HR 2607 RH
pendent annual audit of the government of the District
of Columbia conducted for a fiscal year pursuant to sec-
tion 4(a) of Public Law 94–399 (D.C. Code, sec. 47–
119(a)) shall include the following information in the
Comprehensive Annual Financial Report:
(1) An audited budgetary statement comparing
actual revenues and expenditures during the fiscal
year with the amounts appropriated in the annual
appropriations act for the entire District government
and for each fund of the District government (and
each appropriation account with each such fund as
a supplemental schedule) for the fiscal year, together
with the revenue projections on which the appropria-
tions are based, to determine the surplus or deficit
thereof.
(2) An unaudited statement of monthly cash
flows (on a fund-by-fund basis) showing projected
and 
actual 
receipts 
and 
disbursements 
(with
variances) by category.
(3) A discussion and analysis of the financial
condition and results of operations of the District
government prepared by the independent auditor.
(b) AUDIT
OF FINANCIAL RESPONSIBILITY
AND
MANAGEMENT ASSISTANCE AUTHORITY.—
HR 2607 RH
(1) IN GENERAL.—Section 106 of the District
of Columbia Financial Responsibility and Manage-
ment Assistance Act of 1995 (D.C. Code, sec. 47–
304.1), as amended by section 11711(a) of the Bal-
anced Budget Act of 1997, is amended by adding at
the end the following new subsection:
‘‘(e) ANNUAL FINANCIAL AUDIT.—
‘‘(1) IN GENERAL.—For each fiscal year (begin-
ning with fiscal year 1997), the Authority shall
enter into a contract, using annual appropriations to
the Authority, with an auditor who is a certified
public accountant licensed in the District of Colum-
bia to conduct an audit of the Authority’s financial
statements for the fiscal year, in accordance with
generally accepted government auditing standards,
and the financial statements shall be prepared in ac-
cordance with generally accepted accounting prin-
ciples.
‘‘(2) CONTENTS.—The auditor shall include in
the audit conducted under this subsection the follow-
ing information:
‘‘(A) An audited budgetary statement com-
paring gross actual revenues and expenditures
of the Authority during the fiscal year with
amounts appropriated, together with the reve-
HR 2607 RH
nue projections on which the appropriations are
based, to determine the surplus or deficit there-
of.
‘‘(B) An unaudited statement of monthly
cash flows, showing projected and actual re-
ceipts and disbursements by category (with
variances).
‘‘(C) A discussion and analysis of the fi-
nancial condition and results of operations of
the Authority prepared by the independent
auditor.
‘‘(3) SUBMISSION.—The Authority shall submit
the audit reports and financial statements conducted
under this subsection to Congress, the President, the
Comptroller General, the Council, and the Mayor.’’.
(2) RESPONSIBILITIES
OF
AUTHORITY.—The
District of Columbia Financial Responsibility and
Management Assistance Authority shall—
(A) with respect to the annual budget of
the Authority for fiscal year 1999 and each suc-
ceeding fiscal year, provide the Mayor of the
District of Columbia (prior to the transmission
of the budget by the Mayor to the President
and Congress under section 446 of the District
of Columbia Home Rule Act) with an item-by-
HR 2607 RH
item accounting of the planned uses of appro-
priated and non-appropriated funds (including
all projected revenues) of the Authority under
the budget for such fiscal year; and
(B) with respect to the annual budget of
the Authority for fiscal year 1997 and each suc-
ceeding fiscal year, provide the person conduct-
ing the independent annual audit of the govern-
ment of the District of Columbia pursuant to
section 4(a) of Public Law 94-399 (D.C. Code,
sec. 47–119(a)) (prior to the completion of the
audit) with the actual uses of all appropriated
and non-appropriated funds of the Authority
under the budget for such fiscal year.
(3) INCLUSION
IN
INDEPENDENT
ANNUAL
AUDIT.—For purposes of the independent annual
audit of the government of the District of Columbia
conducted pursuant to section 4(a) of Public Law
94-399 (D.C. Code, sec. 47–119(a)) for fiscal year
1997 and each succeeding fiscal year, the District of
Columbia Financial Responsibility and Management
Assistance Authority shall be considered to be an en-
tity within the government of the District of Colum-
bia accountable for appropriated funds in the Dis-
trict of Columbia annual budget, and included as
HR 2607 RH
such in the District of Columbia government’s Com-
prehensive Annual Financial Report.
TREATMENT OF UNCLAIMED PROPERTY
SEC. 157. (a) DEFINITIONS OF CERTAIN TERMS.—
Section 102 of the Uniform Disposition of Unclaimed
Property Act of 1980 (D.C. Code, sec. 42–202) is amend-
ed—
(1) by amending paragraph (4) to read as fol-
lows:
‘‘(4) ‘Business association’ means a corpora-
tion, joint stock company, investment company,
partnership, unincorporated association, joint ven-
ture, limited liability, business trust, trust company,
financial organization, insurance company, mutual
fund, utility, or other business entity consisting of
one or more persons, whether or not for profit.’’;
and
(2) by adding at the end the following new
paragraphs:
‘‘(18) ‘Record’ means information that is in-
scribed on a tangible medium or that is stored in an
electronic or other medium and is retrievable in per-
ceivable form.
‘‘(19) ‘Property’ means a fixed and certain in-
terest in or right in property that is held, issued, or
owed in the course of a holder’s business, or by a
HR 2607 RH
government or governmental entity, and all income
or increments therefrom, including an interest re-
ferred to as or evidenced by any of the following:
‘‘(A) Money, check, draft, deposit, interest,
dividend, and income.
‘‘(B) Credit balance, customer overpay-
ment, gift certificate, security deposit, refund,
credit memorandum, unpaid wage, unused air-
line ticket, unused ticket, mineral proceed, and
unidentified remittance and electronic fund
transfer.
‘‘(C) Stock or other evidence of ownership
of an interest in a business association.
‘‘(D) Bond, debenture, note, or other evi-
dence of indebtedness.
‘‘(E) Money deposited to redeem stocks,
bonds, coupons, or other securities or to make
distributions.
‘‘(F) An amount due and payable under
the terms of an insurance policy, including poli-
cies providing life insurance, property and cas-
ualty insurance, workers compensation insur-
ance, or health and disability benefits insur-
ance.
HR 2607 RH
‘‘(G) An amount distributable from a trust
or custodial fund established under a plan to
provide health, welfare, pension, vacation, sever-
ance, retirement, death, stock purchase, profit
sharing, employee savings, supplemental unem-
ployment insurance, or similar benefits.’’.
(b) SHORTENING PERIOD
FOR PRESUMPTION
OF
ABANDONMENT.—
(1) IN GENERAL.—Section 103(a) of such Act
(D.C. Code, sec. 42–203(a)) is amended by striking
‘‘5 years’’ and inserting ‘‘3 years’’.
(2) BANK DEPOSITS AND FUNDS IN FINANCIAL
ORGANIZATIONS.—Section 106 of such Act (D.C.
Code, sec. 42–206) is amended by striking ‘‘5 years’’
each place it appears in subsections (a) and (d) and
inserting ‘‘3 years’’.
(3) FUNDS HELD BY LIFE INSURANCE COMPA-
NIES.—Section 107 of such Act (D.C. Code, sec. 42–
207) is amended by striking ‘‘5 years’’ each place it
appears in subsections (a) and (c)(2)(C) and insert-
ing ‘‘3 years’’.
(4) DEPOSITS AND REFUNDS HELD BY UTILI-
TIES.—Section 108 of such Act (D.C. Code, sec. 42–
208) is amended by striking ‘‘5 years’’ each place it
appears and inserting ‘‘1 year’’.
HR 2607 RH
(5) STOCK AND OTHER INTANGIBLE INTERESTS
IN BUSINESS ASSOCIATIONS.—Section 109 of such
Act (D.C. Code, sec. 42–209) is amended—
(A) by striking ‘‘5 years’’ each place it ap-
pears in subsections (a) and (b)(1) and insert-
ing ‘‘3 years’’; and
(B) in subsection (b)(2), by striking ‘‘5-
year’’ and inserting ‘‘3-year’’.
(6) PROPERTY HELD BY FIDUCIARIES.—Section
111(a) of such Act (D.C. Code, sec. 42–211(a)) is
amended by striking ‘‘5 years’’ and inserting ‘‘3
years’’.
(7) PROPERTY HELD BY PUBLIC OFFICERS AND
AGENCIES.—Section 112 of such Act (D.C. Code,
sec. 42–212) is amended by striking ‘‘2 years’’ and
inserting ‘‘1 year’’.
(8) EMPLOYEE
BENEFIT
TRUST
DISTRIBU-
TIONS.—Section 113 of such Act (D.C. Code, sec.
42–213) is amended by striking ‘‘5 years’’ and in-
serting ‘‘3 years’’.
(9) CONTENTS OF SAFE DEPOSIT BOX.—Sec-
tion 115 of such Act (D.C. Code, sec. 42–215) is
amended by striking ‘‘5 years’’ and inserting ‘‘3
years’’.
HR 2607 RH
(c) CRITERIA
FOR PRESUMPTION
OF ABANDON-
MENT.—
(1) IN
GENERAL.—Section 103 of such Act
(D.C. Code, sec. 42–203) is amended by adding at
the end the following new subsection:
‘‘(d) A record of the issuance of a check, draft, or
similar instrument by a holder is prima facie evidence of
property held or owed to a person other than the holder.
In claiming property from a holder who is also the issuer,
the Mayor’s burden of proof as to the existence and
amount of the property and its abandonment is satisfied
by showing issuance of the instrument and passage of the
requisite period of abandonment. Defenses of payment,
satisfaction, discharge, and want of consideration are af-
firmative defenses that may be established by the holder.’’.
(2) SPECIAL
RULES
REGARDING
STOCK
AND
OTHER INTANGIBLE INTERESTS IN BUSINESS ASSO-
CIATIONS.—Section 109 of such Act (D.C. Code, sec.
42–209) is amended by adding at the end the follow-
ing new subsections:
‘‘(d) For purposes of subsection (b), the return of of-
ficial shareholder notifications or communications by the
postal service as undeliverable shall be evidence that the
association does not know the location of the owner.
HR 2607 RH
‘‘(e) In the case of property consisting of stock or
other intangible ownership interest enrolled in a plan that
provides for the automatic reinvestment of dividends, dis-
tribution, or other sums payable as a result of the interest,
the property may not be presumed to be abandoned under
this section unless either of the following applies:
‘‘(1) The records available to the administrator
of the plan show, with respect to any intangible own-
ership interest not enrolled in the reinvestment plan,
that the owner has not within 3 years communicated
in any manner described in subsection (a).
‘‘(2) 3 years have elapsed since the location of
the owner became unknown to the association, as
evidenced by the return of official shareholder notifi-
cations or by the postal service as undeliverable, and
the owner has not within those 3 years commu-
nicated in any manner described in subsection (a).
The 3-year period from the return of official share-
holder notifications or communications shall com-
mence from the earlier of the return of the second
such mailing or the time the holder discontinues
mailings to the shareholder.’’.
(3) SPECIAL RULE REGARDING PROPERTY DIS-
TRIBUTED THROUGH LITIGATION OR SETTLEMENT
HR 2607 RH
OF DISPUTE.—Section 110 of such Act (D.C. Code,
sec. 42–210) is amended—
(A) by striking ‘‘All intangible’’ and insert-
ing ‘‘(a) All intangible’’; and
(B) by adding at the end the following new
subsection:
‘‘(b) All intangible property payable or distributable
to a member or participant in a class action suit, either
one allowed by the court to be maintained as such or one
essentially handled as a class action suit and remaining
for more than one year after the time for the final pay-
ment or distribution is presumed abandoned, unless within
the preceding one year, there has been a communication
between the member or participant and the holder con-
cerning the property. Intangible property payable or dis-
tributable as the result of litigation or settlement of a dis-
pute before a judicial or administrative body and remain-
ing unclaimed for more than one year after the time for
the final distribution is presumed abandoned.’’.
(d) REQUIREMENTS FOR PERSONS HOLDING PROP-
ERTY PRESUMED ABANDONED.—
(1) DEADLINE
FOR
FILING
REPORT
WITH
MAYOR.—Section 117(d) of such Act (D.C. Code,
sec. 42–217(d)) is amended to read as follows:
HR 2607 RH
‘‘(d)(1) The report as of the prior June 30th must
be filed before November 1st of each year, but a report
with respect to a life insurance company must be filed be-
fore May 1st of each year as of the prior December 31.
The Mayor may postpone the reporting date upon written
request by any person required to file a report.
‘‘(2) In calendar year 1998, a report concerning all
property presumed to be abandoned as of October 31,
1997, must be filed no later than January 2, 1998.’’.
(2) NOTIFICATION OF OWNER.—Section 117(e)
of such Act (D.C. Code, sec. 42–217(e)) is amended
to read as follows:
‘‘(e) Not earlier than 120 days prior to filing the re-
port required under this section (and not later than 60
days prior to filing such report), the holder of property
presumed abandoned shall send written notice to the ap-
parent owner of the property stating that the holder is
in possession of property subject to this Act, but only if—
‘‘(1) the holder has in its records an address for
the apparent owner, unless the holder’s records indi-
cate that such address is not accurate; and
‘‘(2) the value of the property is at least $50.’’.
(3) PAYMENT OR DELIVERY OF PROPERTY TO
MAYOR.—Section 119 of such Act (D.C. Code, sec.
HR 2607 RH
42–219) is amended by striking subsections (a), (b),
and (c) and inserting the following:
‘‘(a) Upon the filing of the report required under sec-
tion 117 with respect to property presumed abandoned,
the holder of the property shall pay or deliver (or cause
to be paid or delivered) to the Mayor the property de-
scribed in the report as abandoned, except that—
‘‘(1) in the case of property consisting of an
automatically renewable deposit for which a penalty
or forfeiture in the payment of interest would result
if payment were made to the Mayor at such time,
the holder may delay the payment or delivery of the
property to the Mayor until such time as the penalty
or forfeiture will not occur; and
‘‘(2) in the case of tangible property held in a
safe deposit box or other safekeeping depository, the
holder shall pay or deliver (or cause to be paid or
delivered) the property to the Mayor upon the expi-
ration of the 120-day period which begins on the
date the holder files the report required under sec-
tion 117.
‘‘(b) If the Mayor postpones the reporting date with
respect to the property under section 117(d), the holder,
upon receipt of the extension, may make an interim pay-