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ACCOUNTING FOR EXPIRED AND CANCELLED AUTHORITY FOR AGENCY MANAGED TRUST OR SPECIAL FUNDS (UNAVAILABLE RECEIPTS)

ACCOUNTING FOR EXPIRED AND CANCELLED AUTHORITY FOR AGENCY MANAGED TRUST OR SPECIAL FUNDS (UNAVAILABLE RECEIPTS). Presented by Toni Clark USSGL Board Meeting May 18, 2006. THE ISSUE.

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ACCOUNTING FOR EXPIRED AND CANCELLED AUTHORITY FOR AGENCY MANAGED TRUST OR SPECIAL FUNDS (UNAVAILABLE RECEIPTS)

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  1. ACCOUNTING FOR EXPIRED AND CANCELLED AUTHORITY FOR AGENCY MANAGED TRUST OR SPECIAL FUNDS (UNAVAILABLE RECEIPTS) Presented by Toni Clark USSGL Board Meeting May 18, 2006

  2. THE ISSUE • Amounts are sometimes appropriated from trust or special fund receipt accounts to annual or multi-year expenditure accounts. • The amounts appropriated can expire and if unexpended at the end of 5 years after expiration, can be cancelled. • The amounts may also be cancelled early by administrative action.

  3. THE ISSUE • Because the amounts were derived from trust or special fund receipts the cancelled amount must be returned to the trust or special fund receipt account from which it was derived.

  4. THE ISSUE • Usually, returned receipts are reported on line 5 of the SF-133/SBR. • However, these amounts are cancellations and should be reported on line 6A of the SF-133/SBR.

  5. THE PROPOSAL • Add a new account to the USSGL that will crosswalk to line 6A, which classifies the amounts as cancellations AND signifies a return to the related receipt account.

  6. THE PROPOSAL • 4355 – Cancellation of Appropriation From Unavailable Receipts • Definition: The amount of appropriated receipts in an expenditure account, that is cancelled and returned to the associated trust or special fund unavailable receipt account from which the amount was originally derived. The amounts are to be returned via Treasury warrant.

  7. THE IMPACTSF-133/SBR • The new account is added to line 6A, Cancellations of expired and no-year accounts, for proper recognition

  8. THE IMPACTP&F • The new account is added to line 2441, Unobligated balance returned to receipts

  9. THE IMPACTFMS 2108 • This report is not applicable in the year of cancellation because a warrant is processed. • You must request a warrant for this activity!

  10. THE IMPACTUSSGL TFM • A new transaction to record the cancellation. Debit 4650 Allotments – Expired Authority Credit 4355 – Cancellation of Appropriation From Unavailable Receipts • A modification to transaction code F204. Debit 4355 – Cancellation of Appropriation From Unavailable Receipts Credit 4201 – Total Actual Resources - Collected

  11. THE RESULT • Proper recognition for this type of event. • properly recorded as a cancellation • amounts are returned to the corresponding receipt account.

  12. QUESTIONS?

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