VOL I 2-4700
Part 2—Chapter 4700
AGENCY REPORTING REQUIREMENTS
FOR THE FINANCIAL REPORT
OF THE UNITED STATES GOVERNMENT
This Treasury Financial Manual (TFM) chapter describes how agencies
provide data for the Financial Report of the United States Government
(FR) using the Governmentwide Financial Report System (GFRS) and
the Federal Agencies’ Centralized Trial-Balance System I (FACTS I). It
also includes the Financial Management Service’s (FMS’s) fiscal 2012
Closing Package methodology, the Federal Intragovernmental
Transactions process, and requirements for electronically submitting
preclosing adjusted trial-balances (ATBs).
This TFM chapter does not include reporting requirements for the
Governmentwide Treasury Account Symbol Adjusted Trial Balance
System (GTAS). Information pertaining to GTAS can be found on the
GTAS Web site at http://www.fms.treas.gov/gtas/index.html.
Section 4701—Scope and Resolve material weaknesses System (GOALS) II. Agencies must
Applicability identified by the Government submit their ATBs at the Treasury
Accountability Office (GAO). appropriation/fund group level using
All agencies must provide FMS with proprietary U.S. Government Standard
required fiscal yearend data that is used to The Chief Financial Officer (CFO) or General Ledger (USSGL) accounts (see
prepare the FR. All verifying agencies (see CFO’s designee of each verifying agency USSGL, Part 1, Fiscal 2012 Reporting).
Figure 1) must submit their financial data must prepare and submit the Closing The ATB data from verifying agencies is
using the Closing Package via GFRS and Package data for fiscal 2012 and fiscal used for research and analysis purposes
FACTS I. All nonverifying agencies must 2011 via GFRS at the department level and during the compilation of the FR.
submit FACTS I ATB data and must must verify its consistency with the
comparative, audited consolidated, GFRS compiles the information from
complete GFRS FR Notes and Other FR the FACTS I submissions for nonverifying
Data. department-level financial statements. The
Inspector General (IG) of each verifying agencies into a set of “generic” financial
GFRS uses a Closing Package agency must opine on the Closing Package statements that are included in the
methodology that has been developed to: data, entered by the CFO into GFRS, as to consolidated FR. Nonverifying agencies
its consistency with the comparative, must prepare and submit note data based
Capture each agencies’ Closing on the amounts from the “generic”
audited consolidated, department-level
Package information and link the financial statements compiled in GFRS.
financial statements. Verifying agencies
agencies’ comparative, audited
with a yearend other than September 30 are Reporting requirements in this chapter
subject to alternate audit procedures as are grouped as follows:
financial statements to the FR;
outlined in subsection 4705.45.
AND Section 4705 includes Closing
All agencies (verifying and non- Package requirements;
verifying) must submit preclosing ATBs
via the FACTS I Internet application on the Section 4706 includes
Government On-Line Accounting Link intragovernmental requirements;
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AND Allocation Transfer—This is the amount also includes voluntary donations and
of budget authority transferred from one other inflows of resources.
Section 4707 includes FACTS I agency, bureau, or account that is set aside
requirements. X (Exchange)—This is an attribute of a
in a transfer appropriation account to carry
USSGL account balance that indicates
out the purposes of the parent
the balance being reported is exchange
Section 4702—Authority appropriation or fund.
revenue. Exchange revenue arises when
ATB Code—This is a code that consists of a Federal entity provides goods and
Section 405 of the Government a department, a bureau, and a four-digit services to the public or to another
Management Reform Act of 1994 [31 Treasury appropriation/fund group. This is Federal entity for a price. Exchange
U.S.C. 331(e)(1)] requires that the a unique identifier code for a record in the revenue includes most user charges other
Secretary of the Treasury annually prepare Master Appropriation File (MAF). than taxes. Another term for exchange
and submit to the President and the revenue is “earned revenue.”
Congress an audited financial statement for Attribute—This is a modifier that further
the preceding fiscal year. This statement describes a USSGL account to meet a Budget Subfunction Code (BSF)—
must cover all accounts and associated specific reporting requirement. Agencies This code classifies budget resources by
activities of the executive branch of the capture this information at the transaction function and subfunction. It groups
Federal Government. Section 114(a) of the level. The following are attributes included budget authority and outlays of budget
Budget and Accounting Procedures Act of in the USSGL Part 1, Fiscal 2012 and off-budget Federal entities in terms
1950 [31 U.S.C. 3513(a)] requires each Reporting: of the national needs being addressed.
executive branch agency to furnish For a complete list of BSF codes, see the
A (Non-Custodial)—This is an Office of Management and Budget
financial and operational information as the
attribute of a USSGL account balance (OMB) Web site at
Secretary of the Treasury may stipulate.
that indicates the amount is not reported http://www.whitehouse.gov/sites/default/
Even though these mandates are not on the Statement of Custodial Activity files/omb/budget/fy2012/assets/db_guide.
applicable to the legislative and judicial or custodial footnote. pdf .
branches of the Federal Government,
F (Federal)—This is an attribute of a The FACTS I MAF contains a three-digit
Treasury strongly encourages these entities
USSGL account balance that results BSF. Each three-digit BSF contained in the
to submit ATBs, GFRS Notes, and Other
from transactions between Federal MAF represents a subfunction grouped
FR Data, as defined in these reporting
Government entities included in the FR. under 1 of 19 functions. OMB groups each
These often are referred to as of the 19 functions under the 5
“intragovernmental transactions.” The superfunctions presented in the Budget of
USSGL account reported on an ATB the United States Government.
Section 4703—Definition of Terms with attribute “F” must have a two-digit
partner code (see the department codes Closing Package—This methodology
Agency—Refers to the reporting entities in Appendix 5) that identifies the links agencies’ comparative, audited
for inclusion in the FR. “Agency” and trading partner at the department level. consolidated, department-level financial
“department” are used interchangeably, statements to the FR. The Closing Package
N (Non-Federal)—This is an attribute is the data submitted by each verifying
unless otherwise noted (see Appendix 5).
of a USSGL account balance that results agency for inclusion in the FR.
Adjusted Trial-Balance (ATB)—This is from transactions not with a Federal
a list of USSGL accounts with attributes Government entity included in the FR. Deposit Fund Accounts—Agencies use
and preclosing adjusted balances prepared these accounts to hold the following:
S (Custodial)—This is an attribute of a
at a specified date (yearend). Agencies
USSGL account balance that indicates Money the Government has
submit ATBs by fund group and must
the activity is related to the Statement of withheld from payment for goods
include USSGL accounts listed in numeric
Custodial Activity or custodial footnote. or services provided;
order. The USSGL account balances
should reflect preclosing adjusting entries. T (Nonexchange)—This is an attribute Deposits received from outside
The total sum of the debit balances must of a USSGL account balance that sources in cases where the
equal the total sum of the credit balances in indicates the balance being reported is Government acts solely as a
the ATB. Agencies must include the nonexchange revenue. Nonexchange banker, fiscal agent, or custodian;
required attributes with the appropriate revenue arises primarily from exercise of
USSGL accounts (see USSGL Part 1, the Government’s power to demand AND
Fiscal 2012 Reporting). payments from the public (for example, Money the Government has
taxes, duties, fines, and penalties) but withheld awaiting distribution
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based on a legal determination or transaction between trading partners in the reasonably possible that the agency will
an investigation. same department. incur a loss, the agency must disclose the
nature of the contingency and an estimate of
Duplicate Partner Code Identifier Intragovernmental Transactions/ the possible liability, an estimate of the
(DPCI)—A single-letter code applied to a Balances—These transactions and/or
range of the possible liability, or a
reporting trading partner agency sharing a balances result from business activities
statement that such an estimate cannot
two-digit agency code with another agency conducted by two different Federal
be made (see SFFAS Nos. 5 and 12).
(Pension Benefit Guaranty Corporation, Government entities included in the FR.
Farm Credit System Insurance Interdepartmental and intradepartmental Reciprocal Category (RC)—Is a set of
Corporation, and Smithsonian Institution). are subsets of intragovernmental. Closing Package financial statement
Federal line items that is used to perform
Financial Statement Template—Each Intragovernmental Fiduciary
eliminations at the Governmentwide level
agency defines this template based on its Confirmation System (IFCS)—An
(see subsection 4705.35, and Appendices 6
comparative, audited consolidated, Internet-based application for confirming
department-level financial statement line and reconciling quarterly fiduciary
items; and USSGL crosswalks. balances (see subsection 4706.20). Reclassified Financial Statement—This
Nonfiduciary Transactions—Consist is a “generic” agency financial statement
of intragovernmental buy/sell (exchange) format used across the Government.
mental transactions that consist of Bureau
transactions, transfers, and non-Treasury Agencies “reclassify” or move amounts
of the Public Debt (BPD) investments and
investment transactions (see subsection from their comparative, audited
borrowings; Federal Financing Bank (FFB)
4706.25). consolidated, department-level financial
borrowings; Department of Labor (DOL)
statement line items to the Closing Package
Federal Employees’ Compensation Act Nonverifying Agencies—Agencies not
reclassified financial statement line items.
(FECA) transactions, and Office of included in Figure 1.
For nonverifying agencies, these statements
Personnel Management (OPM) employee
Probable Likelihood of Loss—This term are system-generated using FACTS I ATB
implies that the future event or events are data.
Note: The word “fiduciary” is distinct and more likely than not to occur, with the
Remote Likelihood of Loss—This term
should not be confused with Statements of exception of pending or threatened litigation
implies that the chance of the future event
Federal Financial Accounting Standards and unasserted claims. For pending or
or events occurring is slight. If only a
(SFFAS) No. 31, Accounting for Fiduciary threatened litigation and unasserted claims,
remote chance of loss is possible, the
Activities, discussed in subsection the future confirming event or events are
agency need not record a liability nor
4705.20d. likely to occur. If a negative outcome is
provide a note disclosure (see SFFAS Nos.
probable, the agency must record a liability
General Fund Receipt Account—This is 5 and 12).
on its books for the estimated amount of
a receipt account credited with all loss. The estimated liability may be a Selected Nonverifying Agency—A
collections that are not earmarked by law specific amount or a range of amounts. If selected nonverifying agency must submit
for another account for a specific purpose. some amount within the range is a better quarterly full-proprietary ATBs in text
These collections are presented in the estimate than any other amount within the format (see Appendix 5 for a list of these
President’s Budget of the United States range, then the agency should recognize that agencies).
Government as either governmental amount as a liability and should disclose the
(budget) receipts or offsetting receipts. range of possible loss as well as the nature of Special Fund Receipt Accounts—— A
These include taxes, customs duties, and the contingency in its financial statement receipt account credited with collections
miscellaneous receipts. There are notes. If no amount within the range is a that are earmarked by law but included in
numerous general fund receipt accounts better estimate than any other amount, then the Federal funds group rather than
that are described in the Federal Account the agency should recognize the minimum classified as trust fund collections. These
Symbols and Titles (FAST) Book. See the amount in the range as a liability and should collections are presented in the President’s
FAST Book Web site at disclose the range and a description of the Budget as either governmental (budget)
http://www.fms.treas.gov/fastbook. nature of the contingency in its financial receipts or offsetting receipts.
Interdepartmental Balance—This statement notes. See Federal Accounting Suspense Accounts—Agencies use these
USSGL account balance results from a Standards Advisory Board (FASAB) accounts to temporarily hold collections and,
transaction between trading partners SFFAS Nos. 5 and 12. in certain suspense accounts, disbursements.
included in the FR that are not in the same Reasonably Possible Likelihood of They use these accounts pending clearance
department. Loss—This term implies that the chance of to the applicable receipt or expenditure
the future event or events occurring is more account in the budget. A fiscal year “F”
USSGL account balance results from a than remote but less than probable. If it is
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preceding the last four digits of the fund agencies and selected other agencies List Closing Package line item
symbol identifies a suspense account. material to the FR. Agencies are deemed amounts identified as Federal
Trading Partner (TP)—An agency, material to the FR if they report any (items to be eliminated in the
department, or Federal entity that is Closing Package Statement line items or Governmentwide consolidation)
party to intragovernmental transactions note disclosures that are greater than $1 by trading partner and amount
with another agency, department, or billion. (see Appendix 6).
Federal agency. See Figure 1 for the list of verifying Report FR Notes information
Trading Partner Code—The attribute agencies. that is based on the
used to identify the trading partner Reclassified Balance Sheet line
agency (see Appendix 5). items. Also, report other FR
Section 4704—FR Reporting and Notes information that is
Treasury Appropriation/Fund Group—
Submission Dates required to meet FASAB
This four-digit identifier corresponds to
standards (see Appendix 3).
the Treasury account symbol found in
the FAST Book. Agencies report most See Figure 3 for the FR reporting Report Other FR Data
ATBs at the Treasury appropriation/fund and submission dates regarding GFRS, information that is not based on
group (for exceptions, see subsection FACTS I, IFCS, intragovernmental the Reclassified Balance Sheet
4707.20c). The Treasury appropriation/ activity/transactions, legal representation line items. Examples of Other FR
fund group combines all fiscal years letters, and subsequent events. Data include required
reported for each agency’s appropriation supplemental information,
or fund account symbol. stewardship information, and
Section 4705—Closing Package social insurance. Also, report
Trea sury Appro pria tio n F und Requirements Other FR Data information that
Sy mbo l (TAFS)—This combination
is required to meet FASAB
of numbers denotes the responsible agency, Verifying agencies must: standards (see Appendix 4).
period of availability, and fund
classification according to a prescribed Reclassify all line items and Provide explanations for any data
system of account classification and amounts on their comparative, that has changed by the FMS
identification. audited consolidated, department- established threshold or more
level Balance Sheet, Statement of between fiscal 2011 and fiscal
Use of Central Accounting Data Net Cost/Income Statement,
(UCAD)—UCAD is the authoritative 2012 as required by GFRS.
Statement of Changes in Net Explanations must clearly present
data collected in Treasury’s central Position, and Statement or Note
accounting system and presented in report the reason or justification for the
on Custodial Activity (if change in data.
format to resolve intragovernmental applicable) to the Closing
differences. This data includes Package reclassified financial Provide FMS with an electronic
appropriation warrants, nonexpenditure statement formats (see Appendix copy of the draft financial
transfers, fund balance with the Treasury, 2). Statement of Social Insurance statements if the statements are not
and appropriations received, as adjusted. information and the Statement of available on OMB’s MAX
U.S. Government Standard General Changes in Social Insurance Federal Community Web site.
Ledger (USSGL) Data—The USSGL, Amounts are reported in GFRS Notify FMS of any additional
Supplement No. S2 to the TFM, provides a Module GF006, FR Notes (see updates to the financial statements
uniform Chart of Accounts and technical Figure 2 and refer to subsection as they are made available on
guidance to be used in standardizing 4705.20c for details). OMB’s MAX Web site.
Federal agency accounting. The USSGL is Note: The Statement of Social Contact FMS to determine the
a part of the FACTS I ATB data that can Insurance and the Statement of reporting procedures for any
be viewed in GFRS to assist verifying Changes in Social Insurance adjustments to the Closing
agencies in completing their Closing Amounts are part of the basic Package data after November
Package submission and nonverifying financial statements to which the 15, 2012. See the contact list at
agencies in completing FR Notes. See IG of the verifying agency, if http://www.fms.treas.gov/clo
the USSGL Web site at applicable, must opine as to its singpackage/contacts.html.
http://www.fms.treas.gov/ussgl/index.html. consistency with the comparative,
Verifying Agencies—These agencies audited consolidated, department-
consist of the 24 major CFO Act level financial statements.
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Figure 1: Verifying Agencies Required To Verify and Submit a Closing Package and
Provide CFO Representations for Federal Intragovernmental Transactions and Balances
Department of Agriculture Department of Transportation National Credit Union Administration
Department of Commerce Department of the Treasury National Science Foundation
Department of Defense Department of Veterans Affairs U.S. Postal Service
Department of Education Agency for International Office of Personnel Management
Department of Energy Development Pension Benefit Guaranty
Department of Health and Human Environmental Protection Agency Corporation
Services Export-Import Bank of the United Railroad Retirement Board
Department of Homeland Security States Securities and Exchange
Department of Housing and Urban Farm Credit System Insurance Commission
Development Corporation Small Business Administration
Department of the Interior Federal Communications Smithsonian Institution
Department of Justice Commission Social Security Administration
Department of Labor Federal Deposit Insurance Tennessee Valley Authority
Department of State Corporation U.S. Nuclear Regulatory
General Services Administration Commission
National Aeronautics and Space
4705.10—GFRS System Access and Statement or Note on Custodial 4705.15c—FR Notes
Activity, if applicable.
The GFRS Internet application on Note: The Statement of Social Both verifying and nonverifying
GOALS II (https://fmsapps.treas.gov/ias) Insurance and the Statement of Changes in agencies must submit FR Notes data
requires a user ID and password. Social Insurance Amounts are located in through GFRS.
Agencies can apply for a user ID and GFRS Module GF006 (FR Notes). Refer Nonverifying agencies submit FR
password by completing a GOALS II to subsection 4705.20c for details. Notes data based on the amounts from the
Enterprise System Access Request “generic” financial statements, compiled in
(ESAAS) form and faxing the completed 4705.15b—The Closing Package GFRS from ATB data submitted via
ESAAS form to 202-874-6710. For more FACTS I. The generic financial statements
information, contact the FMS Service Desk Figure 2 depicts the Closing Package are based on the USSGL crosswalks to the
by telephone at 202-874-4357 or by email process. FMS uses the agencies’ Closing reclassified statements and are populated
to firstname.lastname@example.org. Users Packages to prepare the FR. by FACTS I ATB data. See Appendix 3
may access the ESAAS form at for the format of the FR Notes.
http://www.fms.treas.gov/goals. CFOs of the verifying agencies and
nonverifying agencies must submit all Verifying and nonverifying agencies
Closing Package data via the GFRS submit Notes data based on the following:
4705.15—GFRS Reportable Data
Internet application on GOALS II to FMS Amounts on selected Closing
4705.15a—Preparation of Financial for fiscal 2012 reporting. In addition, Package line items.
CFOs and/or designees, of the verifying
agencies and nonverifying agencies must The source of the data being
respond in a timely manner to FMS’s reported for each note on the
Verifying agencies must update via request for concurrence with planned “Agency Notes” line. The agency
GFRS Module GF001 (Financial changes to agency submitted Closing must reference the source of the
Statement Template) the USSGL Package data. These requests are based on data for traceability to the Notes
crosswalk logic to the comparative, FMS’s review of agencies’ submitted data source (that is, the particular
audited consolidated, department-level for compliance with this chapter and location in the consolidated
financial statements. The financial conformity with agencies’ general purpose audited financial statements,
statements include the Balance Sheet, financial statements. specific worksheet, etc.). This
Statement of Changes in Net Position, should be detailed enough to
Statement of Net Cost/Income Statement, provide an adequate audit trail.
See Appendices 3 and 4.
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Figure 2: Closing Package Process
GFRS Module GF002 GF003 GF004 GF006 GF007 GF008
Audited Financial Reclassification Federal Notes to the Other FR Completions
Statements Trading FR Financial Data and Approvals
Module Title Partner Statements
Enter agency’s Reclassify agency’s Identify Enter Enter other Agency CFO
comparative, audited financial Federal predefined required data. reviews and
consolidated, statements to Trading notes to the certifies and IG
Closing Package Partner Closing Stewardship issues an
financial statements. format. Department Package, opinion on the
•Balance Sheet; Deferred
•Balance Sheet; codes. including Maintenance reclassified
•Statement of Net Cost Statement of statements and
/Income Statement; •Statement of Net Tax Burden.
Social notes, including
Action Insurance and the Federal
Statement of Trading Partner
•Statement of Changes Changes in Note.
Changes in Net
in Net Position; Social
AND Amounts (if
•Statement or applicable).
Note on Custodial
Appendix 2 Appendix 5 Appendix 3 Appendix 4
AND RC 11 and RC 12. Identifying the trading Analysis System (IRAS) submissions as
partner enables analysis and elimination of the quarterly computation is based on
Amounts of items based on Federal activity/balances based on USSGL crosswalks.
disclosure standards (for reciprocal categories at the
example, earmarked funds, Governmentwide level. See Appendix 5 4705.15e—Other FR Data
commitments, and contingencies). for a complete list of Federal trading
See Appendix 3 for the FR Notes partner department codes. Verifying agencies and nonverifying
requirements. agencies must disclose information relating
Agencies must reclassify all General to “Other FR Data” as it applies to the
Fund activity (trading partner code agency. Other FR Data can include
9900) to the appropriate Closing stewardship information, social insurance
Package financial statement line within disclosures, and supplemental information,
Verifying agencies must identify the RC 29-non-reciprocating activities such as deferred maintenance. See Appendix
Federal trading partners and amounts (except for deposit fund investments). 4 for the format of Other FR Data.
for each Federal Closing Package line Agencies must determine what the
item reported after reclassifying the General Fund activity represents and 4705.20—Reclassification of
agency’s comparative, audited should reclassify the activity to the Verifying Agencies’ Financial
consolidated, department-level financial appropriate Closing Package line within Statements
statements into the Closing Package RC 29 (See Appendices 1, 6, and 7 for
formats. Amounts identified as Federal the appropriate reclassification of
should be net of intradepartmental Verifying agencies must enter and
Closing Package financial statement reclassify their comparative, audited
eliminations with the exception of custodial lines). Note: This Closing Package
revenues retained by the collecting consolidated, department-level Balance
requirement does not impact agencies’ Sheet, Statement of Net Cost/Income
department and capital transfers reported in quarterly Intragovernmental Reporting and Statement, Statement of Changes in Net
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Position, and Statement or Note on Government on whose behalf it was the standards for other financing
Custodial Activity (if applicable) to the collected. The collecting entity sources, such exchange revenue is
formats in the three Closing Package accounts for the disposition of recognized as a transfer-out in
financial statements presented in Appendix revenue as part of its custodial calculating the entity’s operating
1 (Reclassified Financial Statements and activity. These custodial transfers, by results.
Line Item Descriptions). Appendix 1 definition, do not affect the collecting
At the Governmentwide level, these
describes the Closing Package financial entity’s net cost of operations or
collections are recognized as revenue.
statement line items. Appendix 2 includes operating results, nor are they part of
examples of how to reclassify agency line the reconciliation between its Verifying agencies that report a
items to the Closing Package format. For obligations and net cost of Statement or Note on Custodial Activity in
example, FMS requires that agencies operations. (The receiving entity their comparative, audited consolidated,
include two line items on the Statement of recognizes the revenue as department-level financial statements
Net Cost or the Income Statement. To nonexchange or exchange revenue reclassify exchange revenue without
facilitate the reclassification of this depending on its nature, according to associated costs (virtually no cost) and
statement, “Total Gross Cost” and “Total the applicable revenue standards.) nonexchange revenue from the Statement or
Earned Revenue” line items are the sum of Note on Custodial Activity to the Closing
For exchange revenue with virtually
all program lines for “Gross Cost” and Package line items on the Statement of
no cost, see SFFAS No. 7, paragraph 140.
“Earned Revenue” reported on the Changes in Net Position. From the Sources
The custodial revenue is reported by the
Statement of Net Cost. of Collections section of the Custodial
collecting agency on the Statement of
Custodial Activity or on the Custodial Statement or Note, reclassify all
GFRS uses a normal balance concept.
Activity Note. nonexchange revenue lines to “Other taxes
The normal balance is the regular balance
and receipts” and exchange lines to
of a line item and is either a debit or credit
However, for exchange revenue “Miscellaneous earned revenue” (with the
as determined by the account type selected.
collected for others with related cost exception of customs duties, and taxes
For example, an asset and a liability would
incurred, agencies should follow the collected by the Department of the
carry a debit and a credit “normal” balance,
guidance from SFFAS No. 7, paragraph Treasury, the Department of Labor, and the
respectively. All numbers must be entered
137, which states: Department of Homeland Security). From
as positive in GFRS unless the balance of
the Disposition of Collections section,
that line is abnormal, then the amount is As a general rule, exchange revenue
reclassify all Federal lines to “Other
entered as a negative. The normal balance transferred to others must be offset
Budgetary Financing Sources” and non-
attribute is used to determine the against the collecting entity’s gross
Federal lines to “Other taxes and receipts.”
appropriate stored value of manually cost to determine its net cost of
entered amounts. operations. Exchange revenue Agencies must report the custodial
reduces the net cost of operations revenue as non-Federal, “N,” at the time of
Verifying agencies report the line
incurred by the entity in producing collection from the public (that is, the
items on their financial statements based on
outputs, regardless of whether the Sources of Collection section). The
what is most material and useful to them.
entity keeps the exchange revenue disposition of the custodial revenue to other
These line items may not match line items
for its own use or transfers it to Federal agencies must be reported as
in the Closing Package for several reasons.
another operating entity or the Federal “F” in the reclassified Statement of
For example, the Closing Package line
General Fund. Likewise, exchange Net Cost or Statement of Changes in Net
items may not apply to the agency, the
revenue reduces the net cost of the Position when reporting in GFRS. Any
amounts could be immaterial at the agency
entity’s operations to the taxpayer Federal agency receiving custodial revenue
level, or the agency may find it useful to
regardless of its disposition. from the collecting agency must report this
include more detail than the Closing
Therefore, all exchange revenue revenue as Federal “F” in its reclassified
related to the cost of operations Statement of Net Cost or Statement of
must be deducted from gross cost to Changes in Net Position when reporting in
4705.20a—Custodial Activity determine the net cost of operations GFRS. If the collecting agency retains a
for the entity. portion of the custodial revenue, the agency
SFFAS No. 7, paragraph 353, states:
also must report this revenue as Federal “F”
Furthermore, SFFAS No. 7, paragraph
Disposition of revenue to other in its reclassified Statement of Net Cost or
entities: custodial transfers.— Statement of Changes in Net Position when
Revenue, primarily nonexchange Any exchange revenue that is reporting in GFRS and must use its own
revenue, may be collected by an transferred to others, however, does trading partner code.
entity acting on behalf of the General not affect the collecting entity’s net
Fund or another entity within the position. Therefore, as required by
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If agencies have collections that do to the Statement of Social Insurance, the and the Federal Supplementary Medical
not meet Statement or Note on Custodial Statement of Changes in Social Insurance Insurance Trust Funds). SSA, HHS, RRB,
Activity reporting requirements, they Amounts, and the underlying significant and DOL are required to report the draft
should refer to the General Fund Receipt assumptions also is included in GFRS data of Social Insurance in the GFRS
Account Guide on the USSGL Web site at Module GF006, FR Notes. All remaining Closing Package (see Figure 3 for due
http://www.fms.treas.gov/ussgl/approved_ social insurance information is contained in dates).
scenarios/index.html#proprietary. GFRS Module GF007, Other FR Data.
4705.20b—Earmarked Funds Note: The information related to these
In a fiduciary activity, the Government
statements appears in GFRS Module
collects or receives and subsequently
Earmarked funds are financed by GF006, FR Notes, because GFRS was not
manages, protects, accounts for, invests,
specifically identified revenues, often designed with a separate financial
and/or disposes of cash or other assets in
supplemented by other financing sources, statement module for the Statement of
which non-Federal individuals or entities
which remain available over time. These Social Insurance and the Statement of
have an ownership interest that the
specifically identified revenues and other Changes in Social Insurance Amounts. As
Government must uphold. Non-Federal
financing sources are required by statute to such, verifying agencies cannot enter
individuals and entities must have an
be used for designated activities, benefits, information related to the Statement of
ownership interest in the cash or other
or purposes and must be accounted for Social Insurance and the Statement of
assets held by the Government under
separately from the Government’s general Changes in Social Insurance Amounts into
provision of loan, regulation, or other
revenues in accordance with SFFAS a separate financial statement module.
fiduciary arrangement. The ownership
No. 27. Since the Statement of Social Insurance
interest must be enforceable against the
and the Statement of Changes in Social
At the Governmentwide level, the U.S. Government, and judicial remedies must
Insurance Amounts are two of the basic
Government Balance Sheet shows be available for the breach of the
financial statements to which the IG of
separately the portion of the net position Government’s fiduciary obligation.
the verifying agency, if applicable, must
attributable to earmarked funds. The Agencies should account for this fiduciary
opine as to its consistency with the
standard further requires the disclosure of activity, which includes the collection of
comparative, audited consolidated,
condensed information on assets, liabilities, cash or other assets and their distribution to
department-level financial statements,
and net cost for all earmarked funds. the non-Federal owners and/or their
verifying agencies must enter the
beneficiaries, in accordance with SFFAS
Verifying agencies reclassify information related to the Statement of
No. 31. In accordance with the standard,
earmarked fund activity from the agency’s Social Insurance and the Statement of
there is relatively similar Government
Balance Sheet to the Closing Package line Changes in Social Insurance Amounts into
activity that is specifically excluded from
items designated for earmarked funds on GFRS Module GF006, FR Notes.
the SFFAS No. 31 reporting requirements
the Balance Sheet. Additional note The Social Insurance Program such as: payroll withholdings and
disclosure information on earmarked funds reporting agencies are required to report garnishments; unearned revenue; and
also is required in the Closing Package, the Statements of Social Insurance, the seized property.
Appendix 3, Note 22, to be completed by Statement of Changes in Social Insurance
both verifying and nonverifying entities The standard requires that the
Amounts, and the related notes in the FR
with earmarked fund activity. Agencies Government’s fiduciary activities and a
Notes, and in Other FR Data in the Closing
should report each earmarked fund with a description thereof be included as a note
Package. The Social Insurance Program
net position exceeding $5 billion absolute disclosure. In addition, the Government
reporting agencies are the Social Security
separately. must disclose that the fiduciary assets are
Administration (SSA), the Department of
not assets of the Government and are,
Health and Human Services (HHS), the
4705.20c—Social Insurance therefore, not recognized on the U.S.
Railroad Retirement Board (RRB), and the
Government Balance Sheet. However, at
Department of Labor (DOL).
the Governmentwide level, the U.S.
The Statement of Social Insurance and Most of the social insurance Government Balance Sheet recognizes a
the Statement of Changes in Social information pertaining to Social Security liability for fiduciary cash held in fund
Insurance Amounts are required by SFFAS and Medicare can be obtained from SSA balance with Treasury and a liability for
Nos. 17, 25, 26, 28, and 37 to be presented (the 2012 Annual Report of the Board of fiduciary investments in U.S. Treasury
as a basic financial statement. Agencies Trustees of the Federal Old-Age and securities that are included in the agencies’
provide the Statement of Social Insurance Survivors Insurance and Disability fiduciary assets. Since these fiduciary
and the Statement of Changes in Social Insurance Trust Funds) and from HHS (the assets are not recognized on the agencies’
Insurance Amounts data in GFRS Module 2012 Annual Report of the Boards of the Balance Sheets, no verifying entities are
GF006, FR Notes. The information related Trustees of the Federal Hospital Insurance required to enter this fiduciary liability line
May 2012 8 T/L 684
VOL I 2-4700
item in the Reclassified Balance Sheet, in investments in GAS that the Some examples of activities that have “99”
the GFRS Module GF003. Federal Government is as a trading partner are:
authorized to keep to the Closing
However, both verifying and
Package Federal line titled, Offsets to collections collected or
nonverifying entities with fiduciary activity accrued in the General Fund
“Federal securities interest
must enter the agency fiduciary activity receipt accounts— USSGL
revenue,” and identify the
note disclosure information in the GFRS accounts applicable to this
amount in the Federal Trading
Module GF006, FR Notes (see Appendix activity include but are not
Partner Note (Module GF004)
3, Note 27). limited to USSGL accounts
using trading partner code
“2000.” 2980F, 2985F, 5990F, 5991F,
Note: The reporting requirements
5993F, and 5994F.
related to fiduciary activities, as required Nonverifying agencies are directed to
by SFFAS No. 31, are distinct and subsection 4707.20b for reporting GAS Employer Federal Insurance
unrelated to the reporting and other investments with deposit fund monies. Contributions Act (FICA)
requirements related to the “fiduciary” contributions collected by the
category of intragovernmental transactions Internal Revenue Service.
as stated in subsections 4705.70b, 4706.15, 4705.20f—Department Code
4706.20, 4706.20a, 4706.20b, 4706.25, Reporting for General Fund Rescissions that are permanently
and 4706.30c. Activities canceled by law. (For trust and
special fund transactions, treat
Agencies use trading partner code similar to capital transfer
4705.20e—Reporting of transactions, RC 11 and RC 12.
Government Account Series “99” strictly for recording transactions with
the General Fund of the United States. Do (Refer to the discussion on
(GAS) Investments With the capital transfer in subsection
Bureau of the Public Debt not confuse the General Fund of the
United States (trading partner code 99) 4705.65.)
Purchased by Agencies Using
Deposit Fund Monies with the Department of the Treasury Other activities associated with
(department/trading partner code “20”), the the General Fund —USSGL
agency. They are not synonymous and accounts applicable to this
Verifying agencies that invest deposit agencies must distinguish one from the
fund monies in GAS investments must activity include but are not
other when designating an appropriate limited to tax related accounts
adhere to the following three bullets for the partner code. Agencies that are collecting
portion of the investments that are not and USSGL accounts, 1921F,
receipts into General Fund Receipt 5997F, etc.
accounted for in the agencies’ fiduciary Accounts (GFRAs) should be aware that
note: although GFRAs belong to the General Agencies that record activities with
Fund, the General Fund does not have all the General Fund also must properly
Reclassify the deposit fund
the details of all the accounting events in record this Federal activity at the
investments in GAS to the
the GFRAs. Therefore, collecting agencies Governmentwide level to assist with the
Closing Package Federal line
must record the accounting events in the preparation of the FR. General Fund
titled, “Federal Investments,” and
GFRAs and must use their two-digit activities (trading partner code 9900) are
identify the amount in the
Federal Trading Partner Note department codes in the GFRAs for only reclassified to Federal FR lines with a
(Module GF004) using trading collection and accrual activities (for RC 29 designation. RC 29 contains all line
partner code “9900.” example, receivables, revenues, other items for which reciprocal line items do not
financing sources, transfer in, etc.) The exist and the USSGL accounts in RC 29 do
Reclassify the liability with the accounts that have the“99” partner not eliminate against another USSGL
public related to GAS code in the GFRAs are listed below. account. Refer to Appendix 1 for a
investments by deposit funds to Agencies should refer to the USSGL description of each reclassified FR line and
the Closing Package Federal line implementation guidance, in the Appendices 6 and 7 for a listing of
titled, “Other liabilities (without General Fund Receipt Account Guide, reclassified FR line reciprocal category
reciprocals),” and identify the on the USSGL Web site for examples designations and the financial statement to
amount in the Federal Trading of how to record partner codes in which they relate.
Partner Note (Module GF004) GFRAs. See the Web site at
Agencies engaged in activity with the
using trading partner code http://www.fms.treas.gov/ussgl/approve
Department of the Treasury as a trading
partner regarding all other intra-
In addition, agencies should refer to
Reclassify the revenue from governmental activities, such as Judgment
subsection 4707.20c in this TFM chapter.
earnings on deposit fund Fund transactions, investments,
T/L 684 9 May 2012
2-4700 VOL I
borrowings, transfers, and buy/sell activity, Smithsonian Institution; use the Federal trading partner department
should use department code “20.” code of the child’s parent agency when
Agencies should contact the Director, Tennessee Valley Authority; reporting their balances and transactions
Financial Reports Division, via email at U.S. Postal Service; with the child in GFRS.
email@example.com, if they are
AND The three exceptions to the
unsure about the applicability of
requirement for parent/child reporting
department code “99” to particular
Farm Credit System Insurance (from OMB Circular No. A-136, revised)
4705.25—Special Basis of (2) Verifying agencies with a yearend Federal trust funds managed by
Accounting other than September 30: the BPD (commonly known as
Treasury Managed Trust Funds)
Farm Credit System Insurance
Verifying agencies under SFFAS for which the recipients are
No. 34, The Hierarchy of Generally allocation accounts.
Federal Deposit Insurance
Accepted Accounting Principles, that The parent is the Executive
use accounting standards other than Corporation;
Office of the President.
FASAB standards (for example, AND
Financial Accounting Standards Board), as Funds transferred from the
the basis for their audited financial National Credit Union Judiciary to the Department of
statement data, or that do not have a Administration. Justice’s U.S. Marshals Service
fiscal yearend of September 30, are for court security.
For the verifying agencies with a Formatted: Indent: First line: 0.25"
collectively referred to as converting In these cases, the receiving agency
yearend other than September 30, a
agencies in GFRS. Converting agencies (child) is responsible for reporting all
crosswalk with a 12-month set of fiscal
must perform an additional step in proprietary activity in its financial
year financial statements should be
GFRS before reclassifying their statements and GFRS. The child must
provided to FMS, as support to the Closing
financial statement line items to the use its two-digit trading partner code for
Package submission. In addition, these
Closing Package line items. They must all activities and balances with the
agencies must provide an updated 12-
convert their latest set of audited parent agency. This results in
month set of the fiscal year financial
financial statements to a 12-month set of intragovernmental activity between the
statements crosswalk after the audit is
financial statements using the FASAB child and the parent being eliminated and
completed to show changes, if any, that
standards and a September 30 ending not reported in the child agency’s financial
may impact financial reporting at the
date. Converting agencies reclassify the statements and GFRS. Agencies that have
Governmentwide level. Agencies must
converted data to the Closing Package activity with the child listed in the three
highlight any variances in the subsequent
line items instead of the data from their exceptions must use the Federal trading
crosswalk and must provide reasons for the
latest audited financial statements. They partner code of the child in reporting their
must subject all of the above-mentioned balances and transactions with the child in
adjustments to their Closing Packages to GFRS.
the audit coverage described in 4705.30—Parent/Child Reporting
The parent agency (transferor of the 4705.35—Reciprocal Categories
Verifying agencies that may need to
appropriation) must report all activity of
perform this additional step, as described
the child in its financial statements, A reciprocal category is comprised of
whether material to the child agency a set of Federal Closing Package line items
(1) Verifying agencies with comparative, (recipient of the transfer) or not, unless one that are the reciprocal of each other (for
audited financial statements not based of the three exceptions (detailed below) example, accounts payable/accounts
on FASAB standards: applies. The parent agency must use its receivable). These categories assist in the
two-digit trading partner code for all elimination of Federal activity at the
Federal Deposit Insurance activities and balances with the child Governmentwide level to prepare the FR.
Corporation; agency. This results in intragovernmental Additionally, these reciprocal categories
National Credit Union activity between the parent and the child facilitate the reconciliation of activities
Administration; being eliminated and not reported in the between Federal agencies. All reciprocal
parent agency’s financial statements and categories currently contain a set of Federal
Pension Benefit Guaranty GFRS. Other agencies that have activity line items except for RC 29, which
Corporation; with the child (see exceptions below) must contains all line items for which no
May 2012 10 T/L 684
VOL I 2-4700
reciprocal line items currently exist. Note: Trading Partner Note, are included within Format (PDF) to GAO, FMS, and OMB
General Fund activities must be the scope of the opinion on the special- (see Figure 3 for due dates).
reclassified to an FR line (refer to purpose financial statements (Closing
Appendix 1 for appropriate Package). Verifying agencies should 4705.50—Closing Package
reclassification) with a reciprocal category review thoroughly information provided as Schedule of Uncorrected
29 designation for identifying General Other FR Data in the Closing Package, Misstatements Process
Fund activity at the Governmentwide level. which is not subject to audit coverage, to
The reciprocal categories crosswalk to the assure consistency with the applicable data.
Closing Package reclassified financial Verifying agencies must submit a
Each applicable verifying agency must Closing Package SUM as a part of their
statement line items on the Balance Sheet,
provide the following documents to the Management Representation Letter on the
Statement of Changes in Net Position, and
IG/IPA to perform the audit on the Closing Closing Package (as stated in subsection
Statement of Net Cost. See Appendix 6 for
Package. All of the following documents 4705.45) to FMS. Verifying agencies with
a complete list of reciprocal categories and
are a part of the IG/IPA audit scope except a yearend other than September 30 do not
the financial statements to which they
the GF007 Other FR Data Report, which have to provide a SUM. The SUM is for
must be thoroughly reviewed: agencies’ current-year Balance Sheet,
Statement of Net Cost/Income Statement,
4705.40—CFO Closing Package Reclassified financial statements Statement of Changes in Net Position,
Data Verification – GF003F Closing Package Statement of Social Insurance, and
Financial Statement Report Statement of Changes in Social Insurance
Verifying agency CFOs must certify (including FR Note 23 for the Amounts (if applicable). The schedule
the accuracy of the data in the Closing Statement of Social Insurance should contain the following:
Package for the IG to opine no later than and FR Note 30 for the
the specified due date (see Figure 3 for due Statement of Changes in Social The effect of the current year’s
dates). Insurance Amounts, if uncorrected misstatements and
applicable); the carry-forward effect of the
4705.45—Audit Requirements for prior year’s uncorrected
the Closing Package GF004F Trading Partner misstatements.
Summary Note Report;
USSGL account number and
An audit opinion is required for the GF003G Closing Package Line account description.
special purpose/Closing Package financial Reclassification Summary
statements, for fiscal 2012 and 2011, based Report; Federal (F) or non-Federal (N)
on agency-entered data in GFRS through account indicator for each
the Closing Package. This includes the GF006 FR Notes Report; USSGL account affected.
Federal Trading Partner Note. The IG
GF007 Other FR Data Report; A reference to an adjustment
provides the audit opinion and its text of
the audit opinion, regardless of whether the AND number or documentation
IG or an independent public accountant reference.
(IPA) conducted the audit. For guidance, Management representation letter
on the Closing Package, which An indication as to whether or
refer to OMB Bulletin No. 07-04, as
includes the Summary of not management has agreed to
amended and as it relates to special-
Uncorrected Misstatements record the adjustment in its
purpose financial statements (Closing
(SUM), and uncorrected financial statements.
Package). Verifying agencies with a
misstatements identified in the
yearend other than September 30 are A statement as to whether the
subject to all requirements of this TFM agency’s audited financial
uncorrected misstatement is
chapter. However, they are limited to audit statement SUM, which is attached
either known or likely.
assurance on material line items and note to the agency’s financial statement
disclosures to which the verifying agencies management representation letter A description of the adjustment.
contribute. For additional guidance, refer (see subsection 4705.50 for
instructions for entities with a The amount of the debit or
to the audit of the special-purpose (Closing credit.
Package) financial statements section of yearend other than September 30).
OMB Bulletin No. 07-04, as amended. Each IG must package a copy of the The line items affected in the
aforementioned documents in addition to entity’s financial statements.
The intragovernmental activity and
balances contained in the Closing the Closing Package auditors’ report and
Package’s GFRS Module GF004, Federal must email them in Portable Document
T/L 684 11 May 2012
2-4700 VOL I
AND of the legal representation letter as are no changes, and/or any changes to the
disclosed in the agency’s financial management representation letters and the
Uncorrected misstatements statements. They must categorize cases, financial statements due to subsequent
identified in the audited financial including cases to be paid from the events. Subsequent event information is
statement SUM and any Judgment Fund, in the table as either based on the agency’s materiality
additional uncorrected mis- having a probable, reasonably possible, or threshold. Do not include legal
statements identified in the a remote chance of a negative outcome for contingencies or items submitted in GFRS,
Closing Package. Explanations the agency consistent with American Bar Note 1.
must be provided for any Association guidance (see Figure 3 for due
difference between the two dates). Agencies must recognize a 4705.65—Yearend Intra-
SUMs to facilitate the contingent liability on their financial governmental Reconciliation
consolidation of the FR. statements or must disclose it in the Process Related to Closing
financial statement notes if it meets the Package Reporting
In addition, the adjusting entries to contingent liability criteria as defined in
correct the misstatements also should be SFFAS No. 5. For guidance, refer to OMB
provided. If there are no such uncorrected Bulletin No. 07-04, as amended, as it Verifying and nonverifying agencies
misstatements, a representation to this relates to legal representation letters. should reconcile their intragovernmental
effect should be included in the balances with all available information
management representation letter. Refer to before submitting their Closing Package
the Financial Audit Manual (FAM), 4705.55b—Other Required Infor- data and FACTS I ATBs, respectively.
Section 595, for a sample schedule of mation for Legal Representation
Letters UCAD is the authoritative data
uncorrected misstatements and adjusting
collected in Treasury’s central
entries. Verifying agency IGs also must accounting system. Agencies should
For additional guidance, see OMB provide GAO, DOJ, and FMS information validate and reconcile their data monthly
Bulletin No. 07-04, as amended, and about subsequent events that occurred after with UCAD to resolve intra-
OMB Circular No. A-136, revised, on the effective date of their final legal governmental differences in certain
the OMB Web site at representation letter through November 30, reciprocal categories, prior to their data
http://www.whitehouse.gov/omb; and 2012, that resulted in a change of submissions in GFRS.
GAO/President’s Council on Integrity and likelihood or an amount of loss. All
agencies should send this information via The following monthly UCAD
Efficiency FAM, Section 595C, on the
email to GAO, DOJ, and FMS at reports for RC 07, Appropriation of
GAO Web site at http://www.gao.gov.
firstname.lastname@example.org (see Unavailable Trust or Special Fund
Figure 3 for due dates). Receipts; RC 08, Nonexpenditure
4705.55—Legal Representation Transfers of Unexpended Appropri-
Letter Process Subsequent event information is based ations and Financing Sources; RC 11,
on the agency’s materiality threshold. For Nonexpenditure Transfers of Financing
additional guidance, see OMB Bulletin No. Sources – Capital Transfers; RC 29,
4705.55a—Legal Letter Reporting 07-04, as amended, and OMB Circular No.
Requirements Appropriations Received as Adjusted;
A-136, revised, on the OMB Web site at and RC 29, Fund Balance With
http://www.whitehouse.gov/omb. Treasury, data are available on the
Verifying agency IGs must submit an
FMS Web site at
interim and final legal representation letter
4705.60—Other Required http://www.fms.treas.gov/closingpackage/
prepared by the agency General Counsel
Information for Subsequent reports.html on the eighth workday of
summarizing and evaluating legal actions
Changes to Published Financial every month:
against the agency. Agency IGs must
submit the interim and final legal Summary Monthly UCAD
representation letters and management Report for RC 07, 08, & 11;
schedules to FMS, DOJ, and GAO. Legal Verifying agency CFOs also must
representation letter files sent by email must provide FMS information regarding any Detail Monthly UCAD Report
be PDF files (zipped files are not accepted). subsequent changes, or no changes, to for RC 07, 08, & 11;
Management Schedules must be in Excel their management representation letters
Monthly UCAD Report –
format only (PDF files are not accepted). and published financial statements (see
Appropriations Received, as
The agency’s legal representation letter Figure 3 for due dates). Send this
must contain a schedule prepared by information via email to FMS, OMB, and
management that summarizes the content GAO. The email should indicate if there AND
May 2012 12 T/L 684
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Monthly UCAD Report – Fund Confirmation of Intragovern- FMS provides the CFO
Balance With Treasury-RC 29. mental Activity (Part IIB) – Representations form for Federal Intra-
Non-Reporting Agencies. This governmental Transactions and Balances
The UCAD data reports for the period (see Appendix 8). FMS posts this form on
data is informational and
ending September 30 will be available to the FMS Web site at
requires an explanation if it is
the agencies on October 11, 2012. The http://www.fms.treas.gov/factsi. The
equal or greater than $250
yearend report with backdated adjustments representations relating to whether the
made between October 1 and 16 will be reconciliation was completed for each item
available to the agencies on October 18, Any significant differences that are of Section I (General Intragovernmental
2012. reconciled should form the basis for Reporting Results), Section II (Explanation
adjusting journal entries affecting of Closing Package Differences), and
Verifying agencies generate their
intragovernmental activity and balances at Section III (Additional Explanations) must
intragovernmental reports via the
the FR level. Agencies should submit their be completed in their entirety.
Discoverer application in GFRS or by
adjustments and supporting documentation
using the direct URL link
for Part I and Part II (refer to subsections
http://gfrs.fmsapps.treas.gov/discoverer/ 4706.30e and 4706.30f for further detail 4705.70a—Detailed CFO
viewer for the following reports that Representation Instructions
regarding the explanation of differences) to
show agencies their reciprocal balances,
their FMS contact person via email and
as reported in the Closing Package, for Verifying agencies must provide
to the following email address:
each of their trading partner agencies’: responses to the following intra-
Intragovernmental Closing Verifying agencies generate the
Package Activity Detail Report; Intragovernmental Comparative Closing
4705.70b—Section I: General
Intragovernmental Closing Package Explanations of Differences
Report via the Discoverer application in Intragovernmental Reporting
Package Activity Summary
GFRS or by using the direct URL link Results
Intragovernmental Closing viewer. Is consistency maintained between
Package Reciprocal Category the agency intragovernmental
Detail Report; reporting entered in GFRS
Module GF004 Trading Partner
Intragovernmental Closing Procedures for Intragovernmental
Transactions/Balances Note (by line item and trading
Package Reciprocal Category
partner) and the agency source
documents? If “no,” provide an
Verifying agencies must comply with
Material Differences Report explanation. (Refer to the
the following instructions using the
(Part I of III). This report Intragovernmental Closing
comparative, audited consolidated,
displays differences equal to or Package Line Item Reports and
department-level financial statements:
greater than $250 million; the Trading Partner Identification
Provide responses to the Reports from GFRS Module
Material Differences Report GF004). Agency source
representations outlined in the
Part IIA- UCAD vs IRAS –
detailed “CFO Representation” documents include manual and
Reciprocal Categories 7, 8, 11, electronic records, original
instructions for each intra-
FBWT and Appropriations documents, and accounting
Received; records generated by the agency’s
AND official accounting system.
Confirmation of Intra-
governmental Activity (Part Ensure the data in the Identify policies and procedures
IIB) – Undefined Partners Intragovernmental Closing that pertain to the agency’s
“00” and “99” General Fund. Package Material Differences/ ability to record, process,
This report displays amounts Status of Disposition summarize, and report
reported equal to or greater Certification Report is consistent intragovernmental activity and
than $10 million by reciprocal with the information reported in balances by trading partner.
category. the Federal program agency’s Describe the accounting
financial statements. treatment and policies and
procedures used for buy/sell,
T/L 684 13 May 2012
2-4700 VOL I
fiduciary, and transfer intra- 4705.70c—Section II: Explanation Section 4706—Intragovernmental
governmental transactions. of Closing Package Differences Requirements
Review and explain the agency’s
activity reported with trading Explain the differences indicated on
partner “9999.” Indicate the the Intragovernmental Closing Package 4706.10—Intragovernmental
dollar amount or percentage of Material Differences/Status of Disposition Transactions/Balances
this activity that relates to Certification Report, Part I, in terms of the Reconciliation Requirements
business conducted with highly following categories: Authority
classified agencies, the U.S. (1) Confirmed Reporting;
Senate, or the House of The intragovernmental transactions
Representatives. Also, explain (2) Accounting Methodology/ reconciliation requirements also are
any activity that is unknown Policy Difference; stated in the following:
because the agency is unable to (3) Accounting/Reporting Error;
identify its trading partners OMB Circular No. A-136 (see
and/or amounts. (4) Timing Difference – CY; the OMB Web site at
Explain activity reported with (5) Unknown; omb);
trading partner “9900.”
Review and explain material (6) Timing Difference – PY. Intragovernmental Business
differences involving both
Rules (see Appendix 10).
agencies reporting “Confirmed.” Also, explain the special items and
The reporting agency and its differences on the Intragovernmental
trading partner should not both Closing Package Material Differences/ 4706.15—Federal Intra-
have confirmed reporting where Status of Disposition Certification Report, governmental Transactions
a difference exists. Refer to Part II, on the Additional Explanations Accounting Scenarios
subsection 4706.30e for further form (Part III), which is provided on the
details. FMS Web site. (Refer to subsection The Intragovernmental Trans-
4706.30d for further detail regarding actions Accounting Policy Guide (APG)
Did the agency use the special items and differences that are has been discontinued. Agencies are
UCAD reports available on included in Part IIA and Part IIB.) directed to refer to the USSGL Web site
the FMS Web site at
for scenarios for selected Federal
4705.70d—Section III: Additional intragovernmental activities at
validate the agency’s trading
partner data entered in GFRS
Module GF004 for the Closing For each explanation, from Parts I and
Package line items in RC 07, RC II, the supporting documentation must be 4706.20—Intragovernmental
08, and RC 11; as well as Fund included, in detail, on the “Additional Fiduciary Confirmation System
Balance With Treasury-RC 29; Explanations” form provided by FMS. (IFCS)
and Appropriations Received as (Refer to subsections 4706.30e and
Adjusted-RC 29? If “no,” 4706.30f for further detail regarding the The IFCS, an Internet-based
provide an explanation why the explanation of differences). application is the official confirmation
UCAD online reports were not Provide an electronic file of the system for all Federal departments and
used. CFO’s Representations for Federal agencies that engage in fiduciary
Intragovernmental Transactions and intragovernmental transactions.
Did the independent auditors
propose any adjustments related Balances along with the completed Intra- Agencies are required to use the IFCS
to intragovernmental balances governmental Closing Package Material to confirm and reconcile fiduciary
reported in the Closing Package? Differences/Status of Disposition transactions with their trading partners.
If “yes,” list the auditor’s Certification Report and “Additional Agencies should investigate and record
intragovernmental adjustments Explanations” form to FMS and GAO (see adjustments for any discrepancies between
waived by management. Figure 3 for due dates). their intragovernmental account balances
and the reciprocal account balances of their
trading partner(s). Discrepancies due to
May 2012 14 T/L 684
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errors should be corrected prior to the 4706.20a—IFCS Reporting Services provided and
preparation of financial statements and the Reconciliation Requirements reimbursables—Such as legal,
Closing Package submission to FMS (see consulting, investigative, financial
Figure 3 for due dates). Agencies must ensure that fiduciary management, grants management,
intragovernmental balances are confirmed technology, reimbursables, and
Specifically, OMB Circular No. A-
using the IFCS. Intragovernmental other similar services.
136 requires reporting agencies to
balances confirmed through IFCS should
reconcile/confirm intragovernmental Cost of products sold—Such as
activity and balances quarterly for the agree to the quarterly data, Closing
supplies, manufactured items,
following reciprocal groupings: Package reporting, and the agency’s
inventory, office space, and
To review DOL’s benefits
par, original issue discount and Transfers, appropriations used,
premium interest payables and activity, agencies should access
and collections for others, and
receivables, interest income and DOL’s Internet Web site at
unusual assets and liabilities
expense, and amortization of http://www.dol.gov/ocfo/publications.
related to appropriations—
premiums and discounts with the html.
Including transfers between
BPD. agencies based on agreements or
4706.20b—IFCS System Access legislative authority, expended
appropriations, taxes and fees
receivable (including capitalized
To access and confirm fiduciary collected, collections for others,
interest receivable), interest
balances in the IFCS, agency users should receivables from appropriations,
payables and receivables, and
access the Internet Web site at transfers payable, and custodial
interest income and expense
https://fmsapps.treas.gov/ias. Agencies revenue.
from BPD or the FFB.
can apply for a user ID and password by
Federal Employees’ Compen- completing a GOALS II ESAAS form and 4706.25a—Related to Capitalized
sation Act (FECA) transactions faxing it to 202-874-6170. All agencies Purchases
with DOL—Including routine must designate agency user backups for all
payments and accruals for FECA roles. After the ESAAS form is processed,
Agencies that purchase capitalized
liabilities. Note: Amounts the IFCS administrator makes the agency
assets from other Federal entities must
relating to unemployment assignment. Then, the agency department
record the purchase to the following
compensation are not included administrator assigns the designee to his or
USSGL memorandum accounts:
by DOL and FECA. Therefore, her specific agency fund symbols for the
agencies need to exclude any borrowings and investments categories and 8801F, “Offset for Purchases of
amounts associated with agency code for OPM and DOL Assets”;
unemployment compensation categories. For more information, contact
before posting expenses and the FMS Service Desk by telephone at 8802F, “Purchases of Property,
liabilities in IFCS (USSGL 202-874-4357 or by email to Plant, and Equipment”;
accounts 2213, 2215, 2225, email@example.com. 8803F, “Purchases of Inventory
2290, 6400, and 6850). and Related Property”;
To review DOL’s benefits activity,
Employee Benefit Program agencies should access DOL’s Internet AND
transactions with OPM— Web site at http://www.dol.gov/ocfo/
Including routine payments and publications.html. 8804F, “Purchases of Assets –
postretirement benefits related to Other.”
the Federal Employees 4706.25—Nonfiduciary Agencies also must record the
Retirement System (FERS), the Transactions purchase to the appropriate USSGL asset
Civil Service Retirement System
account in the Closing Package.
(CSRS), the Federal Employees’
For nonfiduciary transactions, OMB
Group Life Insurance Program The above memorandum accounts are
requires reporting agencies to reconcile/
(FEGLI), and the Federal not crosswalked to the Closing Package;
confirm intragovernmental activity and
Employees’ Health Benefits these amounts are reclassified as fixed
balances quarterly for the following
Program (FEHB). assets on the reclassified Balance Sheet.
The memorandum accounts are only
supplemental USSGL accounts that are
used for reconciling purposes.
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4706.30—Quarterly Federal/Non-Federal Attribute— activity with the account “AA BB 1234”
Intragovernmental Transactions F/N indicator. use the “BB” trading partner code, in
Reconciliation Process which “BB” represents the parent’s two-
Federal trading partner (Federal) digit trading partner code.
(two digits)—Treasury depart-
The quarterly reconciliation process ment code of the Federal trading For the three exceptions listed in
facilitates the elimination of partner. subsection 4705.30, the child agency
intragovernmental differences for yearend must report and code activity and
financial reporting. Sign indicator—The “-” (minus) balances between the parent and the
symbol indicates a credit child with the child’s two-digit trading
Agencies should use two-digit
balance. Leave the field blank for partner code on its file submission to
trading partner codes for all intra-
debit balances, without regard to properly eliminate parent/child activity
governmental transactions. When
the normal-balance concept. and balances. Agencies having activity
agencies report “appropriations transfers”
within their departments, they should use Dollar amount—Leading zeroes with the child, for the three exceptions,
their two-digit trading partner code rather are required. The last two must use the child’s two-digit trading
than “00.” Trading partner code “00” is positions represent amounts after partner code in the file to report their
limited to the House of Representatives, the decimal point. balances and transactions with the child.
Senate, classified transactions, or any truly For example, agencies having activity
unidentifiable activity/balances. Exchange/nonexchange attribute with the account “AA BB 1234” use the
—X/T indicator. “AA” trading partner code, in which
“AA” represents the child’s two-digit
4706.30a—Agency Quarterly Custodial/noncustodial attribute trading partner code.
Submission —S/A indicator.
Duplicate Partner Code Identifier 4706.30c—FMS Intragovernmental
In support of the quarterly (DPCI)—The attribute for Activity Reports
reconciliation process, both verifying and certain reporting entities that use
selected nonverifying agencies must submit duplicate two-digit department
full-proprietary ATBs in text format. Within approximately 4 business days
codes. of agencies’ submissions of the quarterly
Agencies should derive these All agencies should send their data files, FMS consolidates agency
submissions directly from their completed trial balances including the quarterly financial data. Reporting agencies
departmental trial balances that are used as number of record counts via email to use the Discoverer application through
the basis for constructing quarterly their FMS contact person and to GFRS or use the direct URL link
unaudited financial statements for OMB. firstname.lastname@example.org. See http://gfrs.fmsapps.treas.gov/discoverer/
The text file format must contain the Appendix 9 for the data file format. viewer to generate the intragovernmental
following elements: reports (see the Discoverer User Manual at
Any errors must be corrected within 1 http://www.fms.treas.gov/closingpackage/
Department code (two digit)— business day. regulations.html). The reports show
Treasury department code agencies their reciprocal balances, as
associated with the ATB fund 4706.30b—Agency Submission – reported in the quarterly files, for each of
group and consistent with the Parent/Child Reporting their trading partner agencies (Part I);
MAF ATB code (Appendix 5). UCAD vs. IRAS differences (Part IIA);
and undefined partner and General Fund
Bureau code (two digit)— The parent agency (transferor of the
activity (Part IIB):
Bureau code associated with the appropriation) must report and code
ATB fund group and consistent activity and balances between the parent Intragovernmental Activity
with the MAF ATB code. Use and the child using the parent’s two-digit Detail Report by Trading
“00” if the agency does not have trading partner code on its file submission Partner.
any subdivisions. to properly eliminate parent/child activity
and balances, unless one of the three Intragovernmental Activity
Fund group (four digit)—MAF exceptions applies (see subsection 4705.30 Summary Report by Trading
fund group. for exceptions). Agencies having activity Partner.
USSGL account (four digit)— with the child must use the parent’s two- Intragovernmental Reciprocal
USSGL account number. digit trading partner code in the file to Category Summary Report.
report their balances and transactions with
the child. For example, agencies having
May 2012 16 T/L 684
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Intragovernmental Reciprocal data they reported into Treasury’s governmental reconciliation in
Category Detail Report. central accounting system. accordance with OMB Circular
No. A-136, revised;
Fiduciary Quarterly Data vs.
IFCS Agency Benefits Report. 4706.30d—Agency Quarterly Ensuring agencies are mutually
Status of Disposition Certification completing the Intragovern-
Fiduciary Quarterly Data vs. mental Material Differences/
IFCS Comparison Report. Each verifying agency and selected Status of Disposition Certi-
Material Differences Report nonverifying agencies generate an fication Report for the same
(Part I of III). This report Intragovernmental Material Differences/ trading partner/reciprocal
displays differences equal to or Status of Disposition Certification category material difference
greater than $250 million. Report from the Discoverer application instances;
in GFRS (or use the direct URL link
Material Differences Part IIA – http://gfrs.fmsapps.treas.gov/discoverer/ AND
UCAD vs IRAS – Reciprocal viewer), containing comparative Minimizing the number and
Categories 7, 8, 11, FBWT and reporting between the agency and its amount of differences subject to
Appropriations Received. trading partners by reciprocal category certification through a sampling
in Part I, and other significant material process.
Confirmation of Intra-
balances and confirmation of the
governmental Activity (Part IIB) Both verifying agencies and selected
reporting in Part II. FMS provides Part
– Undefined partners “00” and nonverifying agencies should provide an
III, which is a blank “Additional
“99” General Fund. This report explanation of the reporting on Parts I and
Explanations” form that agencies use to
displays amounts reported equal II of the Intragovernmental Material
explain in detail their reporting on all
to or greater than $10 million by Differences/Status of Disposition Certi-
records showing material differences.
reciprocal category. fication Report by identifying their
FMS posts this form on the Web site at
AND http://www.fms.treas.gov/closingpackag reporting justification by explanation
e/reports.html. number (refer to subsection 4706.30e) and
Confirmation of Intra- should submit it to the agency’s respective
governmental Activity (Part IIB) – The Intragovernmental Material FMS contact person via fax to 202-874-
Non-Reporting Agencies (non- Differences/Status of Disposition 9907 or via email (PDF format). This
reporting agencies that do not Certification Report, Part I, allows agencies report is due for each quarter except the
submit transaction data files for to identify differences with trading partners, fourth quarter.
IRAS processing). This data is excluding “99” and “00,” by reciprocal
informational and requires an categories (excluding RC 07, 08, 11, 25, and Note: Verifying agencies that have
explanation if it is equal to or 29) that are greater than or equal to a recurring differences with a trading partner
greater than $250 million. materiality level that is determined by continue to receive an Intra-governmental
Treasury. Part II identifies reported amounts Material Differences/ Status of Disposition
Agencies should use these by reciprocal category with trading partners Certification Report that must be explained
reports to work with their trading “00” and “99,” and material differences and certified.
partners to reconcile intragovern- between the trial-balance amounts and the
mental differences. UCAD amounts for RC 07, RC 08, and RC 4706.30e—Detailed Quarterly
The IRAS versus UCAD reports 11; Appropriations Received as Adjusted- Status of Disposition Certification
show agencies their balances reported RC 29; and Fund Balance With Treasury- Instructions
in their quarterly submissions RC 29. Agencies must identify the material
compared to the data reported in balances in Parts I and II in Part III, the Verifying agencies and selected
Treasury’s central accounting system. “Additional Explanations” form. The nonverifying agencies are required to
Agencies should use these reports as a assurance level is systematically established provide an explanation of the Intragovern-
tool to explain their differences in RC using four functions for fiscal 2012: mental Material Differences/Status of
07, RC 08, and RC 11; Obtaining a sufficient Disposition Certification Report, Parts I
Appropriations Received as Adjusted- explanation to resolve the out-of- and II. An explanation of their Part I
RC 29; and Fund Balance With balance and condition coverage should be reporting based on each
Treasury-RC 29 on the for GAO assurance; identified difference in terms of the
Intragovernmental Material following categories:
Differences/Status of Disposition Obtaining assurance that agencies
Certification Report, Part II, with the are performing quarterly intra- (1) Confirmed Reporting;
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(2) Accounting Methodology/Policy Explanations” form, provided When differences have been identified
Difference; on the Web site at and adjustments are needed, agencies must
http://www.fms.treas.gov/clo make adjustments in the subsequent
(3) Accounting/Reporting Error;
singpackage/reports.html, to periods and must provide corrective
(4) Timing Difference – CY; support the confirmation of actions to FMS.
reporting. When the confirmed
(5) Unknown; Agencies must provide detailed
reporting column is selected,
explanations on the “Additional
AND there should be no other
Explanations” form (Part III), available
(6) Timing Difference – PY. on the Web site at
Accounting methodology/policy http://www.fms.treas.gov/closingpacka
The agencies must include documented difference occurs when the ge/reports.html, so that FMS can better
support for Parts I and II in detail for each reporting agency uses a different understand the reasons for the differences.
explanation on the “Additional method to account for activity
Explanations” form (Part III) provided by Each verifying agency and selected
than the trading partner. The
FMS via the FACTS I Web site at nonverifying agencies generate a
method of accounting must be
http://www.fms.treas.gov/ Comparative Status of Disposition Report,
identified and explained.
closingpackage/reports.html. (via the Discoverer application). This
Accounting/reporting error report compares amounts and explanations
occurs when the reporting of material differences reported between
4706.30f—Reporting Agency’s each reporting agency and its trading
agency has incorrectly reported
Explanation of Reporting in Part I partner. FMS makes this report available to
activity either by reciprocal
category, trading partner, or agencies quarterly.
Confirmed reporting is amount. The total of these
intended to indicate that an CFOs use this report to address and
amounts must be identified and
agency has verified its reported resolve inconsistencies in amounts and
explained. If the agency is in
amounts and that the agency’s explanations between the agency and its
error, then provide the
documents are in agreement trading partners, no later than the
adjustment amount as well as the
with its quarterly source subsequent reporting period. Specifically,
corrective action (journal entry,
documentation; and the agency in instances where an agency’s and its
etc.) to be taken and when this
has confirmed that the policy trading partner’s explanations for
error will be corrected.
and guidance related to differences are both “confirmed reporting,”
transactions and balances have Current-year timing difference the agency is required to contact its trading
been followed. It also should occurs when the reporting partner to obtain resolution of the disputed
indicate that the agency has agency has reported activity in a differences. All material differences must
reconciled this amount with its subsequent quarter other than the be resolved by the next reporting period.
trading partner and knows why trading partner. The total of these
the difference, if any exists, so amounts must be identified.
that the appropriate agency can Explain whether an adjustment Section 4707—FACTS I
adjust its amount to clear any should be made. Requirements
difference. Both agencies
Prior-year timing difference
should not have confirmed 4707.10—Collection of ATB Data
occurs when the reporting
reporting where a difference
agency has reported activity in a
exists. Agencies must work FMS continues to collect ATB data to
prior fiscal year other than the
together to determine which aid in its analytical process. ATB data
trading partner. The total of these
agency (or perhaps both) needs should link directly to the agency’s
amounts must be identified.
to change its explanation from comparative, audited consolidated,
Explain whether an adjustment
confirmed reporting to the department-level financial statements.
should be made.
more appropriate explanation Agencies may view ATB data in GFRS.
categorization (accounting Unknown reporting occurs when ATB data are tools to facilitate the Closing
methodology/policy, timing, the reporting agency cannot Package and are not subject to coverage in
accounting error, etc.) to validate the amount it submitted. the audit requirements of the Closing
clarify the cause of the The total of Unknown Reporting Package.
difference. Agencies should amounts must be identified and
provide a detailed explanation explained.
on the “Additional
May 2012 18 T/L 684
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4707.15—FACTS I System Access Verifying and nonverifying agencies “X” or “T” to identify a USSGL
must maintain the MAF on the FACTS I account balance as exchange (X)
The FACTS I Internet application on database and must submit changes to the or nonexchange (T) revenue.
GOALS II requires a user ID and MAF data through the FACTS I Internet
application. Agencies must review and More than one attribute may be valid
password. The address for the FACTS I for a USSGL account. See USSGL Part 1,
Internet application on GOALS II is update individual components of the MAF
electronically. After agencies review, Fiscal 2012 Reporting, for a list of the
https://fmsapps.treas.gov/ias. USSGL accounts with their valid
update, and submit the MAF, FMS reviews
Agencies can apply for a user ID and approves the MAF. attributes.
and password by completing a GOALS Nonverifying agencies that use deposit
II ESAAS form and faxing it to 202- fund monies to invest in GAS investments,
4707.20b—Adjusted Trial Balance
874-6170. For more information, contact and, if the BPD records these GAS
the FMS Service Desk by telephone at securities as public, must identify these
202-874-4357 or by email to Agencies must prepare and submit
preclosing ATBs at the Treasury investments with trading partner “99”
email@example.com. instead of “20.”
appropriation/fund group level using
USSGL accounts and attributes. Agencies
4707.20—FACTS I Reportable Data that have not adopted the USSGL must 4707.20c—Special Accounts
crosswalk their general ledger accounts to
GFRS compiles the data from the the USSGL accounts before transmission. Verifying and nonverifying agencies
FACTS I submissions for nonverifying may submit a single ATB for all fund
agencies into a set of “generic” financial The ATBs must include USSGL
accounts in numerical order with the groups in each of the following categories:
statements that are included in the
consolidated FR. Nonverifying agencies required attributes, and USSGL account Clearing/suspense (F) accounts
must prepare and submit FR Notes using balances must reflect the preclosing (use default 3800 for the fund
the amounts from the “generic” financial adjusting entries needed to produce group).
statements compiled in GFRS. Agencies financial statements. The total sum of debit
must submit all changes to the “generic” balances must equal the total sum of credit Deposit fund accounts (use
statements through FACTS I. balances in the ATBs. Report amounts in default 6000 for the fund group).
dollars and cents.
Unavailable receipt accounts—
4707.20a—Master Appropriation A variety of edits enable FACTS I to General fund (use default 5555
File (MAF) verify that the submitted USSGL accounts for the fund group).
with associated attributes are valid and
Unavailable receipt accounts—
FMS uses the MAF as a control tool have equal debit and credit balances.
Special and trust fund (use
during the ATB submission process. The Treasury rejects ATBs that do not meet
default 5000 for the fund group).
MAF consists of records (one record for these criteria.
each Treasury appropriation/fund group), Treasury appropriation/fund symbol
Verifying and nonverifying agencies
uniquely identified by an eight-digit code. ranges for receipt accounts include the
must use the same USSGL data on the
The eight-digit code combines a two-digit following:
ATBs that they use to prepare the fiscal
department code, a two-digit bureau code, 2012 audited agency consolidated financial Unavailable general fund
and a four-digit fund group code. In statements due to OMB. Agencies also receipt accounts range from
FACTS I, it is referred to as the ATB code. must use the following required attributes: 0100 through 3799.
Each MAF record also contains the
following: “F” or “N” to identify a USSGL Clearing/suspense accounts range
account balance as Federal (F) or from 3800 through 3899.
A BSF ID that represents the non-Federal (N). Report the two-
budget subfunction of the ATB. digit department code (see Special fund receipt accounts
Appendix 5) of the trading range from 5000 through 5999.
A fund type ID. The fund type
for MAF is not necessarily the partner when using attribute “F.” Trust fund receipt accounts range
fund type used in the FAST “S” or “A” to identify a USSGL from 8000 through 8999.
Book. account balance as custodial (S) Agencies must determine whether the
Other codes and identifiers FMS or noncustodial (A). collections made under the receipt account
uses for internal purposes. symbols are “available” receipts or
“unavailable” receipts. “Available” receipts,
T/L 684 19 May 2012
2-4700 VOL I
for which the appropriation fund symbols agency an ATB for the Treasury Agencies may submit ATBs for
only can be in the 5000s and the 8000s, managed trust fund activity located at multiple fund groups in a single bulk file
constitute budget authority. Agencies should BPD for each of the Treasury managed transfer.
report ATBs for available receipt accounts trust funds listed in Figure 4.
individually under their Treasury 4707.20g—Proprietary Balances in
BPD uses USSGL accounts from the
appropriation fund symbol. Canceled Accounts
USSGL Part 1, Fiscal 2012 Reporting, with
“Unavailable” receipts do not the proper attributes. The lead program There are two valid types of
constitute budget authority. “Unavailable” agencies identified in Figure 4 must include proprietary account balances in a canceled
receipts with account fund symbols from the Treasury managed trust fund data in their TAFS. They are fixed assets and canceled
5000 to 5999 (5000s) or 8000 to 8999 ATBs. Direct any questions regarding the payables.
(8000s) represent receipts of the collecting ATB data received from BPD to Matthew
agency. Agencies that deposit receipts into Hansell at 304-480-5120. Agencies must maintain and report
these fund symbols must submit ATBs and “canceled payable” balances in their
should ensure the receipts revenue appear original TAFS.
on their financial statements. However, Agencies with fixed asset balances in
these receipts do not constitute budget a canceled TAFS may report those
Report in FACTS I similar to the
authority until subsequent legislation balances in either of three ways:
reporting for the quarterly file submissions.
appropriates the receipts.
Refer to subsection 4706.30b.
Report in the Treasury
Reporting Instructions for
appropriation/fund group from
General Fund Receipt Accounts 4707.20f—ATB Reports
which the funds were originally
Agencies that classify amounts on appropriated;
their Statement of Transactions (that is,
Each ATB preparer can submit the Transfer asset balances without
FMS 224, FMS 1220, or SF 1221) in
ATB data using the online entry method reimbursement to an open TAFS
general fund receipt account symbols using
or bulk file transfer method on the and report in that open Treasury
their two-digit agency department code
GOALS II FACTS I Internet appropriation/fund group;
also must submit an ATB and must prepare
application. The bulk file transfer
agency financial statements that include the OR
requires that agencies build American
general fund receipt activity.
Standard Code for Information Use a default fund group to
Interchange (ASCII) files using the report the balances of fixed
4707.20d—Treasury Managed prescribed record layout for FACTS I assets that cannot be identified
Trust Fund Accounts posted on the FACTS I Web site at to an original Treasury
http://www.fms.treas.gov/closingpackage. appropriation/fund group.
BPD’s Trust Fund Management
Branch provides the lead program
May 2012 20 T/L 684
VOL I 2-4700
Figure 3: FR Reporting and Submission Dates
July 9, 2012 IFCS window opens for the third quarter.
July 30, 2012 IFCS window closes for the third quarter.
July 30, 2012 Third-quarter 2012 agency IRAS data file due to FMS.
August 6, 2012 Agencies generate third-quarter IRAS report using the Discoverer application in GFRS.
August 13, 2012 Verifying agency CFOs must submit an explanation of the reporting on the Status of Disposition Certification
form for the third quarter.
August 17, 2012 FMS makes the Comparative Status of Disposition Report available to the agencies by this date, for the third quarter.
August 23, 2012 FACTS I MAF window opens.
August 27, 2012* Verifying agency IGs must submit interim legal representation letters and management schedules to FMS,
DOJ, and GAO.
September 6, 2012 For verifying and nonverifying agencies, the window opens for Closing Package data submission in GFRS for
Modules GF001 to GF008, as applicable.
September 14, 2012 Agencies’ FACTS I MAF submissions due.
September 20, 2012 SSA, HHS, and RRB report the draft Social Insurance data in the GFRS Closing Package.
September 26, 2012 After the agencies review, update, and submit the MAF, FMS reviews and approves the MAF by this date.
September 28, 2012 Window opens for FACTS I ATB submissions.
October 9, 2012 IFCS window opens for fourth quarter 2012.
October 22, 2012* IFCS window closes for fourth quarter 2012 (final).
October 22, 2012* Fourth-quarter 2012 agency IRAS data file due to FMS.
October 26, 2012 DOL reports the draft Social Insurance data for Black Lung and Unemployment Insurance in GFRS Closing
October 26, 2012 Lead program agencies receive an ATB for the trust fund activity located at BPD. (Refer to subsection
October 29, 2012 Agencies generate fourth-quarter IRAS report using the Discoverer application in GFRS.
November 15 2012* 1. GFRS Notes and other FR data submissions are due for nonverifying agencies by 6 p.m. eastern standard
2. Window closes for FACTS I ATB submissions to FMS for nonverifying agencies by 6 p.m. EST.
3. Agencies must get updates from FMS about any adjustments made on reporting procedures for the Closing
Package data after this date.
4. IG opinion on the Closing Package for verifying agencies, including the Trading Partner Note, is due by 6 p.m.
5. IG must submit copies of documents listed under subsection 4705.45 and the Closing Package auditors’
report to GAO, FMS, and OMB by 6 p.m. EST.
6. Verifying agency IGs must submit the final legal representation letters and management schedules to
FMS, DOJ, and GAO by 6 p.m. EST.
7. Verifying agencies must submit a Closing Package Schedule of Uncorrected Misstatements (SUM) including the
management representation letter via email to FMS, OMB, and GAO.
November 19, 2012 Verifying agencies generate intragovernmental reports based on the Closing Package data using the Discoverer
application in GFRS.
November 21, 2012* Agency CFOs’ submit their Representations for Federal Intragovernmental Activity and Balances (Sections I, II, III,
and required documentation) to FMS and GAO.
November 26, 2012 Verifying agencies generate the Intragovernmental Comparative Closing Package Explanations of Differences
Report for fiscal 2012 via the Discoverer application in GFRS and distribute the report to the CFOs and IGs.
November 30, 2012 FACTS I ATB submission window closes for verifying agencies by 6 p.m. EST.
December 3, 2012 Verifying agency IGs must provide FMS information about subsequent events that occurred after the effective
date of their final legal representation letters through November 30, 2012, that resulted in a change of
likelihood or an amount of loss. Send this information via email to FMS, OMB, and GAO no later than
December 3, 2012, by 6 p.m. EST.
December 7, 2012 Verifying agency CFOs must provide FMS information about subsequent changes to Management
Representation Letters and financial statements that have arisen after the date of the financial statements audits
(general purpose and special purpose) and up through December 6, 2012. Send this information via email to
FMS, OMB, and GAO no later than December 7, 2012, by 6 p.m. EST.
*Represents the “no later than date.” Agencies should submit data as early as possible.
T/L 684 21 May 2012
2-4700 VOL I
Figure 4: Treasury Managed Trust Funds
Treasury Managed Trust Fund Agency/Department
Federal Supplementary Medical Insurance Department of Health and Human Services (HHS)
Federal Hospital Insurance HHS
Vaccine Injury Compensation HHS
Federal Old-Age and Survivors Insurance Social Security Administration (SSA)
Federal Disability Insurance SSA
Airport and Airway Department of Transportation (DOT)
Aquatic Resources Department of the Interior
Oil Spill Liability Department of Homeland Security
Black Lung Disability Department of Labor (DOL)
Hazardous Substance Superfund Environmental Protection Agency (EPA)
Leaking Underground Storage Tank EPA
Inland Waterways U.S. Army Corps of Engineers
Harbor Maintenance U.S. Army Corps of Engineers
May 2012 22 T/L 684
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Direct inquiries and deliver documents required by this chapter to:
Director, Financial Reports Division
Financial Management Service
Department of the Treasury
3700 East-West Highway, Room 509B
Hyattsville, MD 20782
Also, deliver documents required by this chapter to:
Government Accountability Office
441 G Street, NW., Room 5T16
Washington, DC 20548
Office of Management and Budget
Web site: https://max.omb.gov/community/x/njn1Iw
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Appendix No. Title
1 Reclassified Financial Statements and Line Item Descriptions
2 Sample Agency A Reclassification Entry Summary
3 Financial Report (FR) Notes and Instructions
4 Other Financial Report (FR) Notes Data and Instructions
5 Agency/Federal Trading Partner Department Codes for Governmentwide Financial
Report System (GFRS) and Federal Agencies’ Centralized Trial Balance System I
6 Reciprocal Categories Crosswalk to Financial Statements
7 Federal Intragovernmental Transactions Categories of Reciprocal U.S. Standard
General Ledger Proprietary Accounts
8 Fiscal 2012 CFO Representations for Federal Intragovernmental Activity and
9 Quarterly Agency Intragovernmental Reporting and Analysis System (IRAS) Data
File Submission - Description and Formats
10 Intragovernmental Business Rules
May 2012 24 T/L 684