16 U.S.C. § 831h : US Code - Section 831H: Annual financial statement; purchases and contracts; audit by Comptroller General

Search 16 U.S.C. § 831h : US Code - Section 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
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.
(c) Audits
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
Government Accountability 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 Government Accountability 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 Government Accountability 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.
(d) Administrative accounts and business documents
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.