General Fund Receipt (GFR) Account Guide by usw60795

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									General Fund Receipt
(GFR) Account Guide


   USSGL Board Meeting
      April 26, 2007


                         1
What is the purpose and the
reasons for having a GFR guide?
  Purpose
To provide illustrative guidance for reporting
   GFR activity on Federal Program Agencies’
   (FPA) financial statements.

   Reasons:
     1)   Lack of guidance on various types of collections collected in
          GFR accounts.
     2)   Lack of guidance on collections not reported on the
          Statement of Custodial Activity (SCA) or a custodial footnote.
     3)   Inconsistent or improper reporting by the collecting agency.
     4)   Non-reporting by the collecting agency.


                                                                       2
    GFR Guide is divided into
         two sections
1) Custodial collections that are reported on
   the Statement of Custodial Activity
   (SFFFAS 7, paragraphs 45 and 49) or the
   custodial footnote (OMB A136).

2) Custodial collections that are NOT
   reported on the Statement of Custodial
   Activity (SCA) or the custodial footnote.

                                                3
   Statement of Custodial Activity
Scenario 1 – Collection of tax revenue (Modified Cash
  Basis of Accounting)


                          GFR Account



                           Tax Revenue
                  Debit 1010             Debit 5990
                  Credit 5800            Credit 2980



    Material                                                   Immaterial


                      FPA SCA                                  FPA
        •Tax revenue (5800)
        •Revenue collected for others (5990 &            Custodial Footnote
                                                       If tax revenue collected is immaterial
        5991)
                                                          and incidental to primary mission
                                                               of the collecting agency.


                                                                                                4
     Statement of Custodial Activity
Scenario 2 – Collection of Fines and Penalties Revenue
             (Accrual Basis of Accounting)


                                 GFR Account




                          Fines and Penalty Revenue
                           Debit 1360          Debit 5991
                           Credit 5320         Credit 2980
    Material                                                                Immaterial


        FPA SCA                                              FPA
•Fines and Penalties Revenue                          Custodial Footnote
•Revenue collected for others                         If fines and penalty revenue are
        (5990 & 5991)                                    immaterial and incidental to
                                                            primary mission of the
                                                               collecting agency.

                                                                                         5
        NOT Statement of Custodial Activity
      Scenario 3 - Collection of exchange revenue with
        related costs incurred

      TAS                                          GFR Account



                                  Exchange Revenue       Offset to Non-entity
Related Costs                        Debit 1010               Collections
                                     Credit 5200              Debit 5993
                                                              Credit 2985




                                                                   FPA
                     FPA                               Statement of Changes in
                  Statement of                           Net Position (SCNP)
                 Net Cost (SNC)                          Offset (5993 & 5994) will be
                                                             recorded on Line 11


                                                                                        6
  NOT Statement of Custodial Activity

Scenario 4 - Collection of receivables from
  Canceled Authority

                     GFR Account


                              Offset to Non-entity
         Exchange Revenue         Collections
            Debit 1310
                                   Debit 5994
            Credit 5900
                                   Credit 2985




                                         FPA SCNP
                                         Offsets (5993 &
       FPA SNC                         5994) are reported
                                      On line 11 of the SCNP


                                                               7
                NOT Statement of Custodial Activity
        Scenario 5 - Collection of Proceeds from
          disposition of Personal Property
      TAS
(Clearing Account)                                      GFR Account


                                                        Offset to Non-entity
  Transfer – Out
     Debit 5776
                                                            Collections
                                Transfer – In                 Debit 5993
     Credit 1010
                                 Debit 1010                   Credit 2985
                                 Credit 5775




                                                FPA SCNP
                                         Transfer and the offset (5775,
                                              5776, 5993 & 5994)
                                      Are reported on line 11 of the SCNP

                                                                               8
                   NOT Statement of Custodial Activity
            Scenario 6 - Collections of downward re-estimate of
              subsidy expense in the credit reform program.


          TAS                      TAS                                    GFR Account
   Program Account          Financing Account
                                                                           Offset to non-entity
                                                                               Collections
                          Adjustment to Financing                              Debit 5994
                                  Sources                                      Credit 2985
                                Debit 2180                Transfer – In
                                Credit 5791                 Debit 1310
Adjustment to Financing                                     Credit 5775
        Sources                             5791
      Debit 5791
      Credit 6800

                            Transfer – Out                      FPA SCNP
                              Debit 5776             The transfer and the offset (5775, 5776,
                              Credit 2990              5993 & 5994) are reported on line 11
                                                       of the SCNP. Adjustment to financing
                                                    sources for downward re-estimate (5791) is
                                                          reported on line 13 of the SCNP
                                                                                                  9
NOT Statement of Custodial Activity
   Scenario 7 - Collection of Seigniorage

                           GFR Account




            Seigniorage              Offset to Non-entity Collections
              Debit 1010                            Debit 5993
             Credit 5795                            Credit 2985




                            FPA SCNP
            Seigniorage is reported on line 13 and the offsets
                 (5993 & 5994) are reported on line 11.



                                                                        10
           Statement of Custodial Activity vs.
           Statement of Changes in Net Position
                                                   Statement of Changes in Net
Statement of Custodial Activity                        Position
(Scenarios 1 and 2)                                (Scenarios 3, 4, 5, 6, and 7)
Revenue Activity:
                                                   Cumulative Results of operation
  Sources of Cash Collections:                     Budgetary Financing Sources
 1. Individual Income and FICA/SECA Taxes
     (5800)                                        Other Financing Sources (Non-Exchange)
 7. Miscellaneous (5320)                           10. Donations and Forfeiture of property
 8. Total Cash Collections (CALC 1...7)            11. Transfer in/out without
 9. Accrual Adjustments                                reimbursement (5775, 5776, 5993,
10. Total Custodial Revenue (CALC 8+10)                5994)
                                                   12. Imputed Financing
Disposition of Collections                         13. Other (5791, 5795)
 11. Transferred to Others (by Recipient) (5990)
 12. (Increase)/Decrease in Amounts Yet to be      14. Total Financing Sources
    Transferred (5991)                             15. Net Cost of Operations
 13. Refunds and Other Payments                    16. Net Change
 14. Retained by the Reporting Entity              17. Cumulative Results of operation
 15. Net Custodial Activity (CALC +10-11-12-13-
    14)                                            Unexpended Appropriations

                                                   Budgetary Financing Sources:
                                                   26. Total Unexpended Appropriations
                                                   27. Net Position
                                                                                          11
What are the new accounts
or changes to existing
accounts to implement this
guidance?




                             12
   USSGL Crosswalk for GFR Related Accounts - Current and Proposed


                                  USSGL Crosswalk for GFR Related Accounts
                                           Current and Proposed
USSGL       USSGL Account Title
Account                                                  Balance                                              SBR
                                                                      SNC    SCNP       SCA       SOF
Number                                                    Sheet

                                                         Current
2980        Custodial Liability                          Line 19      N/A   N/A       Lines    N/A           N/A
                                                               (NE)                   11, 12
5990        Collections for Others -Statement of         Line 33      N/A   N/A       Line11   N/A           N/A
                  Custodial Activity
5991        Accrued Collections for Others -             Line 33      N/A   N/A       Line12   N/A           N/A
                  Statement of Custodial Activity

                                                 Proposed Additions
2985        Liability for Non-Entity Assets Not          Line 19      N/A   N/A       N/A      N/A           N/A
                    Reported on the Statement of
                    Custodial Activity
5775        Nonbudgetary Financing Sources               Line 33      N/A   Line 11   N/A      Lines 7,16    N/A
                 Transferred - In
5776        Non Budgetary Financing Sources              Line 33      N/A   Line 11   N/A      Lines 7,16    N/A
                 bansferred - Out
5791        Adjustment to Financing Sources –            Line 33      N/A   Line 13   N/A      Lines 9, 16   N/A
                  Downward Reestimate
5795        Seigniorage                                  Line 33      N/A   Line 13   N/A      Lines 9, 16   N/A
5993        Offset to Non-Entity Collections –           Line 33      N/A   Line 11   N/A      Lines 7,16    N/A
                  Statement of Changes in Net Position
5994        Offset to Non-Entity Accrued Collections-    Line 33      N/A   Line 11   N/A      Lines 7,16    N/A
                  Statement of Changes in Net Position

                                                                                                                    13
FLOWCHART - GFR COLLECTIONS TO COLLECTING AGENCY’S FINANCIAL STATEMENTS



                                                                Is the GFR collection
                                                      Yes                                             No
                                                                       revenue?




                 Is the GFR collection
                                                      Yes
                  exchange revenue?




                                                                 Does the collecting
                                                      No
                     No                                          agency have costs
                                                                related to generating
                                                                    the revenue?
               Custodial Revenue                                             Yes


                                                                               Yes
                    Is the custodial
                  revenue material?

Yes                                              No            Agency Revenue                              Not Revenue


                                                            FPA Statement             FPA Statement        FPA Statement
      FPA Statement of                    Footnote           of Net Cost              of Changes in         of Changes in
      Custodial Activity                 Disclosure                                    Net Position          Net Position



                                                                             FPA                            FPA Balance
        FPA Balance                                                         Balance                           Sheet
          Sheet                            FPA                               Sheet
                                          Balance
                                           Sheet




                                                                                                                            14
The GFR guidance is not inclusive of all types of
collections. More scenarios will be added in the future.




Contact information:
Christine Chang
USSGL Division, Financial Management Service
202-874-6445
christine.chang@fms.treas.gov



                                                           15
GFR SCA Collections Transfers
USSGL Accounts 5997 & 5998
GFR account collections on the Statement of Custodial
  Activity are sometimes transferred to other TAS and
  provide budget authority in the new TAS.

•   Revenue and budget receipts remain with the sending TAS/GFR
    account in the Statement of Custodial Activity.

•   A financing source is recorded in the receiving TAS on the
    Statement of Changes in Net Position.

•   Accounts are available for early implementation in FY 2007.




                                                                  16
   GFR Collection Transfers
 USSGL Accounts 5997 & 5998
      GFR Account
                                                           Receiving TAS
      Sending TAS
Collection:
Debit 1010
Credit 5800 N

DR 5990 F99
Credit 2980

Transfer – Out:                                 Transfer – In:
Debit 5998 FXX                    SOT Reclass   Debit 1010
Credit 1010                                     Credit 5997 FXX


Debit 2980                                      Debit 4114
Credit 5990 F99                                 Credit 4120 or status account

Statement of Custodial Activity                 Statement of Changes in Net Position/ Statement of Financing
                                                                                                           17

								
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