# Presentation: 801190

## 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:
- 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.

## 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.

## Statement of Custodial Activity

- Scenario 1 –  Collection of tax revenue (Modified Cash Basis of Accounting)

**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.

- Tax Revenue
- Debit 1010		Debit 5990
- Credit 5800		Credit 2980

- Material

- Immaterial

- GFR Account

## Statement of Custodial Activity

- Scenario 2 –  Collection of Fines and Penalties Revenue (Accrual Basis of Accounting)

**FPA**
**Custodial Footnote**
- If fines and penalty revenue are
- immaterial and incidental to
- primary mission of the
- collecting agency.

- Fines and Penalty Revenue
- Debit 1360		Debit 5991
- Credit 5320		Credit 2980

**FPA SCA**
- Fines and Penalties Revenue
- Revenue collected for others
-  (5990 & 5991)

- GFR Account

- Material

- Immaterial

## NOT Statement of Custodial Activity

- Scenario 3 - Collection of exchange revenue with related costs incurred

**FPA**
** ****Statement of **
**Net Cost (SNC)**

**FPA **
**Statement of Changes in **
**Net Position (SCNP)**
- Offset (5993 & 5994) will be
-  recorded on Line 11

- Exchange Revenue
- Debit 1010
- Credit 5200

- Offset to Non-entity
-  Collections
- Debit 5993
- Credit  2985

- GFR Account

- TAS

- Related Costs

## NOT Statement of Custodial Activity

- Scenario 4 - Collection of receivables from Canceled Authority

**FPA SNC**

**FPA SCNP**
- Offsets (5993 &
- 5994) are reported
- On line 11 of the SCNP

- Exchange Revenue
- Debit 1310
- Credit 5900

- Offset to Non-entity
- Collections
- Debit 5994
- Credit 2985

- GFR Account

## NOT Statement of Custodial Activity

- Scenario 5 - Collection of Proceeds from disposition of Personal Property

**FPA SCNP**
- Transfer and the offset (5775,
- 5776, 5993 & 5994)
- Are reported on line 11 of the SCNP

- Transfer – In
- Debit 1010
- Credit 5775

- Offset to Non-entity
- Collections
- Debit 5993
- Credit 2985

- GFR Account

- TAS
- (Clearing Account)

- Transfer – Out
- Debit 5776
- Credit 1010

## NOT Statement of Custodial Activity

- Scenario 6 - Collections of downward re-estimate of subsidy expense in the credit reform program.

**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

- Transfer – In
- Debit 1310
- Credit 5775

- Offset to non-entity
- Collections
- Debit 5994
- Credit 2985

- Transfer – Out
- Debit 5776
- Credit 2990

- TAS
- Financing Account

- GFR Account

- Adjustment to Financing
- Sources
- Debit 5791
- Credit 6800

- TAS
- Program Account

- Adjustment to Financing
-  Sources
- Debit 2180
- Credit 5791

- 5791

## NOT Statement of Custodial Activity

- Scenario 7 - Collection of Seigniorage

**FPA SCNP**
- Seigniorage is reported on line 13 and the offsets
- (5993 & 5994) are reported on line 11.

- Seigniorage
- Debit 1010
- Credit  5795

- Offset to Non-entity Collections
- Debit 5993
- Credit 2985

- GFR Account

## Statement of Custodial Activity vs. Statement of Changes in Net Position

**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

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

## USSGL Crosswalk for GFR Related Accounts - Current and Proposed

| 
USSGL Crosswalk for GFR Related Accounts
Current and Proposed |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USSGL
Account
Number | USSGL Account Title | Balance
Sheet | SNC | SCNP | SCA | SOF | 
SBR |
| Current |  |  |  |  |  |  |  |
| 2980 | Custodial Liability   | Line 19 (NE) | N/A | N/A | Lines
11, 12 | N/A | N/A |
| 5990 | Collections for Others -Statement of Custodial Activity | Line 33 | N/A | N/A | Line11 | N/A | N/A |
| 5991 | Accrued Collections for Others - Statement of Custodial Activity | Line 33 | N/A | N/A | Line12 | N/A | N/A |
| Proposed Additions |  |  |  |  |  |  |  |
| 2985 | Liability for Non-Entity Assets Not Reported on the Statement of Custodial Activity | Line 19 | N/A | N/A | N/A | N/A | N/A |
| 5775 | Nonbudgetary Financing Sources  Transferred - In | Line 33 | N/A | Line 11 | N/A | Lines 7,16 | N/A |
| 5776 | Non Budgetary Financing Sources  bansferred - Out | Line 33 | N/A | Line  11 | N/A | Lines 7,16 | N/A |
| 5791 | Adjustment to Financing Sources – Downward Reestimate | Line 33 | N/A | Line 13 | N/A | Lines 9, 16 | N/A |
| 5795 | Seigniorage | Line 33 | N/A | Line 13 | N/A | Lines 9, 16 | N/A |
| 5993 | Offset to Non-Entity Collections – Statement of Changes in Net Position | Line 33 | N/A | Line 11 | N/A | Lines 7,16 | N/A |
| 5994 | Offset to Non-Entity Accrued Collections- Statement of Changes in Net Position | Line 33 | N/A | Line 11 | N/A | Lines 7,16 | N/A |

##  FLOWCHART - GFR COLLECTIONS TO COLLECTING AGENCY’S FINANCIAL STATEMENTS

## 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

## GFR SCA Collections TransfersUSSGL 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.

## GFR Collection Transfers USSGL Accounts 5997 & 5998

- _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 Account
- Sending TAS

- Receiving TAS

- SOT Reclass