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General Fund Receipt (GFR) Account Guide

General Fund Receipt (GFR) Account Guide. USSGL Board Meeting April 26, 2007. 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:

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General Fund Receipt (GFR) Account Guide

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  1. General Fund Receipt (GFR) Account Guide USSGL Board Meeting April 26, 2007

  2. 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.

  3. 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.

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

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

  6. NOT Statement of Custodial Activity Scenario 3 - Collection of exchange revenue with related costs incurred TAS GFR Account Exchange Revenue Debit 1010 Credit 5200 Offset to Non-entity Collections Debit 5993 Credit 2985 Related Costs FPA Statement of Net Cost (SNC) FPA Statement of Changes in Net Position (SCNP) Offset (5993 & 5994) will be recorded on Line 11

  7. NOT Statement of Custodial Activity Scenario 4 - Collection of receivables from Canceled Authority GFR Account Offset to Non-entity Collections Debit 5994 Credit 2985 Exchange Revenue Debit 1310 Credit 5900 FPA SCNP Offsets (5993 & 5994) are reported On line 11 of the SCNP FPA SNC

  8. NOT Statement of Custodial Activity Scenario 5 - Collection of Proceeds from disposition of Personal Property TAS (Clearing Account) GFR Account Transfer – Out Debit 5776 Credit 1010 Offset to Non-entity Collections Debit 5993 Credit 2985 Transfer – In Debit 1010 Credit 5775 FPA SCNP Transfer and the offset (5775, 5776, 5993 & 5994) Are reported on line 11 of the SCNP

  9. NOT Statement of Custodial Activity Scenario 6 - Collections of downward re-estimate of subsidy expense in the credit reform program. TAS Program Account TAS Financing Account GFR Account Offset to non-entity Collections Debit 5994 Credit 2985 Adjustment to Financing Sources Debit 2180 Credit 5791 Transfer – In Debit 1310 Credit 5775 Adjustment to Financing Sources Debit 5791 Credit 6800 5791 Transfer – Out Debit 5776 Credit 2990 FPA SCNP The transfer and the offset (5775, 5776, 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

  10. NOT Statement of Custodial Activity • Scenario 7 - Collection of Seigniorage GFR Account Seigniorage Debit 1010 Credit 5795 Offset to Non-entity Collections Debit 5993 Credit 2985 FPA SCNP Seigniorage is reported on line 13 and the offsets (5993 & 5994) are reported on line 11.

  11. Statement of Custodial Activity (Scenarios 1 and 2) Revenue Activity: Sources of Cash Collections: 1. Individual Income and FICA/SECA Taxes (5800) 7. Miscellaneous (5320) 8. Total Cash Collections (CALC 1...7) 9. Accrual Adjustments 10. Total Custodial Revenue (CALC 8+10) Disposition of Collections 11. Transferred to Others (by Recipient) (5990) 12. (Increase)/Decrease in Amounts Yet to be Transferred (5991) 13. Refunds and Other Payments 14. Retained by the Reporting Entity 15. Net Custodial Activity (CALC +10-11-12-13-14) Statement of Changes in Net Position (Scenarios 3, 4, 5, 6, and 7) Cumulative Results of operation Budgetary Financing Sources Other Financing Sources (Non-Exchange) 10. Donations and Forfeiture of property 11. Transfer in/out without reimbursement (5775, 5776, 5993, 5994) 12. Imputed Financing 13. Other (5791, 5795) 14. Total Financing Sources 15. Net Cost of Operations 16. Net Change 17. Cumulative Results of operation Unexpended Appropriations Budgetary Financing Sources: 26. Total Unexpended Appropriations 27. Net Position Statement of Custodial Activity vs. Statement of Changes in Net Position

  12. What are the new accounts or changes to existing accounts to implement this guidance?

  13. USSGL Crosswalk for GFR Related Accounts - Current and Proposed

  14. Is the GFR collection revenue? Yes No Is the GFR collection exchange revenue? Yes Does the collecting agency have costs related to generating the revenue? No No Custodial Revenue Yes Is the custodial revenue material? Yes Not Revenue Agency Revenue Yes No FPA Statement of Net Cost FPA Statement of Changes in Net Position FPA Statement of Changes in Net Position FPA Statement of Custodial Activity Footnote Disclosure FPA Balance Sheet FPA Balance Sheet FPA Balance Sheet FPA Balance Sheet FLOWCHART - GFR COLLECTIONS TO COLLECTING AGENCY’S FINANCIAL STATEMENTS

  15. 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

  16. GFR SCA Collections TransfersUSSGL 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.

  17. Collection: Debit 1010 Credit 5800 N DR 5990 F99 Credit 2980 Transfer – Out: Debit 5998 FXX Credit 1010 Debit 2980 Credit 5990 F99 Statement of Custodial Activity Transfer – In: Debit 1010 Credit 5997 FXX Debit 4114 Credit 4120 or status account Statement of Changes in Net Position/ Statement of Financing GFR Collection Transfers USSGL Accounts 5997 & 5998 GFR Account Sending TAS Receiving TAS SOT Reclass

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