operations and programs"-

(A) means the activities concerning, and assets utilized in, the production, administration, sale, and management of numismatic items and the Numismatic Public Enterprise Fund; and

(B) includes capital, personnel salaries, functions relating to operations, marketing, distribution, promotion, advertising, and official reception and representation, the acquisition or replacement of equipment, and the renovation or modernization of facilities (other than the construction or acquisition of new buildings).

(5) Secretary.-The term "Secretary" means the Secretary of the Treasury.

(b) Establishment of Fund.-There is hereby established in the Treasury of the United States a revolving Numismatic Public Enterprise Fund consisting of amounts deposited in the fund ¹ under subsection (c)(2) of this section or section 221(b) of the United States Mint Reauthorization and Reform Act of 1992 which shall be available to the Secretary for numismatic operations and programs of the United States Mint without fiscal year limitation.

(c) Operations of the Fund.-

(1) Payment of expenses.-Any expense incurred by the Secretary for numismatic operations and programs which the Secretary determines, in the Secretary's sole discretion, to be ordinary and reasonable incidents of the numismatic business shall be paid out of the Fund, including any expense incurred pursuant to any obligation or other commitment of Mint numismatic operations and programs which was entered into before the beginning of fiscal year 1993.

(2) Deposit of receipts.-All receipts from numismatic operations and programs shall be deposited into the Fund.

(3) Transfer of seigniorage.-The Secretary shall transfer monthly from the Fund to the general fund of the Treasury an amount equal to the total amount on the seigniorage of numismatic items sold since the date of any preceding transfer.

(4) Expenses of citizens commemorative coin advisory committee.-For purposes of paragraph (1), any expense incurred by the Secretary in connection with the Citizens Commemorative Coin Advisory Committee established under section 5135 shall be treated as an expense incurred for numismatic operations and programs which is an ordinary and reasonable incident of the numismatic business.

(5) Transfer of excess amounts to the treasury.-

(A) In general.-At such times as the Secretary determines to be appropriate, the Secretary shall transfer any amount in the Fund which the Secretary determines to be in excess of the amount required by the Fund to the Treasury for deposit as miscellaneous receipts.

(B) Report to congress.-The Secretary shall submit an annual report to the Congress containing-

(i) a statement of the total amount transferred to the Treasury pursuant to subparagraph (A) during the period covered by the report;

(ii) a statement of the amount by which the amount on deposit in the Fund at the end of the period covered by the report exceeds the estimated operating costs of the Fund for the 1-year period beginning at the end of such period; and

(iii) an explanation of the specific purposes for which such excess amounts are being retained in the Fund.

(d) Budget Treatment.-

(1) In general.-The Secretary shall prepare budgets for the Fund, and estimates and statements of financial condition of the Fund in accordance with the requirements of section 9103 which shall be submitted to the President for inclusion in the budget submitted under section 1105.

(2) Inclusion in annual report.-Statements of the financial condition of the Fund shall be included in the Secretary's annual report on the operation of the Mint.

(3) Treatment as wholly owned government corporation for certain purposes.-Section 9104 shall apply to the Fund to the same extent such section applies to wholly owned Government corporations.

(e) Financial Statements, Audits, and Reports.-

(1) Annual financial statement required.-By the end of each calendar year, the Secretary shall prepare an annual financial statement of the Fund for the fiscal year which ends during such calendar year.

(2) Contents of financial statement.-Each statement prepared pursuant to paragraph (1) shall, at a minimum, reflect-

(A) the overall financial position (including assets and liabilities) of the Fund as of the end of the fiscal year;

(B) the results of the numismatic operations and programs of the Fund during the fiscal year;

(C) the cash flows or the changes in financial position of the Fund; and

(D) a reconciliation of the financial statement to the budget reports of the Fund.

(3) Annual audits.-

(A) In general.-Each annual financial statement prepared under paragraph (1) shall be audited-

(i) by-

(I) an independent external auditor; or

(II) the Inspector General of the Department of the Treasury,

 as designated by the Secretary; and

(ii) in accordance with the generally accepted Government auditing standards issued by the Comptroller General of the United States.

(B) Auditor's report required.-The auditor designated to audit any financial statement of the Fund pursuant to subparagraph (A) shall submit a report-

(i) to the Secretary by March 31 of the year beginning after the end of the fiscal year covered by such financial statement; and

(ii) containing the auditor's opinion on-

(I) the financial statement of the Fund;

(II) the internal accounting and administrative controls and accounting systems of the Fund; and

(III) the Fund's compliance with applicable laws and regulations.

(4) Annual report on fund.-

(A) Report required.-By April 30 of each year, the Secretary shall submit a report on the Fund for the most recently completed fiscal year to the President, the Congress, and the Director of the Office of Management and Budget.

(B) Contents of annual report.-The annual report required under subparagraph (A) for any fiscal year shall include-

(i) the financial statement prepared under paragraph (1) for such fiscal year;

(ii) the audit report submitted to the Secretary pursuant to paragraph (3)(B) for such fiscal year;

(iii) a description of activities carried out during such fiscal year;

(iv) a summary of information relating to numismatic operations and programs contained in the reports on systems on internal accounting and administrative controls and accounting systems submitted to the President and the Congress under section 3512(c);

(v) a summary of the corrective actions taken with respect to material weaknesses relating to numismatic operations and programs identified in the reports prepared under section 3512(c);

(vi) any other information the Secretary considers appropriate to fully inform the Congress concerning the financial management of the Fund; and

(vii) a statement of the total amount of excess funds transferred to the Treasury.

(5) Marketing report.-

(A) Report required for 10 years.-For each fiscal year beginning before fiscal year 2003, the Secretary shall submit an annual report on all marketing activities and expenses of the Fund to the Congress before the end of the 3-month period beginning at the end of such fiscal year.

(B) Contents of report.-The report submitted pursuant to subparagraph (A) shall contain a detailed description of-

(i) the sources of income including surcharges; and

(ii) expenses incurred for manufacturing, materials, overhead, packaging, marketing, and shipping.

(Added Pub. L. 102–390, title II, §221(a), Oct. 6, 1992, 106 Stat. 1624 .)

References in Text

Section 221(b) of the United States Mint Reauthorization and Reform Act of 1992, referred to in subsec. (b), is section 221(b) of Pub. L. 102–390, which is set out below.

Effective Date

Section applicable with respect to fiscal years beginning after fiscal year 1992, see section 221(e) of Pub. L. 102–390, set out as an Effective Date of 1992 Amendment note under section 5132 of this title.

Initial Funding of Fund From Existing Numismatic Operations

Section 221(b) of Pub. L. 102–390 provided that:

"(1) In general.-As soon as practicable after the end of fiscal year 1992, the Secretary of the Treasury shall transfer to the Fund-

"(A) from the Mint's numismatic profits for such fiscal year, an amount which the Secretary determines to be necessary-

"(i) to meet existing numismatic liabilities and obligations; and

"(ii) to provide working capital for Mint numismatic operations and programs; and

"(B) all numismatic receivables, and the numismatic operations and programs (including liabilities and other obligations) of the United States Mint, and the land and buildings of the San Francisco Mint, the Old San Francisco Mint, and the West Point Mint, capitalized at current book value as carried in the Mint combined statement of financial condition.

"(2) Excess amounts to be deposited in the general fund.-That portion of the total amount of numismatic profits for fiscal year 1992 which remains after the transfer to the Fund pursuant to paragraph (1)(A) is made shall be deposited by the Secretary in the general fund of the Treasury as soon as practicable after the end of the fiscal year.

"(3) Definitions.-For purposes of paragraphs (1) and (2)-

"(A) Numismatic profit.-The term 'numismatic profit' means the amount which is equal to the proceeds (including seigniorage) from the sale of numismatic items minus the costs of numismatic operations and programs.

"(B) Numismatic receivable.-The term 'numismatic receivable' means any account receivable from numismatic operations and programs, including chargebacks, returned checks, amounts due from special order sales, and amounts due from consignment sales.

"(C) Other terms.-The terms 'Fund' and 'numismatic item' have the meaning given to such terms in the amendment made by subsection (a) [enacting this section]."

Section Referred to in Other Sections

This section is referred to in sections 5132, 5135 of this title.

¹ So in original. Probably should be capitalized.