AF Suspense F Accounts by CCO

VIEWS: 69 PAGES: 13

									SUSPENSE F” ACCOUNT
DISCOUNTINUANCE AND
WAIVER POLICY


Donald Wood

                      1
      Governmentwide Accounting

• I (Treasury Financial Manual) TFM Bulletin
  No. 2007-07
• Important dates
• Requesting a waiver




                                               2
    Governmentwide Accounting

        I TFM Bulletin No. 2007-07

•   Classify transactions to the proper Treasury Account
    Symbol (TAS) at the time the transaction is executed
    or the point of origin; e.g. when the collections are
    made

•   Accounts
    •   F3875-Budget Clearing Account
    •   F3885-Undistributed Intragovernmental
              Payments


                                                        3
        Important Dates

        January 31, 2008

Deadline for agencies to submit
their request for a waiver




                                  4
        Important Dates

          July 31, 2008

FMS will discontinue the use of
F3875 and F3885




                                  5
       Important Dates

       February 28, 2009

Agencies without approved waivers
must bring their F account balances
to zero



                                  6
       Discontinuance of Suspense “F” Accounts

• Correctly classify amounts to the proper accounts

• If agencies can not classify entire balance, they should take
  the following actions:
   • Positive Balance:
       • Reallocate the funds to a Miscellaneous Receipts account
   • Negative Balance:
       • Potential Anti-Deficiency Act (ADA violation)
       • OMB and Treasury will handle on a case by
          case basis


                                                                    7
       “F” Account Waiver Policy


Agencies that have a justifiable business need to
use the suspense accounts may submit a written
waiver request to FMS and OMB




                                                    8
         “F” Account Waiver Policy

Requirements
  1. Must be submitted by the Chief Financial Officer or
     designee
  2. Clearly state the specific business purpose
  3. Provide documented history that demonstrates the
     reclassification of funds to the proper account within
     60 business days
  4. State that the CFO will annually certify the age of
     the balances
  5. Provide contact information

  *FMS and OMB will approve request on a
   case-by-case basis
                                                          9
                “F” Account Waiver Policy

 DATE OF THE REQUEST:

 BUREAU(S):

 AGENCY NAME:



List specific business justification for which the waiver is
requested.

    Account                       Business Justification

_______________           _________________________________




                                                               10
                                                      “F” Account Waiver Policy


                                                                          F3875 Reclassification History

                                                                      Suspense "F" Account Waiver Format
                                                      (Complete this form for each of the 6 months being reported)


                              Balance as of                           Suspense
Item #   Suspense Account--                   Suspense Amount      Amount Cleared 1
                                November                                              Suspense Amount ----
              F3875                            Deposited 1- 60       - 60 days ($
                                 30th-($                                                over 60 days ($                    Explanations/Exceptions
                               thousands)     days ($ thousands)     thousands)           thousands)




                                                           50              10                 20             Provide an explanation for suspense items over 60 days old.
  1         XXF3875


                                                           10              15                 5
  2        XXF3875.3



  3        XXF3875.5




                                                                                                                                                             11
                   Pertinent Effective Dates

 Effective Date                                 Event

                     Agencies must submit a written waiver request to OMB and
January 31, 2008
                     Treasury.

                     FMS will discontinue the use of Budget Clearing Account
  July 31, 2008
                     F3875 and IPAC Account F3885.

                     Approved Budget Clearing and IPAC suspense accounts will
 August 1, 2008
                     remain available for agencies that have an approved waiver.

February 28, 2009    F3875 and F3885 balances no more than 60 days old for
                     agencies with approved waivers.




                                                                                   12
Any questions, comments, or assistance
                needed
           please contact:

         Marlana White
         (202) 874-0014
                or
    FMS Budget Reports Division
         (202) 874-9870

                                         13

								
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