GAO Glossary of Terms and Definitions (September 2005)

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 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 is an example of a wholly- owned government corporation. 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.)

[PAGE 101]

Previous: Warrant

Next: Working Capital Fund