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SF224 Centralization Project Speaker – Mike Goodwin 304-480-5311

SF224 Centralization Project Speaker – Mike Goodwin 304-480-5311. SF224 Centralization Project. GOAL Report Federal Investment Activity Processed by Public Debt on a Single SF224 WHY Improve the Overall Quality of Receipt and Disbursement Classifications Potential Savings for Agencies

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SF224 Centralization Project Speaker – Mike Goodwin 304-480-5311

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  1. SF224 Centralization Project Speaker – Mike Goodwin 304-480-5311

  2. SF224 Centralization Project GOAL • Report Federal Investment Activity Processed by Public Debt on a Single SF224 WHY • Improve the Overall Quality of Receipt and Disbursement Classifications • Potential Savings for Agencies • Standard Reporting Rules for Most Investment Funds • Facilitates Move to Governmentwide Accounting and Reporting (GWA) • Provide Better Government Wide Contingency

  3. SF224 Centralization Project BACKGROUND BY THE #’s • 78% of Agencies Surveyed Say their SF224 Reporting is Done Manually  • 22% are Automatically Generated from Internal Systems  • McKinsey & Co. – Federal Government Could Save $ by Centralizing Reporting  • 90% of Agencies Surveyed Either Support Centralization or are Open to the Idea EXPERIENCE SO FAR • Public Debt Handles SF224 Reporting for 7 Investment Funds Today  • Improved Reporting • Foundation has been Built (i.e. FedInvest and InvestOne)

  4. SF224 Centralization Project AUTHORITY • Mandate from Treasury • Work with Financial Management Service to Update Treasury Financial Manual (TFM) SHORT TERM PLAN • Convert Customers Interested Now • Convert Most Customers by October 2005 Reporting Cycle • Delay Implementation for Customers with System Issues • Report for all Customers by January 2006 • Pilot with FMS using GWA

  5. SF224 Centralization Project LONG TERM PLAN • Discontinue Reporting SF224 to FMS Sometime in 2006 • Begin Reporting Daily Transactions to GWA CONSIDERATIONS • System Changes - Customer • Oddball Transactions (Zero’s and TIPS) - Public Debt and Customer • Receipt and Disbursement Transactions not Handled by Public Debt - Customer • Financial Reporting and SGL 1010 (Cash) - Customer

  6. SF224 Centralization Project Example –

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