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USSGL Board Meeting May 3, 2012

USSGL Board Meeting May 3, 2012. Capital Transfers and Liquidating Accounts. Presented by: Sherry Pontell, USSGLAD. Capital Transfer Account Modifications. Proposed Account Changes. MODIFIED 297000 Liability for Capital Transfers to the General Fund of the Treasury

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USSGL Board Meeting May 3, 2012

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  1. USSGL Board MeetingMay 3, 2012 Capital Transfers and Liquidating Accounts Presented by: Sherry Pontell, USSGLAD

  2. Capital Transfer Account Modifications

  3. Proposed Account Changes MODIFIED 297000 Liability for Capital Transfers to the General Fund of the Treasury Definition: The amount to be transferred to the a General Fund Receipt Account. of the Treasury via capital transfer. This includes excess amounts in liquidating funds. This account does not close at yearend.

  4. Proposed Account Changes MODIFIED 292300 Contingent Liability for Capital Transfers Definition: The amount recognized as a result of past events where a capital transfer to a General Fund Receipt Account is probable and measurable. This account offsets USSGL account 192300, “Contingent Receivable for Capital Transfers.” This account does not close at yearend.

  5. Proposed Account Changes MODIFIED 579200 Financing Sources To Be Transferred Out-Contingent Liability Definition: The amount of future financing sources that will be transferred out as a capital transfer to the a General Fund Receipt Account of the Treasury. This account should be recorded as a debit when a contingent liability is recorded. A contingent liability related to a capital transfer should not be associated with a cost but, instead, should be associated with a future nonexpenditure capital transfer to the a General Fund Receipt Account of the Treasury. Transactions using this account will not have a budgetary impact.

  6. Impact on GTAS Attribute Table

  7. Impact on GTAS Attribute Table

  8. Capital Transfers – Return of Excess Amounts to a General Fund Receipt Account from a Liquidating Account

  9. Addition of Section II to the Capital Transfers Scenario The goal of the addition of Section II to the Capital Transfers scenario is to show how an agency should record in a liquidating account the movement of any remaining unobligated balances at year-end to a General Fund Receipt Account.

  10. Illustrative Transactions Agency prepares the budget formulation. (Anticipates the collection from non-federal sources and the transfer to the General Fund Receipt Account)

  11. Illustrative Transactions The agency makes a capital transfer to a General Fund Receipt Account. Note: Per OMB Circular A-11, Section 185.3(L), any remaining unobligated balances at the end of the year are unavailable for obligation in subsequent fiscal years and must be returned to the general fund at the end of the fiscal year unless an extension has been approved.

  12. Technical Changes to USSGL Accounts

  13. Account Modifications Account Title: Investments in U.S. Treasury Securities Issued by the Bureau of the Public Debt Account Number: 161000 Definition: The par value of U.S. Treasury securities issued by the Bureau of the Public Debt. This includes marketable U.S. Treasury securities, nonmarketable U.S.Treasury securities, and market-based U.S.Treasury securities. This account does not close at yearend.

  14. Account Modifications Account Title: Offset to Appropriation Realized for Redemption of Treasury Securities Account Number: 437000

  15. Questions? • USSGL Division Contactswww.fms.treas.gov/ussgl/contacts • USSGL Issues Formwww.fms.treas.gov/form-issues

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