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U.S. Coast Guard National Pollution Funds Center: Improvements Are Needed in Internal Control Over Disbursements.

Publication: General Accounting Office Reports & Testimony
Publication Date: 01-FEB-04
Format: Online
Delivery: Immediate Online Access

Article Excerpt
GAO-04-340R January 13, 2004

The Oil Spill Liability Trust Fund (Fund) is a $1 billion fund that has two major components: the Emergency Fund and the Principal Fund. The Emergency Fund is used for paying for federal removal actions and the initiation of natural resource damage assessments...

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...by designated federal, state, or Indian tribe officials, resulting from oil spills or the substantial threat of oil spills to the waters or shorelines of the United States. The Principal Fund is used for paying certain claims for uncompensated removal costs and damages resulting from oil spills or the substantial threat of oil spills to the waters or shorelines of the United States. The Fund is administered by the National Pollution Funds Center (NPFC) of the...

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