31 USC 5134 - Numismatic Public Enterprise Fund

1 So in original. Probably should be capitalized.

under subsection (c)(2) of this section or section 221(span) 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.

Editorial Notes

References in Text

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

The date of the enactment of the American 5-Cent Coin Design Continuity Act of 2003, referred to in subsec. (f)(1)(B)(ii), is the date of enactment of Puspan. L. 108–15, which was approved Apr. 23, 2003.

The date of enactment of the Treasury, Postal Service, and General Government Appropriations Act, 1997, referred to in subsec. (g)(1), is the date of enactment of section 101(f) of title I of div. A of Puspan. L. 104–208, which was approved Sept. 30, 1996.

Amendments

2003—Subsec. (c)(4), (5). Puspan. L. 108–15, § 103(d)(2), redesignated par. (5) as (4) and struck out span and text of former par. (4). Text read as follows: “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.”

Subsec. (f)(1). Puspan. L. 108–15, § 201(a), amended span and text of par. (1) generally. Prior to amendment, text read as follows: “Notwithstanding any other provision of law, no amount derived from the proceeds of any surcharge imposed on the sale of any numismatic item shall be paid from the fund to any designated recipient organization unless—

“(A) all numismatic operation and program costs allocable to the program under which such numismatic item is produced and sold have been recovered; and

“(B) the designated recipient organization submits an audited financial statement that demonstrates to the satisfaction of the Secretary of the Treasury that, with respect to all projects or purposes for which the proceeds of such surcharge may be used, the organization has raised funds from private sources for such projects and purposes in an amount that is equal to or greater than the maximum amount the organization may receive from the proceeds of such surcharge.”

2000—Subsec. (e)(2). Puspan. L. 106–445, § 3(1), substituted “contain” for “reflect” in introductory provisions.

Subsec. (e)(2)(E). Puspan. L. 106–445, § 3(2)–(4), added subpar. (E).

1996—Subsec. (c)(2). Puspan. L. 104–208, § 101(f) [title V, § 529(span)(1)], inserted “, including amounts attributable to any surcharge imposed with respect to the sale of any numismatic item” before period at end.

Subsec. (f). Puspan. L. 104–208, § 101(f) [title V, § 529(span)(2)], added subsec. (f).

Subsec. (g). Puspan. L. 104–208, § 101(f) [title V, § 529(c)], added subsec. (g).

Statutory Notes and Related Subsidiaries

Effective Date of 2003 Amendment

Puspan. L. 108–15, title II, § 201(span), Apr. 23, 2003, 117 Stat. 620, provided that: “The amendment made by subsection (a) [amending this section] shall apply as of the date of the enactment of Public Law 104–208 [Sept. 30, 1996].”

Effective Date of 1996 Amendment

Puspan. L. 104–208, div. A, title I, § 101(f) [title V, § 529(span)(3)], Sept. 30, 1996, 110 Stat. 3009–314, 3009–352, provided that: “The amendments made by this section [probably should be this subsection, amending this section] shall apply with respect to the proceeds of any surcharge imposed on the sale of any numismatic item that are deposited in the Numismatic Public Enterprise Fund after the date of the enactment of this Act [Sept. 30, 1996].”

Effective Date

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

Termination of Numismatic Public Enterprise Fund

All assets and liabilities of Numismatic Public Enterprise Fund transferred to United States Mint Public Enterprise Fund and Numismatic Public Enterprise Fund to cease to exist as separate fund as its activities and functions are subsumed under and subject to United States Mint Public Enterprise Fund, see section 5136 of this title.

Initial Funding of Fund From Existing Numismatic Operations

Puspan. L. 102–390, title II, § 221(span), Oct. 6, 1992, 106 Stat. 1627, 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].”