Wholly-Owned Government Corporation (CongressionalGlossary.com)

From the Congressional Glossary – Including Legislative and Budget Terms

Wholly-Owned Government Corporation

An enterprise or business activity designated by the Government Corporation Control Act of 1945 (31 U.S.C. § 9101) or some other statute as a wholly-owned government corporation. Each such corporation is required to submit an annual business-type statement to the Office of Management and Budget (OMB). Wholly-owned government corporations are audited by the Government Accountability Office (GAO) as required by the Government Corporation Control Act, as amended (31 U.S.C. § 9105), and other laws. The Pension Benefit Guaranty Corporation (PGBC) and Federal Prison Industries (also known as UNICOR and FP) are examples of wholly-owned government corporations. Budget concepts call for any corporation that is wholly owned by the government to be included on-budget. (For distinctions, see Government-Sponsored Enterprise; Mixed-Ownership Government Corporation; Off-Budget.)






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