FEDERAL CREDIT PROGRAM 

BASIC ACCOUNTING AND REPORTING GUIDE

FOR DIRECT LOAN AND LOAN GUARANTEE 

PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

PREPARED BY:

UNITED STATES STANDARD GENERAL LEDGER ADVISORY DIVISION

GOVERNMENTWIDE ACCOUNTING

BUREAU OF THE FISCAL SERVICE

U.S. DEPARTMENT OF THE TREASURY
FEDERAL CREDIT PROGRAM BASIC ACCOUNTING AND REPORTING GUIDE

FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 2 of 34 December 2016

Version 

Number

Date Description of Change Effective

USSGL TFM

1.0 7/2004 Initial Version

2.0 12/2016 Updated to reflect current USSGL Guidance Bulletin No. 2016-07
FEDERAL CREDIT PROGRAM BASIC ACCOUNTING AND REPORTING GUIDE

FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 3 of 34 December 2016

Overview

This guide is designed for those who:

 Formulate and execute Federal credit program budgets, including accounting for assets, 

liabilities, net position, income, expenses, and budgetary resources; 

 Prepare agency financial statements; 

 Audit the agency financial statements; 

 Manage or provide service to participants in direct loan programs; 

 Design and maintain computer systems for financial programs; 

 Instruct others in basic accounting and reporting for direct loan programs. 

The guide is illustrative, rather than authoritative, and is categorized as “other accounting 

literature” in the hierarchy of accounting principles for Federal entities.1It supersedes the 

original and subsequent pre-Credit Reform scenarios. Users may download the guide from the 

Bureau of the Fiscal Service (Fiscal Service) Web site at 

www.fiscal.treasury.gov/fsreports/ref/ussgl/approved_scenarios/approved_scenarios.htm#c

reditreform.

In order to understand and gain the most from this guide, the user should have a working 

knowledge of the following:

 Budgetary and proprietary accounting, related reporting, and terminology;

 The U. S. Standard General Ledger (USSGL) accounts for basic annual operating 

appropriations and revolving funds;

 The concepts of Federal credit program accounting and reporting, fund structures, and 

terminology;

 The Credit Reform Act and other requirements established by the Act.

This guide illustrates accounting and reporting for a Federal credit program with direct loans and 

loan guarantees obligated prior to October 1, 1991, funded by no-year authority from an 

appropriation carried forward from September 30, 1990, and offsetting collections. Accounting is 

based on net realizable value (for direct loans and loan assets) or net expected value (for loan 

guarantee liabilities).2

The guide covers common transactions and reports with the focus on transactions unique to Federal 

credit program accounting. For example, the guide does not present undelivered orders with 

advances, because they are not unique to credit program accounting. It excludes transactions 

 

1

See OMB Bulletin No. 01-09, dated September 2001, §1.2, p.2.

2

Paragraph 40 of Statement of Federal Financial Accounting Standards (SFFAS) No. 2 provides that the accounting may be 

performed on a present value basis at the discretion of program agencies. Present value accounting is covered in the other three 

guides in this series.
FEDERAL CREDIT PROGRAM BASIC ACCOUNTING AND REPORTING GUIDE

FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 4 of 34 December 2016

involving collateral and borrowing and repaying monies from Treasury, since they are covered in 

separate guides. Users may visit the Fiscal Service Web site at 

http://tfm.fiscal.treasury.gov/v1/supplements/ussgl.html to view other guides.

Transactions are presented over a 1-year period for a fictitious Federal agency with a single 

direct loan and loan guarantee program, which began operations prior to October 1, 1991.

The transactions covered are:

 Formulation, apportionment, and allotment of the budget;

 Payment of administrative expenses;3

 Disbursement for new direct loans and commitment of new loan guarantees;

 Collection of guarantee fees;

 Collection of loan principal and interest on direct loans and defaulted guaranteed loans;

 Payment of interest supplements;

 Payment of default claims;

 Assuming defaulted guaranteed loans and interest for direct collection;

 Modification of direct loan and loan guarantee terms, with resulting transfer of the loans 

and guarantees to the financing fund;

 Accrual of interest from borrowers;

 Writeoff of bad debts without receiving collateral;

 Accrual of bad debts expense;

 Transfer of excess funds to Treasury; and

 Closing entries.

The guide illustrates the following yearend agency reports and notes: 

 Balance Sheet;

 Statement of Net Cost;

 Statement of Changes in Net Position;

 Statement of Budgetary Resources;

 SF 133: Report on Budget Execution and Budgetary Resources & Schedule P Budget 

Program and Financing Schedule;

 Credit Program Footnote.

An SF 132: Apportionment and Reapportionment Schedule, is illustrated at the beginning of the 

year and is revised once during the year. In addition, Appendix 1 provides a listing of key 

references.

Except for the Request for Apportionment, which is not subject to Federal generally accepted 

accounting principles (FEDGAAP), these reports are in compliance with FEDGAAP, as 

promulgated by the Federal Accounting Standards Advisory Board (FASAB) and the U.S. Office 

 

3The illustration is for payment of administrative expenses without prior obligation through undelivered orders or accounts 

payable. 
FEDERAL CREDIT PROGRAM BASIC ACCOUNTING AND REPORTING GUIDE

FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 5 of 34 December 2016

of Management and Budget (OMB). Like the journal entries for the underlying transactions, the 

reports are illustrative. Agencies may have other ways of formatting their reports that meet the 

authoritative requirements. The SF 132, which is not required to be audited and published with 

the audited financial statements, is in compliance with OMB regulations. Agencies must prepare 

and format the SF 132 as illustrated in this guide, unless an agency has direction from or 

agreement with OMB to do otherwise.

Direct questions regarding this guide to the USSGL Division at 

https://www.fiscal.treasury.gov/fsreports/ref/ussgl/form-issues.htm, using the USSGL Issue 

Form, or to:

Director, USSGL Advisory Division

Governmentwide Accounting

Bureau of the Fiscal Service

3700 East-West Highway

Hyattsville, MD 20872

The USSGL Web site also includes a list of USSGL representatives and their telephone numbers.

CONCEPTUAL FRAMEWORK

The guide uses USSGL account numbers and, generally, titles. When necessary, the guide 

expands USSGL account titles, using brackets, to capture specific information required for 

reporting. For example, brackets are used to capture information to separate administrative 

expense from interest supplement expense, both of which would be merged into account 610000 

if no other designation were made. For administrative expense, “[Administrative Expense]” is 

included after the title for USSGL account 610000, “Operating Expenses/Program Costs.” In the 

same manner, for interest supplement expense, “[Interest Supplement Expense]” is included after 

the title for USSGL account 610000. The USSGL Supplement, Section II, contains definitions 

for USSGL accounts.

Entries are made in general journal form, using USSGL accounts, and are summarized in trial 

balances for each year. When necessary, the USSGL accounts are subdivided or otherwise 

supplemented with more detail to provide the illustrated reporting. The entries made and the 

method chosen to illustrate the detail provide only one way of accounting. Agencies may have 

other ways of structuring their ledgers and making journal entries that accomplish the same 

result. 
FEDERAL CREDIT PROGRAM BASIC ACCOUNTING AND REPORTING GUIDE

FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 6 of 34 December 2016

ACCOUNT TABLES

The following account tables identify the accounts used in the guide to record transactions and 

prepare reports, and the structure under which they fall. Because the transactions are not 

comprehensive, the tables do not contain all accounts that agencies may use in their actual 

agency program. The USSGL Supplement, Section I, contains the complete chart of USSGL 

accounts.

Account Number Account Title

Budgetary – Resources Anticipated

404700 Anticipated Transfers to the General Fund of the Treasury – CurrentYear Authority

406000 Anticipated Collections From Non-Federal Sources

407000 Anticipated Collections From Federal Sources

Budgetary – Resources Realized

411900 Other Appropriations Realized

415100 Actual Capital Transfers to the General Fund of the Treasury - CurrentYear Authority

420100 Total Actual Resources - Collected

426100 Actual Collections of Business-Type Fees

426200 Actual Collections of Loan Principal

426300 Actual Collections of Loan Interest

427600 Actual Collections From Financing Fund

Budgetary – Status of Resources Unobligated

445000 Unapportioned Authority

451000 Apportionments

459000 Apportionments - Anticipated Resources – Programs Subject to 

Apportionment

461000 Allotments - Realized Resources

Budgetary – Status of Resources Obligated

480100 Undelivered Orders – Obligations, Unpaid

490100 Delivered Orders – Obligations, Unpaid

490200 Delivered Orders – Obligations, Paid [Loans Made]

490200 Delivered Orders – Obligations, Paid [Other]

490200 Delivered Orders – Obligations, Paid [Defaults]

490200 Delivered Orders – Obligations, Paid [Transfer of Liabilities to Financing 

Fund]
FEDERAL CREDIT PROGRAM BASIC ACCOUNTING AND REPORTING GUIDE

FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 7 of 34 December 2016

Proprietary - Assets4

101000 Fund Balance With Treasury

134100 Interest Receivable - Loans [Direct Loans]

134100 Interest Receivable - Loans [Defaulted Guaranteed Loans]

134500 Allowance for Loss on Interest Receivable - Loans [Direct Loans]

134500 Allowance for Loss on Interest Receivable – Loans [Defaulted 

Guaranteed Loans]

135000 Loans Receivable [Direct]

135000 Loans Receivable [Defaulted Guaranteed]

135900 Allowance for Loss on Loans Receivable [Direct]

135900 Allowance for Loss on Loans Receivable [Defaulted Guaranteed]

Proprietary - Liabilities

211000 Accounts Payable

218000 Loan Guarantee Liability

Proprietary – Net Position

310000 Unexpended Appropriations - Cumulative

310700 Unexpended Appropriations - Used

331000 Cumulative Results of Operations

Proprietary - Financing Sources (including gains)

520000 Revenue From Services Provided

531200 Interest Revenue - Loans Receivable/Uninvested Funds [From 

Borrowers]

570000 Expended Appropriations

576500 Nonexpenditure Financing Sources - Transfers Out - Other

719000 Other Gains

Proprietary - Expenses (including loses)

610000 Operating Expenses/Program Costs [Administrative Expense]

610000 Operating Expenses/Program Costs [Interest Supplement Expense]

672000 Bad Debt Expense

721000 Losses on Disposition of Assets - Other

 

4

Interest receivable and loans receivable are broken out by those related to direct loans and those related to loan guarantee 

programs to facilitate the separate reporting required. See OMB Bulletin No. 01-09, footnote 8.
FEDERAL CREDIT PROGRAM BASIC ACCOUNTING AND REPORTING GUIDE

FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 8 of 34 December 2016

SCENARIO

This section presents transactions, including closing entries, along with interim and yearend trial 

balances for the fiscal year. Users should note the various caveats provided in prior sections of 

this guide when reviewing the information.

OMB authorized the agency, which operates under no-year authority, to make direct loans and to 

guarantee 100 percent of loans and interest for program participants prior to fiscal 1992. Loans 

and guarantees that were obligated before that date are accounted for in the agency’s liquidating 

fund, illustrated in this scenario. The agency will pay its costs from the unobligated balance of an 

existing no-year appropriation and new collections and will return monies in excess of the 

amount per an agreement with OMB. An authorized agency official will provide blanket 

allotment authority for all realized resources, as they are realized, up to the amount apportioned 

by OMB. The agency accounts for loans receivable on its books using net realizable value. It 

accounts for the loan guarantee liability using the net estimated amount payable. The agency 

does not use present value accounting. Present value accounting is illustrated in the direct loans, 

loan guarantee, and foreclosed property guides.

Budgetary and proprietary trial balances at the beginning of the year are shown below. Note that 

loans and interest receivable are divided into those relating to direct loans and those relating to 

loan guarantees, to facilitate the separate reporting required.5

Beginning Trial Balances

Budgetary Debit Credit

420100 Total Actual Resources - Collected $4,000

445000 Unapportioned Authority $3,600

480100 Undelivered Orders – Obligations, Unpaid 300

490100 Delivered Orders – Obligations, Unpaid 100

$4,000 $4,000

Proprietary Debit Credit

101000 Fund Balance With Treasury $4,000

134100 Interest Receivable – Loans [Direct Loans] 400

134100 Interest Receivable – Loans [Defaulted 

Guaranteed Loans]

300

134500 Allowance for Loss on Interest Receivable -

Loans [Direct Loans]

$100

134500 Allowance for Loss on Interest Receivable –

Loans [Defaulted Guaranteed Loans]

200

135000 Loans Receivable [Direct Loans] 3,250

 

5

See OMB Bulletin No. 01-09, instructions for footnote number 8.
FEDERAL CREDIT PROGRAM BASIC ACCOUNTING AND REPORTING GUIDE

FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 9 of 34 December 2016

135000 Loans Receivable [Defaulted Guaranteed Loans] 1,750

135900 Allowance for Loss on Loans Receivable [Direct 

Loans]

2,500

135900 Allowance for Loss on Loans Receivable 

[Defaulted Guaranteed Loans]

1,000

211000 Accounts Payable 100

218000 Loan Guarantee Liability 9,000

310000 Unexpended Appropriations - Cumulative 3,000

331000 Cumulative Results of Operations66,200

$15,900 $15,900

 

6

Prior illustrative guidance provided for use of USSGL account 297000, “Resources Payable to Treasury,” to represent the 

difference between assets and the other liabilities. This was designated before the issuance of SFFAS No. 7, Accounting for 

Revenue and Other Financing Sources, which prohibits accrual of unapportioned or unlegislated appropriations across years and 

mandates that appropriations used be computed in the same manner as in the Federal Budget (see paragraphs 72 and 217 of 

SFFAS No. 7). In the prior guidance, account 297000 took the place of USSGL accounts 310000, “Unexpended Appropriations –

Cumulative” and 331000, “Cumulative Results of Operations,” and no appropriations used were recognized. A debit balance in 

account 297000 was, in effect, a receivable for appropriations. In addition, a procedure of closing expenses and revenues into 

account 297000 was illustrated. In compliance with SFFAS No. 7, and in recognition of the reality of the long ongoing life of

many liquidating funds, the guidance in this guide illustrates the difference between assets and liabilities in accounts 310000 and 

331000, and illustrates closing entries for income and expense made into account 331000.
FEDERAL CREDIT PROGRAM BASIC ACCOUNTING AND REPORTING GUIDE

FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 10 of 34 December 2016

During the year, the agency expected to receive collections as follows:

Principal on loans receivable $850

Interest on loans receivable 150

Ongoing guarantee fees from borrowers 50

$1,050

The agency expected to make the following disbursements:

Beginning undelivered orders $ 300

Beginning accounts payable 100

Administrative expenses 275

Interest supplements 25

Default claims 1,200

$1,900

Per agreement with OMB, the agency will return to Treasury all cash in excess of $3,030.7The 

$120 expected to be returned at yearend, is computed as follows:

Beginning balance of cash $4,000

Anticipated cash receipts 1,050

Anticipated cash disbursements (1,900)

Expected cash balance at yearend $3,150

Cash reserve allowed (3,030)

Anticipated cash to be returned to Treasury $ 120 8

 

7The figure here is arbitrary. OMB Circular No. A-11, Section 185.3(k), provides that agencis must transfer unobligated balances 

of liquidating fund entities at fiscal yearend to the General Fund of the Treasury unless OMB approves otherwise (see Section 

51.12).

8

If a cash deficit were projected instead, the agency may have made up the deficit with either appropriations or borrowing. 

Accounting for receipt and use of appropriations is covered in the direct loans and loan guarantees guide. Accounting for 

borrowing is covered in the direct loan guide.
FEDERAL CREDIT PROGRAM BASIC ACCOUNTING AND REPORTING GUIDE

FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 11 of 34 December 2016

TRANSACTIONS

1. The agency prepared the budget formulation. 

DR CR TC

Budgetary Entry

406000 Anticipated Collections From Non-Federal Sources

 404700 Anticipated Transfer to the General Fund of the 

 Treasury – Current-Year Authority

 445000 Unapportioned Authority

Proprietary Entry

None

1,050

120

930 A140

A142

An SF-132: Apportionment and Reapportionment Schedule, for this transaction appears below.

Direct Loan and Loan Guarantee Agency

SF-132 Apportionment and Reapportionment Schedule

BUDGETARY RESOURCES

Unobligated Balance:

1000 Unobligated balance brought forward, Oct 1 $3,600

Spending authority from offsetting collections, mandatory:

1840 Anticipated collections, remimbursements, and other income 1,050

1842 Anticipated capital transfers and redemption of debt (spending 

authority from offsetting colections) (-) (120)

1920 Total budgetary resources $4,530

APPLICATION OF BUDGETARY RESOURCES

Apportioned: 

6011 Apportioned Category B by project $1,530

6182 Unapportioned balance of revolving fund 3,000

6190 Total budgetary resources available $4,530
FEDERAL CREDIT PROGRAM BASIC ACCOUNTING AND REPORTING GUIDE

FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 12 of 34 December 2016

2. OMB approved the agency request for apportionment without change, and the agency recorded the 

apportionment.

DR CR TC

Budgetary Entry

445000 Unapportioned Authority

 451000 Apportionments [of Realized Resources]9

 459000 Apportionments - Anticipated Resources –

 Programs Subject to Apportionment

Proprietary Entry

None

1,530

600

930

A116

A118

3. A properly designated agency official apportioned the full amount of realized resources and issued a blanket 

authorization to allot anticipated resources as they were realized, not to exceed the amount of the apportionment.

DR CR TC

Budgetary Entry

451000 Apportionments

 461000 Allotments – Realized Resources

Proprietary Entry

None

600

600

A120

The agency received the following collections during the year:

Principal on direct loans receivable $550

Principal on defaulted guaranteed loans receivable 250

Interest on direct loans receivable 90

Interest on defaulted guaranteed loans receivable 70

Ongoing guarantee fees from borrowers 55

 

9 This is a portion of the beginning balance of USSGL account 445000 “Unapportioned Authority.”
FEDERAL CREDIT PROGRAM BASIC ACCOUNTING AND REPORTING GUIDE

FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 13 of 34 December 2016

4. To record the collections.

DR CR TC

Budgetary Entry

426100 Actual Collections of Business – Type Fees

426200 Actual Collections of Loan Principal

426300 Actual Collections of Loan Interest

 406000 Anticipated Collections From Non-Federal Sources

Proprietary Entry

101000 Fund Balance With Treasury

 134100 Interest Receivable – Loans [Direct Loans]

 134100 Interest Receivable – Loans [Defaulted Guaranteed 

 Loans]

 135000 Loans Receivable [Direct]

 135000 Loans Receivable [Defaulted Guaranteed Loans]

 520000 Revenue From Services Provided

55

800

160

1,015

1,015

90

70

550

250

55

C109

5. To allot the authority from the collections.

DR CR TC

Budgetary Entry

459000 Apportionments – Anticipated Resources - Programs

 Subject to Apportionment

 461000 Allotments – Realized Resources10

Proprietary Entry

None

930

930

A122

The agency made the following cash disbursements during the year:

Administrative expenses $ 485

Interest supplements 25

Direct loans 10

Accounts payable at beginning of year 100

Defaults 1,250

The amount paid for administrative expenses included the $300 of undelivered orders at the 

beginning of the year (bills for which totaled $300) plus an additional $185.

 

10 Note that the amount of the authority allotted is limited to the apportionment related to anticipated collections, as reflected by 

the balance of USSGL account 459000, “Apportionments - Anticipated Resources – Programs Subject to Apportionment.”
FEDERAL CREDIT PROGRAM BASIC ACCOUNTING AND REPORTING GUIDE

FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 14 of 34 December 2016

6. To record disbursements. 

DR CR TC

Budgetary Entry

461000 Allotments – Realized Resources

480100 Undelivered Orders – Obligations, Unpaid

490100 Delivered Orders – Obligations, Unpaid

 490200 Delivered Orders – Obligations, Paid [Loans Made]

 490200 Delivered Orders – Obligations, Paid [Other]

 490200 Delivered Orders – Obligations, Paid [Defaults]

Proprietary Entry

135000 Loans Receivable [Direct]

211000 Accounts Payable

218000 Loan Guarantee Liability

610000 Operating Expenses/Program Costs [Administrative

 Expense]

610000 Operating Expenses/Program Costs [Interest 

 Supplement Expense]

 101000 Fund Balance With Treasury

310700 Unexpended Appropriations – Used 

 570000 Expended Appropriations

1,470

300

100

10

100

1,250

485

25

1,870

10

610

1,250

1,870

1,870

B104

B110

B134

C206

The agency acquired receivables on payment of the default claims in the preceding transaction. 

The agency’s practice is to separately record the interest and principal as shown below.11,12

Loan principal - gross $800

Loan principal - realizable value 230

Loan interest - gross 450

Loan interest - realizable value 375

 

11Some agencies will record both the principal and interest as a single amount in USSGL account 135000, “Loans Receivable 

[Defaulted Guaranteed].” This is appropriate if subsequent interest charges are based on the total amount of principal and interest 

receivable acquired by virtue of the default payment.

12Though shown separately here for purposes of illustration, the agency could combine the entry for this transaction with the 

proprietary entry in transaction 5.
FEDERAL CREDIT PROGRAM BASIC ACCOUNTING AND REPORTING GUIDE

FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 15 of 34 December 2016

7. To record loans and interest receivable from Non-Federal sources for defaulted guaranteed loans.

DR CR TC

Budgetary Entry

None

Proprietary Entry

134100 Interest Receivable - Loans [Defaulted Guaranteed 

 Loans]

135000 Loans Receivable [Defaulted Guaranteed]

 134500 Allowance for Loss on Interest Receivable - Loans

 [Defaulted Guaranteed Loans]

 135900 Allowance for Loss on Loan Receivable [Defaulted 

 Guaranteed]

 218000 Loan Guaranteed Liabilities

450

800

75

570

605

C220

D852

The agency guaranteed the full amount of principal and interest on a $20 loan disbursed this year 

by the third-party lender involved. The guarantee had been committed prior to fiscal 1992. In 

accordance with the terms of the guarantee, the agency charged no guarantee fees. No entries are 

required.13

Trial Balance (transactions 1 through 7)

Budgetary Debit Credit

404700 Anticipated Transfers to the General Fund of the 

Treasury

$120

406000 Anticipated Collections From Non-Federal Sources $35

420100 Total Actual Resources - Collected 4,000

426100 Actual Collections of Business-Type Fees 55

426200 Actual Collections of Loan Principal 800

426300 Actual Collections of Loan Interest 160

445000 Unapportioned Authority 3,000

451000 Apportionments [of Realized Resources] -0-

459000 Apportionments – Anticipated Resources –

Programs Subject to Apportionment

-0-

461000 Allotments – Realized Resources 60

480100 Undelivered Orders – Obligations, Unpaid -0-

490100 Delivered Orders – Obligations, Unpaid -0-

490200 Delivered Orders – Obligations, Paid [Loans Made] 10

490200 Delivered Orders – Obligations, Paid [Other] 610

490200 Delivered Orders – Obligations, Paid [Defaults] 1,250

 

13Under pre-Credit Reform accounting, the budget recognizes cash inflows and outflows related to loan guarantees when they 

occur, rather than when guarantees are made. Since there was no cash to or from the Government with this transaction, no 

budgetary entries are prepared. See OMB Circular No. A-11, Sec. 185.3(k), for further information. It would be possible to make 

a proprietary entry recognizing the estimated bad debts (default) expense related to the guarantee at this time, but the scenario 

restates bad debt expense via an adjusting entry at yearend instead. Either method is acceptable.
FEDERAL CREDIT PROGRAM BASIC ACCOUNTING AND REPORTING GUIDE

FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 16 of 34 December 2016

$5,050 $5,050

Proprietary Debit Credit

101000 Fund Balance With Treasury $3,145

134100 Interest Receivable – Loans [Direct Loans] 310

134100 Interest Receivable – Loans [Defaulted Guaranteed 

Loans]

680

134500 Allowance for Loss on Interest Receivable - Loans

[Direct Loans]

$100

134500 Allowance for Loss on Interest Receivable –Loans 

[Defaulted Guaranteed Loans]

275

135000 Loans Receivable [Direct Loans] 2,710

135000 Loans Receivable [Defaulted Guaranteed Loans] 2,300

135900 Allowance for Loss on Loans Receivable [Direct 

Loans]

2,500

135900 Allowance for Loss on Loans Receivable 

[Defaulted Guaranteed Loans]

1,570

211000 Accounts Payable -0-

218000 Loan Guarantee Liability 8,355

310000 Unexpended Appropriations - Cumulative 3,000

310700 Unexpended Appropriations - Used 1,870

331000 Cumulative Results of Operations 6,200

520000 Revenue from Services Provided 55

570000 Expended Appropriations 1,870

610000 Operating Expenses/Program Costs [Administrative 

Expense]

485

331000 Operating Expenses/Program Costs [Interest 

Supplement Expense]

25

$17,725 $17,725
FEDERAL CREDIT PROGRAM BASIC ACCOUNTING AND REPORTING GUIDE

FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 17 of 34 December 2016

Information for Modifications

The agency obtained approval from OMB to modify the terms of direct loans and loan 

guarantees. The information was as follows:

The agency modified the terms of $100 of direct loans. The net realizable value was $85, 

and the net present value was $75. The agency was to sell the loans to the 

financing fund. All interest on the loans had been paid to date.

The agency modified the terms for $275 of guaranteed loans. The expected value of the 

liability from guaranteeing the loans was $90, and the present value was $83. The 

agency transferred the guarantees to the financing fund.14

The agency prepared a new SF-132, which is illustrated below. 

Direct Loan and Loan Guarantee Agency

SF-132 Apportionment and Reapportionment Schedule

BUDGETARY RESOURCES

Unobligated Balance:

1000 Unobligated balance brought forward, Oct 1 $600

Spending authority from offsetting collections, mandatory:

1800 Collected 1,015

1840 Anticipated collections, remimbursements, and other income 110

1842 Anticipated capital transfers and redemption of debt (spending 

authority from offsetting colections) (-) (112)

1920 Total budgetary resources $1,613

APPLICATION OF BUDGETARY RESOURCES

Apportioned: 

6011 Apportioned Category B by project $1,583

6182 Unapportioned balance of revolving fund 30

6190 Total budgetary resources available $1,613

 

14Note that this results in a modification of the loan guarantee liability relating to guaranteed loans that have not defaulted. 

Defaulted guaranteed loans receivable on the agency’s books are not affected by the modification.
FEDERAL CREDIT PROGRAM BASIC ACCOUNTING AND REPORTING GUIDE

FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 18 of 34 December 2016

The agency compiled information for a new SF-132 as shown in the table below, with 

crosswalks shown in square brackets. 

Line 1000 Remains at $600

Line 1800 $1,015 [426100, 426200, 426300]

Line 1840 $110 [account 406000, $35, + $75 to be received from the financing 

 fund]

 Line 1842 $112*[see note below]

 Line 1920 $1,613 [lines 1000+1800+1840–1842] 

 Line 6011 $1,583 [$1,500 originally anticipated + $83 to be paid to the

 financing fund] 

Line 6182 Remains at $30

Line 6190 $1,613 [lines 6011 + 6182]

 

*Computation of cash to be paid to Treasury:

Balance of cash after the previous transactions $145 [101000]

Anticipated additional receipts 110 [Line 1840]

Anticipated additional payments (113) [Line 1842 - 480100, 490100, 

 490200 ]

Anticipated ending balance of cash available $142

Amount needed to carry into the next year (30) [Line 6182]

Cash to be returned to Treasury $112 

OMB approved the new SF-132 as requested.

8. The agency recorded the submission of the new SF-132.

DR CR TC

Budgetary Entry

407000 Anticipated Collections From Federal Sources

404700 Anticipated Transfers to the General Fund of the 

 Treasury – Current Year Authority

 445000 Unapportioned Authority

Proprietary Entry

None

75

8

83

A140

A142R
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(PRE-CREDIT REFORM)

Pre-Credit Reform Page 19 of 34 December 2016

9.The agency recorded OMB approval of the SF-132.

DR CR TC

Budgetary Entry

445000 Unapportioned Authority

 459000 Apportionments – Anticipated Resources –

 Programs Subject to Apportionment

Proprietary Entry

None

83

83

A118

10. The agency transferred the direct loans to the financing fund, which paid the present value.

DR CR TC

Budgetary Entry

427600 Actual Collections From Financing Fund

 407000 Anticipated Collections From Federal Sources

459000 Apportionments – Anticipated Resources – Programs 

 Subject to Apportionment

 461000 Allotments – Realized Resources

Proprietary Entry

101000 Fund Balance With Treasury

135900 Allowance for Loss on Loans Receivable

721000 Losses on Disposition of Assets - Other

 135000 Loans Receivable

75

75

75

15

10

75

75

100

C109

D208

A122

11. The agency transferred the loan guarantees to the financing fund, along with payment of the present value.

DR CR TC

Budgetary Entry

461000 Allotments – Realized Resources

 490200 Delivered Orders – Obligations, Paid [Transfer of

 Liabilities to Financing Fund]

Proprietary Entry

218000 Loan Guarantee Liability

 101000 Fund Balance with Treasury

 719000 Other Gains [on Disp. of Loan Guar. Liab. 

 Modified and Transferred]

310700 Unexpended Appropriations - Used

 570000 Expended Appropriations

83

90

8315

83

83

7

83

B104

B134

 

15 See the note for this entry in transaction 5, which applies here.
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(PRE-CREDIT REFORM)

Pre-Credit Reform Page 20 of 34 December 2016

Trial Balance (transactions 1 through 11)

Budgetary Debit Credit

404700 Anticipated Transfers to the General Fund of the 

Treasury

$112

406000 Anticipated Collections From Non-Federal 

Sources

$35

407000 Anticipated Collections From Federal Sources -0-

420100 Total Actual Resources - Collected 4,000

426100 Actual Collections of Business-Type Fees 55

426200 Actual Collections of Loan Principal 800

426300 Actual Collections of Loan Interest 160

427600 Actual Collections From Financing Fund 75

445000 Unapportioned Authority 3,000

451000 Apportionments [of Realized Resources] -0-

459000 Apportionments – Anticipated Resources –

Programs Subject to Apportionment

8

461000 Allotments – Realized Resources 52

480100 Undelivered Orders – Obligations, Unpaid -0-

490100 Delivered Orders – Obligations, Unpaid -0-

490200 Delivered Orders – Obligations, Paid [Loans 

Made]

10

490200 Delivered Orders – Obligations, Paid [Other] 610

490200 Delivered Orders – Obligations, Paid [Defaults] 1,250

490200 Delivered Orders – Obligations, Paid [Transfer to 

Financing Fund]]

83

$5,125 $5,125

Proprietary Debit Credit

101000 Fund Balance With Treasury $3,137

134100 Interest Receivable – Loans [Direct Loans] 310

134100 Interest Receivable – Loans [Defaulted 

Guaranteed Loans]

680

134500 Allowance for Loss on Interest Receivable –

Loans [Direct Loans]

$100

134500 Allowance for Loss on Interest Receivable -

Loans [Defaulted Guaranteed Loans]

275

135000 Loans Receivable [Direct Loans] 2,610

135000 Loans Receivable [Defaulted Guaranteed Loans] 2,300

135900 Allowance for Loss on Loans Receivable [Direct 

Loans]

2,485

135900 Allowance for Loss on Loans Receivable 

[Defaulted Guaranteed Loans]

1,570

211000 Accounts Payable -0-

218000 Loan Guarantee Liability 8,265
FEDERAL CREDIT PROGRAM BASIC ACCOUNTING AND REPORTING GUIDE

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(PRE-CREDIT REFORM)

Pre-Credit Reform Page 21 of 34 December 2016

310000 Unexpended Appropriations - Cumulative 3,000

310700 Unexpended Appropriations - Used 1,953

331000 Cumulative Results of Operations 6,200

520000 Revenue from Services Provided 55

570000 Expended Appropriations 1,953

610000 Operating Expenses/Program Costs 

[Administrative Expense]

485

610000 Operating Expenses/Program Costs [Interest 

Supplement Expense]

25

719000 Other Gains[Disposition of Loan Guarantee

Liability]

7

721000 Losses on Disposition of Assets – Other 

[Modification and Sale of Loans Receivable] 

10

$17,710 $17,710

12. The agency accrued $35 of interest on direct loans and $30 ib defaulted guaranteed loans receivable at year 

end.

DR CR TC

Budgetary Entry

None

Proprietary Entry

134100 Interest Receivable – Loans [Direct Loans]

134100 Interest Receivable – Loans [Defaulted Guaranteed 

 Loans]

 531200 Interest Revenue – Loans Receivable/Uninvested 

 Funds [Borrowers]

35

30

65

C216
FEDERAL CREDIT PROGRAM BASIC ACCOUNTING AND REPORTING GUIDE

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(PRE-CREDIT REFORM)

Pre-Credit Reform Page 22 of 34 December 2016

13. The agency wrote off bad debts as follows: interest receivable on direct loans, $10; interest receivable on 

defaulted guaranteed loans, $40; direct loans receivable, $200; defaulted guaranteed loans receivable, $50.

DR CR TC

Budgetary Entry

None

Proprietary Entry

134500 Allowance for Loss on Interest Receivable - Loans

 [Direct Loans]

134500 Allowance for Loss on Interest Receivable – Loans 

 [Def. Guar. Loans]

135900 Allowance for Loss on Loans Receivable [Direct]

135900 Allowance for Loss on Loan Receivable [Defaulted

 Guaranteed

 134100 Interest Receivable – Loans [Direct Loans]

 134100 Interest Receivable – Loans [Defaulted Guaranteed

 Loans] 

 135000 Loans Receivable [Direct]

 135000 Loans Receivable [Defaulted Guaranteed]

 

10

40

200

50

10

40

200

50

D208

D212

14. The agency accrued bad debts expense as follows: interest receivable on direct loans, $20; interest receivable 

on defaulted guaranteed loans, 70; direct loans receivable, $80; defaulted guaranteed loans receivable, $45; loan 

guarantee liability, $200.

DR CR TC

Budgetary Entry

None

Proprietary Entry

672000 Bad Debt Expense

 134500 Allowance for Loss on Interest Receivable –Loans 

 [Direct Loans]

 134500 Allowance for Loss on Interest Receivable-Loans

 [Def. Guar. Loans]

 165900 Allowance for Loss on Loans Receivable [Direct]

 165900 Allowance for Loss on Loans Receivable 

 [Defaulted Guaranteed]

 218000 Loan Guarantee Liability

415

20

70

80

45

200

D204
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(PRE-CREDIT REFORM)

Pre-Credit Reform Page 23 of 34 December 2016

15. The agency transferred cash in excess of $3,030 to Treasury.

DR CR TC

Budgetary Entry

404700 Anticipated Transfers to the General Fund of the 

 Treasury – Current –Year Authority

 415100 Actual Capital Transfers to the General Fund of the

 Treasury Current-Year Authority

Proprietary Entry

576500 Nonexpenditure Financing Sources – Transfers Out –

 Other16

 101000 Fund Balance With Treasury

10717

107

107

107

B136

16. The agency recorded closing of anticipated accounts.=

DR CR TC

Budgetary Entry

445000 Unapportioned Authority

404700 Anticipated Transfers to the General Fund of the 

 Treasury – Current –Year Authority

459000 Aportionments – Anticipated Resources – Programs 

 Subject to Apportionment

 406000 Anticipated Collections From Non-Federal 

 Sources

Proprietary Entry

None

22

5

8

35

F112 

F114

 

16 This guide now illustrates revenues and expenses closing into USSGL 331000 Cumulative Results of Operations. 

This may result in the liquidating fund having a balance in USSGL 331000. If agencies deem it necessary to have a 

zero balance in USSGL 331000, then a pre-closing proprietary entry may be made in the liquidating fund to adjust 

the cumulative results of operations to zero and to create a liability to Treasury. Refer to the USSGL TFM 

Supplement.

17 Ending Fund Balance With Treasury, $3,137, - reserve allowed by OMB, $3,030, = $107.
FEDERAL CREDIT PROGRAM BASIC ACCOUNTING AND REPORTING GUIDE

FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 24 of 34 December 2016

Pre-Closing Trial Balances (transactions 1 through 13)

Budgetary Debit Credit

415100 Actual Capital Transfers to the General Fund of 

the Treasury, Current – Year Authority

107

420100 Total Actual Resources - Collected 4,000

426100 Actual Collections of Business-Type Fees 55

426200 Actual Collections of Loan Principal 800

426300 Actual Collections of Loan Interest 160

427600 Actual Collections From Financing Fund 75

445000 Unapportioned Authority 2,978

461000 Allotments – Realized Resources 52

490200 Delivered Orders – Obligations, Paid [Loans 

Made]

10

490200 Delivered Orders – Obligations, Paid [Other] 610

490200 Delivered Orders – Obligations, Paid [Defaults] 1,250

490200 Delivered Orders – Obligations, Paid [Transfer to 

Financing Fund]]

83

$5,090 $5,090

Proprietary Debit Credit

101000 Fund Balance With Treasury $3,030

134100 Interest Receivable – Loans [Direct Loans] 335

134100 Interest Receivable – Loans [Defaulted 

Guaranteed Loans]

670

134500 Allowance for Loss on Interest Receivable -

Loans[Direct Loans]

$110

134500 Allowance for Loss on Interest Receivable -

Loans[Defaulted Guaranteed Loans]

305

135000 Loans Receivable [Direct Loans] 2,410

135000 Loans Receivable [Defaulted Guaranteed Loans] 2,250

135900 Allowance for Loss on Loans Receivable [Direct 

Loans]

2,365

135900 Allowance for Loss on Loans Receivable 

[Defaulted Guaranteed Loans]

1,565

218000 Loan Guarantee Liability 8,465

310000 Unexpended Appropriations - Cumulative 3,000

310700 Unexpended Appropriations - Used 1,953

331000 Cumulative Results of Operations 6,200

520000 Revenue from Services Provided 55

531200 Interest Revenue – Loans Receivable/Uninvested 

Funds [Borrowers]

65

570000 Expended Appropriations 1,953

576500 Nonexpenditure Financing Sources - TransfersOut107

610000 Operating Expenses/Program Costs 

[Administrative Expense]

485
FEDERAL CREDIT PROGRAM BASIC ACCOUNTING AND REPORTING GUIDE

FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 25 of 34 December 2016

610000 Operating Expenses/Program Costs [Interest 

Supplement Expense]

25

672000 Bad Debt Expense 415

719000 Other Gains[Disposition of Loan Guarantee 

Liability]

7

721000 Losses on Disposition of Assets – Other 

[Modification and Sale of Loans Receivable] 

10

$17,890 $17,890

17. The agency made budgetary closing entries. 

TAFS DR CR TC

Budgetary Entry

490200 Delivered Orders – Obligations, Paid [Loans Made]

490200 Delivered Orders – Obligations, Paid [Other]

490200 Delivered Orders – Obligations, Paid [Defaults]

490200 Delivered Orders - Obligations, Paid [Transfers to 

 Financial Account]

415100 Actual Capital Transfers to the General Fund of the 

 Treasury, Current-Year Authority 

 420100 Total Actual Resources - Collected [Net]

 426100 Actual Collections of Business-Type Fees

 426200 Actual Collections of Loan Principal 

 426300 Acutal Collections of Loan Interest

 4276 Actual Collections From Financing Fund 

461000 Allotments - Realized Resources

 445000 Unapportioned Authority

Proprietary Entry

None

10

610

1250

83

107

52

970

55

800

160

75

52

F204

F214

F210
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FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 26 of 34 December 2016

18. The agency made proprietary closing entries.

DR CR TC

Budgetary Entry

None

Proprietary Entry

520000 Revenue From Services Provided

531200 Interest Revenue – Loans Receivable/Uninvested

 Funds

570000 Expended Appropriations

719000 Other Gains [Disp. of Loan Guar. Liab. 

 Modified/Transferred]

 331000 Cumulative Results of Operations

 576500 Nonexpenditure Financing Sources – Transfers-Out 

 - Other

 610000 Operating Expenses/Program Costs [Administrative

 Expense]

 610000 Operating Expenses/Program Costs [Interest 

 Supplement Expense]

 672000 Bad Debt Expense

 721000 Losses on Disposition of Assets – Other

 [Modification/Sale of Loans Receivable] 

310000 Unexpended Appropriations – Cumulative

 310700 Unexpended Appropriations - Used

55

65

1953

7

1953

1038

107

485

25

415

10

1953

F228

F230

F231

F233
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FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 27 of 34 December 2016

Post-Closing Trial Balances (transactions 1 through 18)

Budgetary Debit Credit

420100 Total Actual Resources - Collected 3,030

445000 Unapportioned Authority 3,030

$3,030 $3,030

Proprietary Debit Credit

101000 Fund Balance With Treasury $3,030

134100 Interest Receivable – Loans [Direct Loans] 335

134100 Interest Receivable – Loans [Defaulted 

Guaranteed Loans]

670

134500 Allowance for Loss on Interest Receivable -

Loans [Direct Loans]

$110

134500 Allowance for Loss on Interest Receivable -

Loans [Defaulted Guaranteed Loans]

305

135000 Loans Receivable [Direct Loans] 2,410

135000 Loans Receivable [Defaulted Guaranteed Loans] 2,250

135900 Allowance for Loss on Loans Receivable [Direct 

Loans]

2,365

135900 Allowance for Loss on Loans Receivable 

[Defaulted Guaranteed Loans]

1,565

218000 Loan Guarantee Liability 8,465

310000 Unexpended Appropriations - Cumulative 1,047

331000 Cumulative Results of Operations 5,162

$13,857 $13,857

FINANCIAL STATEMENTS
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FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 28 of 34 December 2016

Direct Loan and Loan Guarantee Agency

Balance Sheet

As of September 30, 20XX

Assets:

Intragovernmental

1. Fund Balance with Treasury (101000) $3,030

4. Loans Receivable (134100E) (134500E) (135000E) (135900E) 1,320

15. Total assets $4,350

Liabilities:

Intragovernmental

22. Loan Guarantee Liability (218000E) $8,465

Net Position:

30. Unexpended Appropriations(310000E) 1,047

32. Cumulative results of operations – Funds From Dedicated 

Collections (Deficit) (331000E) (5,162)

36. Total Net Position –Funds From Dedicated Collections (4,115)

37. Total liabilities and net position $4,350

Direct Loan and Loan Guarantee Agency

Statement of Net Cost

for Fiscal Year Ended September 30, 20XX

Program Costs

1. Gross costs (610000E) (672000E) (721000E) $935

2. Less: earned revenue (520000E) (531200E) 120

3. Net program costs $815

7. Less: earned revenues not attributed to programs (719000E) (7)

8. Net cost of operations $808
FEDERAL CREDIT PROGRAM BASIC ACCOUNTING AND REPORTING GUIDE

FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 29 of 34 December 2016

Direct Loan and Loan Guarantee Agency

Statement of Changes in Net Position

for Fiscal Year Ended September 30, 20XX

Cumulative Results from Operations:

Beginning Balances

1. Cumulative Results of Operations (331000) $(6,200)

Budgetary Financing Sources:

5. Appropriations used (570000E) 1,953

8. Transfers-in/out without reimbursement (+/-) (576500E) (107)

14. Total Financing Sources (Sum lines 4 -13) 1,846

15. Net Cost of Operations (+/-) (From Stmt of Net Cost) (808)

16. Net Change (Sum lines 14 -15) 1,038

17. Cumulative Results of Operations (Sum lines 3 and 16) $(5,162)

Unexpended Appropriations:

18. Beginning Balance (310000E) $ 3,000

20. Beginning balanance, as adjusted (Sum lines 18 and 19) 3,000

Budgetary Financing Sources:

24. Appropriations used (310700E) (1,953)

25. Total Budgetary Financing Sources (Sum lines 21 -24) (1,953)

26. Total Unexpended Appropriations (Sum lines 20 and 25) 1,047

27. Net Position (Sum lines 17 and 26) $(4,115)
FEDERAL CREDIT PROGRAM BASIC ACCOUNTING AND REPORTING GUIDE

FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 30 of 34 December 2016

Direct Loan and Loan Guarantee Agency

Statement of Budgetary Resources

for Fiscal Year Ended September 30, FY-L

Budgetary resources:

Unobligated balance brought forward, Oct 1 (420100B, 480100B, 

490100B)

$ 3,600

Spending authority from offsetting collections (discretionary and 

mandatory) (415100E, 426100E, 426200E, 426300E, 427600E) 983

Total budgetary resources (Sum lines 1000 and 1890) $ 4,583

New Obligations and upward adjustments (total) (Note 31)

 (480100E-B, 490100E-B, 490200E)

 1,553

Unobligated balance, end of year:

Apportioned, unexpired account (461000E) 52

Unapportioned, unexpired accounts (445000E) 2,978

 $4,583

(490200)

(426100,426200,426300,427600)
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FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 31 of 34 December 2016

Direct Loan and Loan Guarantee Agency

SF 133: Report on Budget Execution and Budgetary Resources & Schedule P Budget 

Program and Financing Schedule

for Fiscal Year Ended September 30, FY-L

BUDGETARY RESOURCES AVAILABLE FOR OBLIGATION

2140 Unobligated balance carried forward, start of year (420100B) (480100B) (490100B) $3,600

2440 Unobligated balance carried forward, end of year (445000E) (461000E) 3,030

NEW BUDGETARY AUTHORITY (GROSS), DETAIL

6800 Spending authority from offsetting collections (426100E) (426200E) (426300E) (427600E)1,090

CHANGE IN OBLIGATED BALANCES 

7240 Obligated balance, start of year (480100B) (490100B) 400

7320 Total outlays (gross) (-) (490200E) (1,953)

OUTLAYS (GROSS), DETAIL 

8700 Total outlays (490200E) 1,953

OFFSETS

8800 Federal sources (427600E) (75)

8840 Non-Federal sources(426100E) (426200E) (426300E) (1,015)

8890 Total offsetting collections (cash) (-) (1,090)

NEW BUDGET AUTHORITY AND OUTLAYS 

8900 Budget authority (net) (1,090)

9000 Outlays (net) 863
FEDERAL CREDIT PROGRAM BASIC ACCOUNTING AND REPORTING GUIDE

FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 32 of 34 December 2016

Quantitative Dollar Information for Credit Program Footnote

This section sets forth the pertinent detail available from the scenario for the required credit 

program footnote18 and characterizes the loan guarantee liability as being “pre-Credit Reform.”

CREDIT PROGRAM FOOTNOTE

For loans and guarantees obligated before fiscal 1991:

Loans

Receivable

Interest

Receivable

Allowance for 

Losses

Net 

Receivables

Direct Loans $2,410

(135000)

$335

(134100)

$2,475

(134500, 135900)

$270

Defaulted Guaranteed Loans 2,250

(135000)

670

(134100)

1,870

(134500, 135900)

1,050

Totals $4,660 $1,005 $4,345 $1,320

[Must equal 

Balance Sheet 

Amount]

Loan Guarantee Liability for loans guaranteed before fiscal 1992: $8,465 [218000; Must = Bal. Sheet 

Amt.]

 

18See OMB Bulletin No. 01-09, footnote 8.
FEDERAL CREDIT PROGRAM BASIC ACCOUNTING AND REPORTING GUIDE

FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 33 of 34 December 2016

APPENDIX: REFERENCES

This appendix lists some key references and Web sites for users who want to obtain additional 

information.

OFFICE OF MANAGEMENT AND BUDGET

 OMB Bulletin No. 01-09, Form and Content of Agency Financial Statements

 OMB Circular No. A-11, Preparation, Submission, and Execution of the Budget

 OMB Credit Model

OMB Publications Office at 202-395-7332

Office of Federal Financial Management 202-395-3993

Web site: www.whitehouse.gov/omb

FEDERAL ACCOUNTING STANDARDS ADVISORY BOARD

Statement of Federal Financial Accounting Standards (SFFAS)

SFFAS No. 1, Accounting for Selected Assets and Liabilities

SFFAS No. 2, Accounting for Direct Loans and Loan Guarantees 

SFFAS No. 3, Accounting for Inventory and Related Property

SFFAS No. 7, Accounting for Revenue and Other Financing Sources (including 

related implementation guide) 

SFFAS No. 18, Amendments to Accounting Standards for Direct and Guaranteed 

Loans 

SFFAS No. 19, Technical Amendments to Accounting Standards for Direct and 

Guaranteed Loans 

Statement of Federal Financial Accounting Concepts No. 2, Entity and Display (as 

amended by SFFAS No. 7)

Accounting and Auditing Policy Committee, Technical Release No. 3: Preparing and Auditing 

Direct Loan and Loan Guarantee Subsidies Under the Federal Credit Reform Act

FASAB Staff at 202-512-7350

Web site: www.fasab.gov
FEDERAL CREDIT PROGRAM BASIC ACCOUNTING AND REPORTING GUIDE

FOR DIRECT LOAN AND LOAN GUARANTEE PROGRAMS WITHOUT COLLATERAL

(PRE-CREDIT REFORM)

Pre-Credit Reform Page 34 of 34 December 2016

TREASURY BUREAU OF THE FISCAL SERVICE

 U.S. Government Standard General Ledger (codified in Treasury Financial Manual)

 Budgetary Accounting in the Federal Government

 Illustrative Scenarios in Accounting for Credit Programs (USSGL Division)

 Present Value Monograph

USSGL Division (Office of Financial Management, Treasury) at 202-874-9980.