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| >> Return to CBJ F Y 2002 Home Page >> Working Capital Fund |
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The Agency's Working Capital Fund (WCF) is authorized by Section 635(m) of the Foreign Assistance Act of 1961, as amended. The fund finances, on a reimbursable basis, the costs associated with providing administrative support to other agencies under the International Cooperative Administrative Support Services (ICASS) program overseas. Under ICASS, each agency pays a proportional share of the cost of those services they have agreed to receive. Working through inter-agency councils at post, all agencies have a say in determining which services the USAID mission will provide, defining service standards, reviewing costs, and determining funding levels. The WCF is a no-year fund that permits unobligated monies to be carried over from one year to the next, an advantage providing fiscal flexibility and more of an opportunity to establish multi-year planning. It enables managers to make long-term decisions without the constraints of the annual fiscal year cycle. WCF accounts have been established for four pilot missions with experience in providing reimbursable services to other agencies. Other missions are poised to become service providers once the success of the pilot group has been proven. The gross receipts from the first four WCF accounts will be about $1 million. While virtually all funds will be required to cover the actual cost of providing service, over time it is anticipated that modest surpluses will accumulate through charging customers for depreciation and deposits from the sale of assets. USAID missions will invest these surpluses in infrastructure improvements to further increase the effectiveness and efficiency with which services are delivered. The WCF will also be used for deposits of rebates from the use of Federal credit cards, which will be made available to cover general operating expense costs of the Agency. |
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