GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM 

EFFECTIVE FISCAL YEAR 2017

PREPARED BY:

CREDIT REFORM SUBCOMMITTEE AND

GENERAL LEDGER AND ADVISORY BRANCH

FISCAL ACCOUNTING

BUREAU OF THE FISCAL SERVICE

U.S. DEPARTMENT OF TREASURY
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

- i -

TABLE OF CONTENTS

OVERVIEW........................................................................................................................................................... 1

CONCEPTUAL FRAMEWORK........................................................................................................................... 4

ACCOUNT TABLES............................................................................................................................................. 5

TRANSACTIONS - YEAR 1................................................................................................................................. 9

FINANCIAL STATEMENTS.............................................................................................................................. 51

TRANSACTIONS – YEAR 2 .............................................................................................................................. 74

FINANCIAL STATEMENTS.............................................................................................................................. 93

APPENDIX 1: ACCOUNTING FOR MANDATORY DIRECT LOAN PROGRAMS................................. 102

APPENDIX 2: ACCOUNTING FOR DOWNWARD RE-ESTIMATES IN DISCRETIONARY AND

MANDATORY DIRECT LOAN PROGRAMS ............................................................................................... 108

APPENDIX 3: NEGATIVE SUBSIDY ............................................................................................................. 120

APPENDIX 4: REFERENCES .......................................................................................................................... 139
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

- ii -

Version History

Version 

Number Date Description of Change

1.0 12/03/2007 Updated account titles and transaction codes. Added 

transaction 1-21. Modified Appendix 1. Deleted Appendix 2.

2.0 08/31/2010

Updated account titles and numbers and crosswalks based on 

USSGL TFM Supplement T/L S2-10-02. Modified 

Modification and added Modification Adjustment Transfer 

transaction. Added transaction for cancellation of unused 

borrowing authority. Added Appendix 2, Accounting for 

Downward Re-estimates in discretionary and mandatory direct 

loan programs. Added Appendix 3, Negative Subsidy.

3.0 2017 Updated account tiles and numbers and crosswalks based on 

Bulletin No. 2017-07. Updated Appendices 1-4. Deleted 

Appendix 5. 

3.1 2022 Updates for clarification on MAT’s on pages 36 and 37. 
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

1 of 140 September 2017

OVERVIEW

This guide is designed for those who:

• Formulate and execute Federal credit program budgets, including accounting for assets, liabilities, net

position, income, and expenses, and budgetary resources;

• Prepare agency financialstatements;

• Audit theagency financial statements;

• Manage or provide service to participants in loan guarantee programs;

• Design and maintain computer systems for financial programs;

• Instruct othersin basic accounting and reporting for direct loan programs without collateral.

The guide is illustrative, rather than authoritative, and is categorized as “other accounting literature” in the

hierarchy of accounting principles for Federal entities.1

It supersedes the original and subsequent direct loan

scenarios. Users may download the guide from the Bureau of the Fiscal Service (Fiscal Service) Web site at 

https://www.fiscal.treasury.gov/ussgl/resources-implementation.html#creditreform. 

In order to understand and gain the most from the guide, users must have a working knowledge of the

following:

• Budgetary and proprietary accounting, reporting, and terminology;

• The United States Standard General Ledger (USSGL) accounts for basic annual operating appropriations

and revolving funds;

• The Federal Accounting Standards Advisory Board Standards and Technical Releasesrelated to credit

reformaccounting;

• The Credit Reform Act and other requirements established by the Act; and

• The Concepts and Standards of Federal credit program accounting and reporting, fund structures, and

terminology.

This guide is a study in accounting and reporting for a discretionary direct loan program under the Federal 

Credit Reform Act of 1990, as amended, for direct loans obligated after September 30, 1991. Direct loans are 

disbursements of funds by the Government to a non-federal borrower under a contract that requires repayment

1 See §142, p.28, Financial Reporting Requirements, OMB Circular A-136, dated October 7, 2016.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

2 of 140 September 2017

of such funds with or without interest.2

Transactions are presented over a 1-year period (fiscal year 1) for a fictitious Federal agency with a single direct 

loan program with no risk categories. Transactions for fiscal year 2 show the disposition of the re-estimated 

subsidy accrued in fiscal year 1. Common transactions and reports are covered in addition to transactions 

unique to Federal credit program accounting. However, since accounting for accruals and undelivered orders 

with advances are not unique to credit reform accounting, they are not presented. In addition, transactions 

involving collateral are excluded, since they are covered in a separate guide. Entries are made in general 

journal form, using USSGL accounts, and are summarized in trial balances for each year.

The transactions shown are:

 Formulation, apportionment, and allotment ofthe budget;

 Receipt ofsubsidy and administrative expense appropriations;

 Transfer of subsidy from the program to the financing fund;

 Borrowing from Treasury and repayment of loans and interest;

 Disbursement of loansto program participants and collection of principal and interest from them;

 Disbursement of administrative expenses; 3

 Modification of loan terms, with resulting adjustment to program levels and return of excess 

borrowing from Treasury and reduction of borrowing authority;

 Accrual and receipt or disbursement of subsidy re-estimates and related interest;

 Accrual of collectible and uncollectible interest from borrowers;

 Amortization of allowance forsubsidy;

2 OMB Circular A-11 (Revised – July 1, 2016), Section 185.3(d)

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

payable. Though administrative expenses will usually be obligated before payment, there is nothing about the transactions unique 

to credit program accounting, and hence, prior obligations are not shown.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

3 of 140 September 2017

 Write-off of bad debts without receiving collateral;

 Capitalization of accrued interest paid; and

 Closing entries.

The yearend agency reports presented are listed below:

• Balance Sheet;

• Statement of NetCost;

• Statement of Changes in Net Position;

• Statement of BudgetaryResources;

• SF 133: Report on Budget Execution and Budgetary Resources andBudget

Program and Financing Schedule (Schedule P); and

• Credit Program Footnote (including the Schedule of Changes in the Allowance for Subsidy).

A SF 132: Apportionment and Reapportionment Schedule report is furnished at the beginning of each year.

This guide includes five appendices. Appendix 1 discusses basic differences encountered in mandatory 

programs. Appendix 2 provides the recording and reporting for downward reestimates of subsidy for both a 

discretionary and a mandatory program. Appendix 3 provides the recording and reporting of negative subsidy. 

Appendix 4 provides a listing of key references related to credit program accounting. If the references change, 

this document will be updated accordingly and published on the Fiscal Service Web site at 

https://www.fiscal.treasury.gov/fsreports/ref/ussgl/ussgl_home.htm.

Users may send questions to the Fiscal Service Web site at

https://www.fiscal.treasury.gov/ ussgl/report-an-issue.html 

by using the online USSGL Issue Form. This Web site also provides a list of the USSGL representatives 

and their telephone numbers. Users may contact the Manager, General Ledger and Advisory Branch, Fiscal 

Service, via e-mail.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

4 of 140 September 2017

CONCEPTUAL FRAMEWORK

This guide uses numbers and titles for USSGL accounts. When necessary, titles for USSGL accounts are 

expanded by using brackets to capture, clarify, or add specific information, for illustrative purposes only. For 

example, administrative expense, “[Administrative Expense]” is included after the title for USSGL 610000 

account, “Operating Expenses/Program Costs.” In the same manner, for interest supplement expense, “[Interest 

Supplement],” is included after the title for the USSGL 610000 account. The USSGL Supplement, Section II, 

contains definitions for USSGL accounts.

Entries are in general journal form, using USSGL accounts, and are summarized in trial balances for each year. 

Note that the financing fund is used only in the transactions for Post-Credit Reform scenarios, and the 

liquidating fund is used only in the transactions for Pre-Credit Reform scenarios.

USSGL accounts that, by themselves, do not directly provide the reporting that is illustrated, are supplemented 

with additional detail. 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 to accomplish 

the same result.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

5 of 140 September 2017

ACCOUNT TABLES

The following tables identify the accounts used in the guide to record transactions and prepare reports. Since 

the transactions are not comprehensive, the tables do not contain all accounts that agencies may use in day-today activities.

PROGRAM FUND BUDGETARY ACCOUNTS USED

RESOURCES

Anticipated

412000 Anticipated Indefinite Appropriations

Realized

411500 Loan Subsidy Appropriation

411700 Loan Administrative Expense Appropriation

411800 Re-estimated Loan Subsidy Appropriation 

420100 Total Actual Resources - Collected

STATUS OF RESOURCES

Unobligated

445000 Unapportioned Authority

451000 Apportionments

459000 Apportionments - Anticipated Resources - Program Subject to Apportionment 

461000 Allotments - Realized Resources

46500 Allotments - Expired Authority

Obligated

 480100 Undelivered Orders – Obligations Unpaid

490200 Delivered Orders – Obligations, Paid [Re-estimated Subsidy and 

Interest] 

490200 Delivered Orders – Obligations, Paid [Other]
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FOR DIRECT LOAN PROGRAMS

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IN FEDERAL CREDIT PROGRAM

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PROGRAM FUND PROPRIETARY ACCOUNTS USED

ASSETS

101000 Fund Balance With Treasury

LIABILITIES

217000 Subsidy Payable to Financing Account

NET POSITION

310000 Unexpended Appropriations - Cumulative

310100 Unexpended Appropriations - Appropriations Received 

310700 Unexpended Appropriations - Used

331000 Cumulative Results of Operations

FINANCING SOURCES

570000 Expended Appropriations

579100 Adjustment to Financing Sources – Credit Reform

EXPENSES

610000 Operating Expenses/Program Costs [Administrative Expense] 

610000 Operating Expenses/Program Costs [Basic and Modified Subsidy] 

619900 Adjustment to Subsidy Expense

680000 Future Funded Expenses [Subsidy Re-estimate]
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FOR DIRECT LOAN PROGRAMS

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IN FEDERAL CREDIT PROGRAM

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FINANCING FUND BUDGETARY ACCOUNTS USED

RESOURCES

Anticipated

406000 Anticipated Collections from Non-Federal Sources 

407000 Anticipated Collections from Federal Sources

Realized

414100 Current-Year Borrowing Authority Realized 

420100 Total Actual Resources - Collected

422100 Unfilled Customer Orders Without Advance 

426100 Actual Collections of Business-Type Fees 

426200 Actual Collections of Loan Principal 

426300 Actual Collections of Loan Interest

427100 Actual Program Fund Subsidy Collected 

427300 Interest Collected from Treasury

Anticipated Contra Resources

404700 Anticipated Transfers to the General Fund of the U.S. Government – Current-Year Authority

Realized Contra Resources

414200 Actual Repayment of Borrowing Authority Converted to Cash

414300 Current-Year Decreases to Indefinite Borrowing Authority Realized 

414600Actual Repayments of Debt, Current-Year Authority

Other

414500 Borrowing Authority Converted to Cash 

414800 Resources Realized from Borrowing Authority 

414900 Borrowing Authority Carried Forward

STATUS OF RESOURCES

Unobligated

445000 Unapportioned Authority

451000 Apportionments

459000 Apportionments - Anticipated Resources - Program Subject to Apportionment 

461000 Allotments - Realized Resources

Obligated

480100 Undelivered Orders – Obligations Unpaid

490200 Delivered Orders – Obligations, Paid [Loans Made] 

490200 Delivered Orders – Obligations, Paid [Other]
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FINANCING FUND PROPRIETARY ACCOUNTS USED

ASSETS

101000 Fund Balance With Treasury

131000 Accounts Receivable [Subsidy Receivable from Program Account] 

134100 Interest Receivable - Loans

135000 Loans Receivable 

139900 Allowance for Subsidy

LIABILITIES

219000 Other Accrued Liabilities with related Budgetary Obligations [Downward Re-estimate 

Payable to Misc. Receipt Account]

251000 Principal Payable to the Bureau of the Fiscal Service 

299000 Other Liabilities Without Related Budgetary Obligations

NET POSITION

331000 Cumulative Results of Operations4

FINANCING SOURCES

531200 Interest Revenue – Loans Receivable/Uninvested Funds [Borrowers] 

531200 Interest Revenue - Loans Receivable/Uninvested Funds [Treasury] 

531300 Interest Revenue – Subsidy Amortization

577500 Nonbudgetary Financing Sources Transferred In 

577600 Nonbudgetary Financing Sources Transferred Out 

579100 Adjustment to Financing Sources - Credit Reform

EXPENSES

631000 Interest Expenses on Borrowing from the Bureau of the Fiscal Service and/or the 

Federal Financing Bank

680000 Future Funded Expenses [Subsidy Re-estimate]

4 This account must be zero after closing. OMB Circular A-11, Section 185, Exhibit E, the financing is designed to break even and thus 

have a zero results of operations. If the subsidy money is too great, a payable to transfer it to a designated miscellaneous receipt fund is 

accrued. If it is too little, a receivable from the program fund is accrued for the deficiency. The accounting is such that financing sources 

must equal expenses, and assets must equal liabilities.
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FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

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GENERAL FUND RECEIPT ACCOUNTS PROPRIETARY ACCOUNTS USED

ASSETS

101000 Fund Balance With Treasury

131000 Accounts Receivable

LIABILITIES

298500 Liability for Non-Entity Assets Not Reported on the Statement of Custodial Activity

FINANCING SOURCES

 599300 Offset to Non-Entity Collections - Statement of Changes in Net Position

 599400 Offset to Non-Entity Accrued Collections - Statement of Changes in Net Position
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FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

10 of 140 September 2017

DIRECT LOANS 

YEAR 1

The Direct Loan Agency has been authorized to make loans beginning in fiscal year 1. The agency has a single, 

discretionary direct loan program with no risk categories.5 The Congress has authorized annual appropriations6 for 

basic subsidy, modified subsidy, and administrative expenses; permanent indefinite appropriations for

upward re-estimates of subsidy, with related interest; and permanent indefinite borrowing authority for the 

unsubsidized portion of loans made. The agency’s authorizing legislation makes it subject to the Credit Reform 

Act of 1990, as amended. An authorized agency official provides blanket allotment authority for all realized 

resources, as they are realized, up to the amount apportioned by OMB.

The agency borrows the full amount it expects to need at the beginning of the year, and gives back the amount it 

has not obligated at the end of the year. All collections are used to repay principal and interest on its Treasury 

loans.7

The agency has authority to obligate $120,000 in loans in fiscal year 1, for which the subsidy model shows a

21.5 percent subsidyrate, comprised of:

• Defaults, 20 percent; 20.0

• Interest differential,8 2 percent; and 2.0

• Fees, (.5) percent. (.5)

• Administrative expenses for Year 1 have been authorized in the amount of $5,000, and loans are to be 

funded with (1) monies received from the appropriation subsidy and (2) borrowing from Treasury for 

the remainder.

5 Programs, which have risk categories, must maintain separate financing fund accounting for each risk category.

6 While annual appropriations for basic and modified subsidy, which are common in discretionary direct loan programs, are illustrated in 

the case, some programs may have multi-year or permanent indefinite appropriations provided for these purposes in their underlying 

legislation. Accounting for these types of appropriations is essentially the same as it would be for basic operating appropriations or 

revolving funds, which had them.

7 Although the guide indicates that the full amount of the borrowing occurs at the beginning of the year, it (borrowing) can occur throughout 

the year.

8 This is the difference between interest charged borrowers and interest the agency must pay to Treasury on loans to make the borrowing.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

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• It is expected that $11,000 of loan principal, $500 of loan interest and $500 in fees will be received in 

Year 1, and that Fiscal Service principal of $11,300 will be repaid, plus interest of $700 (total $12,000).

• Current, definite appropriations, permanent indefinite borrowing authority, and authorization for the 

appropriate collections are authorized in the legislation.

The agency prepared the following request for apportionment (SF 132):

SF 132 Apportionment/Reapportionment Schedule

BUDGETARY RESOURCES Program 

Fund

Financing 

Fund

Budget authority:

Appropriations, discretionary:

1100 Appropriation 30,800

1400 Borrowing authority 94,200

Spending authority from offsetting collections, 

mandatory:

1840 9 Anticipated Collections, Reimbursements, and Other Income 37,800

1842 Anticipated Capital Transfers and Repayments of Debt (11,300)

1920 Total Budgetary Resources 30,800 120,700

APPLICATION OF BUDGETARY RESOURCES

Category B (by project)

6011 Direct Loan Subsidy 25,800 120,000

6013 Administrative Expense 5,000

6014 Interest to Treasury 700

6190 Total Budgetary Resources Available 30,800 120,700

9 The SF132 line 1840 should be split between Federal and Non-Federal.
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FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

12 of 140 September 2017

TRANSACTIONS - YEAR 1

1-1 To record the enactment of appropriations.10

Program Fund

DR CR TC

Budgetary Entry

A104

411500 Loan Subsidy Appropriation 25,800

411700 Loan Administrative Expense Appropriation 5,000

 445000 Unapportioned Authority 30,800

Proprietary Entry

101000 (G) Fund Balance With Treasury 30,800

310100 (G) Unexpended Appropriations – Appropriations 

Received

30,800

. 

10 This footnote corresponds to TC A104, A140, A142, and A152. Annual appropriations are considered realized based on the underlying 

legislation. Agencies that have multi-year appropriations in other than their final year, or permanent indefinite appropriations, would

normally need to anticipate their appropriations prior to realizing them.

If under a continuing resolution, refer to the Appropriations Provided by a Continuing Resolution 

scenario at https://www.fiscal.treasury.gov/ussgl/resources-implementation.html

The Proprietary Entry may be done at a separate time when the warrant is received. 
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FOR DIRECT LOAN PROGRAMS

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IN FEDERAL CREDIT PROGRAM

13 of 140 September 2017

Financing Fund

DR CR TC

Budgetary Entry

12,000

25,800

94,200

11,300

120,700

A140 

A142 

A152 

406000 Anticipated Collections from Non-Federal Source 

407000 Anticipated Collections from Federal Sources 

414100 Current Year Borrowing Authority Realized

404700 Anticipated Transfers to the General Fund of the U.S. 

Government – Current-Year Authority

445000 Unapportioned Authority

Proprietary Entry

None

1-2. The agency’s requests for apportionment were approved by OMB without change,

and the apportionment was recorded.

Program Fund

DR CR TC

Budgetary Entry

30,800

30,800 A116

445000 Unapportioned Authority

451000 Apportionments

Proprietary Entry

None
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FOR DIRECT LOAN PROGRAMS

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Financing Fund

DR CR TC

Budgetary Entry

445000 Unapportioned Authority

451000 Apportionments

459000 Apportionments - Anticipated Resources

- Program Subject to Apportionment

Proprietary Entry

None

120,700

94,200

26,500 A116 

A118 

1-3 Issued a blanket authorization to allot anticipated resources as they were realized, not 

to exceed the amount of the apportionment.

Program Fund

DR CR TC

Budgetary Entry

451000 Apportionments

461000 Allotments - Realized Resources

Proprietary Entry

None

30,800

30,800 A120
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IN FEDERAL CREDIT PROGRAM

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Financing Fund

DR CR TC

Budgetary Entry

94,200

94,200 A120

451000 Apportionments

461000 Allotments - Realized Resources

Proprietary Entry

None

1-4. Borrowed from the Bureau of the Fiscal Service (Fiscal Service) the amount required 

to make $118,000 in loans. 11

Financing Fund

DR CR TC

Budgetary Entry

A156

414800 Resources Realized from Borrowing Authority 92,630

414500 Borrowing Authority Converted to Cash 92,630

Proprietary Entry

101000 (G) Fund Balance With Treasury 92,630

251000 (F) Principal Payable to the Bureau of the Fiscal Service 92,630

11 ($118,000 loans*subsidy rate 21.5% = subsidy to be transferred from Program Fund to Financing Fund = $25, 370. This amount is

reduced from the $118,000, which would leave an amount to borrow of $92, 630).
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WITHOUT COLLATERAL

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1-5. Paid administrative expenses of $4,950. $4,000 was for employees and $950 to GSA. 

No undelivered orders were placed or accruals made before payment.12 

Program Fund

DR CR TC

Budgetary Entry

461000 Allotments - Realized Resources 4,950

490200 Delivered Orders - Obligations, Paid [Other] 4,950

B106

Proprietary Entry

610000 (N) Operating Expenses/Program Cost [Administrative 

Expenses]

610000 (F) Operating Expenses/Program Cost [Administrative 

Expenses]

4,000

950 

101000 (G) Fund Balance With Treasury

310700 (G) Unexpended Appropriations - Appropriations Used 

570000 (G) Financing Sources from Appropriations

4,950

4,950

4,950 B134

12 This footnote corresponds to TC B106 and B134. Typically in standard federal accounting, undelivered orders (4800xx) would be

placed with vendors to acquire the goods, and the invoices would be accrued as payable (490100) before they were paid: however, in 

credit programs those particular accounting events may not exist. As a result, we will not illustrate those particular transactions in the 

case study because they are not necessary.
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FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

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1-6. Agreed to make $90,000 of loans, subject to the loan applicants meeting conditions 

placed on them. 

Program Fund

DR CR TC

Budgetary Entry

19,35013

19,350 B306

461000 Allotments - Realized Resources 

480100 Undelivered Orders - Unpaid

Proprietary Entry

None

13 $90,000 in loan commitments/obligations x 21.5 percent subsidy = $19,350. 
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IN FEDERAL CREDIT PROGRAM

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To recognize the subsidy to be transferred from the program fund.

Financing Fund

DR CR TC

Budgetary Entry

19,35014

19,350 C101

422100 Unfilled Customer Orders without Advance 

407000 Anticipated Collections from Federal Sources

Proprietary Entry

None

. 

14 OMB Circular A-11, Section 185.25, states that for direct loan financing account include the subsidy cost payment obligated in the 

program account but not yet paid on line 1801, Spending authority from offsetting collections, Change in unfilled customer orders, 

Without advance from Federal sources.
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FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

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To record allotment and obligations. 15 DR CR TC

Budgetary Entry

19,350

90,000

19,350

90,00016

A122

B306

459000 Apportionments - Anticipated Resources -

Program Subject to Apportionment

461000 Allotments - Realized Resources

461000 Allotments - Realized Resource 

480100 Undelivered Orders - Unpaid

Proprietary Entry

None

15 Note that the unfilled customer order from the program fund constitutes a realized resource (OMB Circular A-11, Section 185.11).

16 The $90,000 is the amount of the loans agreed upon, but not yet finalized. It represents a combination of the $19,350 subsidy plus 

$70,650 ($90,000 x the unsubsidized rate of 78.5 percent) of borrowing authority.
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1-7. Applicants for $87,000 of the $90,000 of loan commitments met the conditions for 

making the loans. Subsidy was transferred from the program fund to the financing fund, 

and the loans were disbursed to the applicants.17 Applicants for the remaining $3,000 of 

loans have not yet met the conditions.

Program Fund

To disburse the loans. DR CR TC

Budgetary Entry

480100 Undelivered Orders - Unpaid

490200 Delivered Orders - Obligations, Paid [Other]

18,70518

18,70519 A146

Proprietary Entry

610000 (N) Operating Expenses/Program Costs 

[Basic & Modified Subsidy Expense]

101000 (G) Fund Balance With Treasury

18,705

18,705 

310700 (G) Unexpended Appropriations - Appropriations Used 

570000 (G) Financing Sources from Appropriations

18,705 

18,705 B134

17 Although separate procedures would be involved to transfer the monies and to disburse the loans, they both should be performed 

simultaneously.

18 $87,000 in loans made x 21.5 percent subsidy = $18,705. 

19 Per OMB Circular A-11, section 185.26, Just before a loan is disbursed from the financing account, pay the financing account and 

include the subsidy cost payment, Disbursements and reduce the amount of loans payable, Obligated balance, Undelivered orders, of the SF 

133, Report on Budget Execution.
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Financing Fund

To collect the subsidy DR CR TC

Budgetary Entry

C103

427100 Actual Program Fund Subsidy Collected 18,705

422100 Unfilled Customer Orders Without Advance 18,70520

Proprietary Entry

101000 (G) Fund Balance With Treasury 18,705

139900 (N) Allowance for Subsidy 18,70521

To disburse the loans. DR CR TC

Budgetary Entry

C408

480100 Undelivered Orders - Unpaid 87,000

490200 Delivered Orders - Paid [Loans Made] 87,000

Proprietary Entry

135000 (N) Loans Receivable 87,000

101000 (G) Fund Balance With Treasury 87,000

20 Per OMB Circular A-11, section 185.26. When subsidy cost payment is received from the program account, reduce line 1801, Without 

advance from Federal sources, and increase line 1800, Collected.

21 This allowance for “subsidized costs” reduces the gross loans receivable of $87,000 to its present value of $68,295 ($87,000 x 

the 78.5 percent unsubsidized cost rate).
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Collections from borrowers during the year were as follows:

• Application fees,$48022

• Loan principal,$10,000

• Loan interest,$500

1-8a. To record unearned fees collected in the financing fund. $80.00 in fees are 

unearned.

Financing Fund

To disburse the loans. DR CR TC

Budgetary Entry

C116

426100 Actual Collection of Business-Type Fees 80

406000 Anticipated Collections from Non-Federal Sources 80

Proprietary Entry

101000 (G) Fund Balance With Treasury 80

232000 (N) Other Deferred Revenue 80

22 Though all collections from federal sources are recorded together for purposes of the case, the application fees would probably be 

collected in conjunction with making the loans. They would normally be one of the conditions that applicants would have to meet. 

Some programs may collect fees from borrowers each year, in addition to principal and interest.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

23 of 140 September 2017

1-8b. To record the receipt of previously anticipated collections.

Financing Fund

DR CR TC

Budgetary Entry

C109

426100 Actual Collection of Business-Type Fees 

426200 Actual Collection of Loan Principal 

426300 Actual Collection of Loan Interest

400

10,000 

500

406000 Anticipated Collections from Non-Federal Sources 10,900

Proprietary Entry

101000 (G) Fund Balance With Treasury 10,900

139900 (N) Allowance for Subsidy 

135000 (N) Loans Receivable

53120023 (N) Interest Revenue – Loans Receivable/ Uninvested 

Funds [Borrowers]

400

10,000 

500 

23 USSGL account 134100 would be hit if previously accrued.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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IN FEDERAL CREDIT PROGRAM

24 of 140 September 2017

1-8c. To record anticipated resources as realized.

DR CR TC

Budgetary Entry

700 

700 A122

459000 Apportionments - Anticipated Resources -

Program Subject to Apportionment

461000 Allotments - Realized Resources

Proprietary Entry

None
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

25 of 140 September 2017

1-8d To record fees as earned. 24 

DR CR TC

Budgetary Entry

80 

80 C118

None

Proprietary Entry

232000 (N) Other Deferred Revenue 

139900 (N) Allowance for Subsidy

24 This footnote corresponds to TC C118. Each agency may have a different way of recognizing when fees are earned. For example, 

some agencies may adjust at predetermined intervals such as the end of a month or other accounting period.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

26 of 140 September 2017

1-9. The collections received were paid to Fiscal Service. $700 was for interest on the

agency loan from Fiscal Service, and $10,280 was for principal.25

 OMB Circular A-11, Section 185.20, Capital transfers and redemption of debt (line 1842) are not

obligations and therefore do not need to be apportioned on lines 6001-6173. However, you do need to

plan for repayments and show your estimated debt repayments as a negative on line 1842 when you submit

your SF 132.

 OMB Circular A-11, Section 185.19, for financing accounts, additional interest payment amounts to

Treasury (i.e. amounts exceeding your estimate on the most recent approved apportionment) are

automatically apportioned.

25 In a direct loan financing fund, offsetting collections other than basic subsidy from the program fund, which is used to make loans, is 

normally paid to Fiscal Service for interest and to reduce the loan principal. Exceptions are made when monies are needed for other 

purposes, such as to repair or maintain foreclosed property on defaulted loans, or Federal Financing Bank funded direct loans , which is 

not included in this guide.

Note that it is an OMB requirement that the repayment of principal to Treasury is a non-expenditure transaction (i.e. it does not count as 

obligations or outlays), whereas payment of interest on debt to Treasury is an expenditure transaction (it does count). Section 20.6, 

indicates that agencies should not record outlays for the repayment of debt principal, because borrowings and the repayment of debt 

principal are treated as a means of financing.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

27 of 140 September 2017

1-9a To record principal repayments to the Fiscal Service. 

Financing Fund

DR CR TC

Budgetary Entry

B120

404700 Anticipated Transfers to the General Fund of the U.S. 

Government – Current-Year Authority

10,280

41460026 Actual Repayments of Debt, Current-Year Authority 10,280 

Proprietary Entry

251000 (F) Principal Payable to the Bureau of the Fiscal Service 10,280

101000 (G) Fund Balance With Treasury 10,280

26 If prior year authority was available, USSGL account 414700, Actual Repayments of Debt, Prior-Year Balances, would be used. In 

addition use USSGL account 404800, Anticipated Transfers to the General Fund of the U.S. Government – Prior-Year if you use USSGL 

account 414700, Actual Repayments of Debt, Prior-Year Balances.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

28 of 140 September 2017

1-9b To record payment of interest not previously accrued.27 

DR CR TC

Budgetary Entry

B109

461000 Allotments - Realized Resources

490200 Delivered Orders - Obligations, Paid [Other]

700

700 

Proprietary Entry

631000 (F) Interest Expenses on Borrowing From the

Bureau of the Fiscal Service and/or the Federal Financing

Bank

700

101000 (G) Fund Balance With Treasury 700

1-10 After consultation and agreement with OMB, the agency decided to modify the terms 

of loans for some borrowers. Following the modification guidance provided in OMB’s 

circular A-11, Section 185, to determine the cost or savings of the modification action, this 

modification resulted in a decrease to the net present value cash flows, a costin the 

amount of $1,000.28 

This $1,000 is recorded as an obligation and increase of subsidy cost against the current 

fiscal year appropriated budgetary authority in the program fund. Modifications may be 

made only to the extent that budgetary authority for the additional cost has been provided

27 “The example for illustrative purposes simplifies the transactions reflecting only the year-end payment without an accrual. However, 

it is standard government practice that agencies do accrue interest expense monthly, and the Federal Borrowings Branch (FBB) of the 

Dept. of Treasury records the corresponding interest revenue. The interest revenue accrual and the interest collected by the FBB in the 

Miscellaneous Receipt Fund are recorded by the FBB and not reflected on the agencies books and financial statements.”

28 Before making the modifications, the agency must be certain that it has sufficient unobligated resources for subsidy in the program fund. 

In this case, the amount of unobligated resources, as represented by allotments related to the subsidy, amounted to $6,450, ($25,800 less 

$19,350 from transaction 1-6). 
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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IN FEDERAL CREDIT PROGRAM

29 of 140 September 2017

in advance and is available in the program account.

Because this $1,000 had originally been apportioned for use in making new loans and was part 

of the calculation of available loan levels and required borrowing authority, the agency 

submitted a revised request for apportionment to reduce apportioned loan levels

and increase the anticipated repayment of Treasury Debt. The authorized loan level was reduced 

from $120,000 to $115,349.

29 In addition, the adjusted loan levels required only

$90,54930 in borrowing authority. Based on the original estimates, $92,630 of the original

$94,200 was executed and converted to cash.

In addition to calculating the cost or savings of any modifying action, the Agency must also 

calculate the Modification Adjustment Transfer (MAT). The MAT is designed to account for the 

disconnect between the discount rate used to calculate the cost of the modification and the 

interest rate at which the cohort pays or earns interest. The MAT corrects a resource imbalance 

in the financing account that would occur if only the change in subsidy cost was reflected in the 

transfer between the financing account and the general fund. The MAT can either be negative or 

positive. A negative MAT results in a transfer from the financing account to the general fund. A 

positive MAT results in a transfer from the general fund to the financing account in the form of 

a permanent appropriation. Using the modification adjustment transfer guidance in OMB 

Circular A-11 Section 185, the agency has determined the above modification has resulted in an 

upward modification adjustment transfer in the amount of $5.

29 The subsidy rate for Year 1 is 21.5%. The original subsidy authorized to support $120,000 in loans was $25,800. The remaining subsidy, after 

the modification, was $24,800. This $24,800 will support the making of only $115,349 in new loans ($24,800/. 215).

30 The loan level of $115,349 is provided via subsidy of 21.5 percent (see previous footnote) and borrowing of 78.5 percent. The borrowing 

authority required to support $115,349 of loans is $90,549 (computed as $115,349 x .785, or as $115,349 less the subsidy, computed in the 

preceding note, of , of

$24,800).
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

30 of 140 September 2017

SF 132 Apportionment/Reapportionment Schedule

PROGRAM FUND Original Revised Difference

BUDGETARY RESOURCES

Budget authority:

Appropriations, discretionary:

1100 Appropriation 30,800 30,800

1920 Total Budgetary Resources 30,800 30,800

APPLICATION OF BUDGETARY RESOURCES

Category B (by project)

6011 Direct Loan Subsidy 25,800 24,800 (1,000)

6012 Modification Subsidy Cost 1,000 1,000

6013 Administrative Expense 5,000 5,000

6190 Total Budgetary Resources Available 30,800 30,800

FINANCING FUND

BUDGETARY RESOURCES

Budget authority:

Appropriations, mandatory:

1250 Anticipated Appropriation 5 5

Borrowing authority

1400 Borrowing authority 94,200 90,549 (3,651)

Spending authority from offsetting collections, 

mandatory:

1800 Collected 29,685 29,685

1801 Change in uncollected payments, Federal sources 645 645 

 

1825 Actual capital transfers and redemption of debt (10,280) (10,280)

1840 Offsetting Collections – Anticipated 37,800 7,470 (30,330)

1842 Anticipated capital transfers and redemption of debt (11,300) (2,025) 9,275

1920 Total Budgetary Resources 120,700 116,049 4,651

APPLICATION OF BUDGETARY RESOURCES

Category B (by project)

6011 Direct Loans 120,000 115,349 (4,651)

6014 Interest to Treasury 700 700

6190 Total Budgetary Resources Available 120,700 116,049 (4,651)
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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31 of 140 September 2017

The resulting revised request for apportionment, which OMB approved, is illustrated following 

the entries below.31 When a direct loan is modified, the offsetting collection for the modification 

cost is used to reduce the debt owed to Treasury.

Financing Fund

1-10a To deallot and deapportion borrowing authority for new SF132 (original borrowing authority $94,200 less new

borrowing authority $90,549).

32

DR CR TC

Budgetary Entry

3,651

3,651

3,651

3,651

A120R

A116R

 461000 Allotments – Realized Resources 

 451000 Current-Year Decreases to Indefinite Borrowing 

Authority Realized

451000 Current-Year Decreases to Indefinite Borrowing 

Authority Realized

 445000Unapportioned Authority

Proprietary Entry

 None

31 Note that the form is also updated for actual transactions, which have occurred, such that actual offsetting collections are shown on line 

1800 and actual payments to the Bureau of the Fiscal Service are shown on line 1825. 

32 Note that the decrease in indefinite borrowing authority is not included in the modification entry. The decrease in indefinite borrowing 

authority is for year 1 in total. Original borrowing authority $94,200 less new borrowing authority $90,549 = $3,651. 
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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32 of 140 September 2017

1-10b To unapportion anticipated subsidy (being used for repayment).

DR CR TC

Budgetary Entry

1,000

1,000 A118R

459000 Apportionments – Anticipated Resources Program Subject 

to Apportionment

 445000 Unapportioned Authority -

Proprietary Entry

None

1-10c To record anticipated indefinite appropriation MAT.

DR CR TC

Budgetary Entry

A102

 412000 Unapportioned Authority 

 445000 Unapportioned Authority

5

5

Proprietary Entry

None
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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33 of 140 September 2017

1-10d To record anticipated repayments of debt using modification and MAT.

33

DR CR TC

Budgetary Entry

A142

445000 Unapportioned Authority

 404700 Anticipated Transfers to the General 

 

1,005

1,005

Proprietary Entry

None

1-10e To record the return of excess borrowing to Fiscal Service (as a result of the modification).34

DR CR TC

Budgetary Entry

B120

404700 Anticipated Transfers to the General Fund 

of the U.S. Government – Current-Year Authority

2,081

414200 Actual Repayment of Borrowing Authority Converted to 

Cash

2,08135

Proprietary Entry

251000 (F) Principal Payable to Treasury 2,081

101000 (G) Fund Balance With Treasury 2,081

33 USSGL account 404800, Anticipated Transfers to the General Fund of the U.S. Government – Prior-Year may also be needed/used. 

34 Amount of Borrowing Realized in excess of Borrowing required based upon reduced lending authority. Amount borrowed $92, 630 less 

allowed borrowing authority $90,549 = $2,081.

35 If prior year authority was available, USSGL account 414700, Actual Repayments of Debt, Prior-Year Balances, would be used.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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34 of 140 September 2017

 

 1-10f To remove remaining borrowing authority.36

DR CR TC

Budgetary Entry

1,570

1,570 F113

44500000 Unapportioned Authority

 414300 Current-Year Decreases to Indefinite Borrowing Authority 

Realized

Proprietary Entry

None

36 Note that the decrease in indefinite borrowing authority is not included in the modification entry. The decrease in indefinite borrowing 

authority is for year 1 in total. Based on the original estimates, $92,630 of the original $94,200 was executed and converted to cash. 

$94, 200 – $92,630 = $1,570.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

35 of 140 September 2017

1-11 The agency modified the terms of the loans, as discussed in the previoustransaction. 

The present value of these modifications decreased the present value of the loans by

$1,000, requiring additional subsidy from the program fund, which was transferred to 

the financing fund.

1-11a To record the payment of subsidy to financing fund. 

Program Fund

DR CR TC

Budgetary Entry

461000 Allotments - Realized Resources 1,000

490200 Delivered Orders - Obligations, Paid [Other] 1,000 B106

Proprietary Entry

610000 (N) Operating Expenses/Program Cost [Basic and 

Modified Subsidy Expense]

1,000

101000 (G) Fund Balance With Treasury

310700 (G) Unexpended Appropriations - Appropriations Used 

570000 (G) Financing Sources from Appropriations

1,000

1,000

1,000 B134
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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36 of 140 September 2017

1-11b To record the collection of subsidy for loan modification costs in the financing fund.

Financing Fund

DR CR TC

Budgetary Entry

C103

427100 Actual Program Fund Subsidy Collected 

of the Treasury – Current Year Authority

1,000

407000 Anticipated Collections from Federal Sources 1,000

Proprietary Entry

101000 (G) Fund Balance with Treasury 1,000

139900 (N) Allowance for Subsidy 1,00037

The $1,000 of collections for the subsidy modifications will be used to repay principal on the 

debt to Fiscal Service.

1-11c The modification approved and executed in previous transactions was deemed to require a positive

modification adjustment transfer. The MAT is designed to account for the disconnect between the

discount rate used to calculate the cost of the modification and the interest rate at which the cohort pays

or earns interest. If the MAT is negative, the amount should be transferred from the financing account

to the general fund. A negative MAT (not reflected below) would result in a capital transfer. In the

Program Account, a debit to USSGL account 579100 Adjustments to Financing Sources and a credit to

USSGL account 719000 Other Gains would be recorded.

In the Financing Account, the following entries would be recorded: Debit 139900 Allowance for Subsidy 

and credit 579100, debit 404700 Anticipated Transfers to the General Fund of the U.S. Government – 

Current-Year Authority and credit 415100 Actual Capital Transfers to the General Fund of the U.S. 

Government – Current-Year Authority, debit 576600 Non Expenditure Financing Sources – TransfersOut – Capital Transfers and credit 101000 Fund Balance With Treasury.

In the General Fund Receipt Account, the following would be recorded: Debit 101000 and credit 575600

Non-Expenditure Financing Sources – Transfers-In – Capital Transfers, debit 599300 Offsets to NonEntity Collections – Statement of Changes in Net Position and credit 298500 Liability for Non-Entity 

Assets Not Reported on the Statement of Custodial Actibity. If the MAT is positive then the amount 

37 Note that the effect of this is to decrease the present value of the loans receivable by $1,000.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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37 of 140 September 2017

would be recorded as a permanent appropriation from the General Fund for the amount of the 

modification (as reflected in this example).

Program Fund

DR CR TC

Budgetary Entry

5

5 A206

None

Proprietary Entry

729000 (N) Other Losses

579100 (F) Adjustment to Financing Sources – Credit Reform

Financing Fund

DR CR TC

Budgetary Entry

412500 Loan Modification Adjustment Transfer Appropriation 5

412000 Anticipated Indefinite Appropriations 5 A202

Proprietary Entry

101000 (G) Fund Balance With Treasury 5

310100 (G) Unexpended Appropriations 

310700 (G) Unexpended Appropriations Used

570000 (G) Expended Appropriations

579100 (F) Adjustment to Financing Sources – Credit Reform 

139900(N) Allowance for Subsidy

5

5

5

5

5

B134

A204
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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38 of 140 September 2017

1-11 To record principal repayments to Fiscal Service and the via nonexpenditure 

transfers that was previously anticipated.38 

Financing Fund

DR CR TC

Budgetary Entry

B120

404700 Anticipated Transfers to the General Fund of the U.S. 

Government- Current-Year Authority

1,005

414600 Actual Repayments of Debt, Current-Year 1,005

Proprietary Entry

251000 (F) Principal Payable to the Bureau of the Fiscal Service 1,005

101000 (G) Fund Balance With Treasury 1,005

Note: Although separated for ease of illustration in the case, transactions 1-10 through 1-12 

should occur simultaneously

38 Offsetting Collection from Modification.
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39 of 140 September 2017

1-12 Treasury credited $15 to the financing fund for interest the fund earned on its 

unused Fund Balance with Treasury during the year.

To record receipt of previously anticipated collections.

Financing Fund

DR CR TC

Budgetary Entry

C109

427300 Actual Interest Collected from Treasury 15

4070000 Anticipated Collections from Federal Sources 15

Proprietary Entry

101000 (G) Fund Balance With Treasury 15

531200 (F) Interest Revenue - Loans Receivable/Uninvested 

Funds [Treasury]

15
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40 of 140 September 2017

1-13 The interest collected from Fiscal Service was used to pay principal on theagency’s 

loan from Fiscal Service.

To record principal repayment to the Fiscal Service via nonexpenditure transfers that was previously 

anticipated.

Financing Fund

DR CR TC

Budgetary Entry

B120

404700 Anticipated Transfers to the General Fund of the U.S. 

Government – Current-Year Authority

15

414600 Actual Repayments of Debt, Current-Year Authority 15

Proprietary Entry

251000 (F) Principal Payable to the Bureau of the Fiscal Service 15

101000 (G) Fund Balance With Treasury 15
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41 of 140 September 2017

1-15. Interest of $55 was accrued as receivable on the loans. Of that, $5 was related to 

loans, which were still performing.39

Financing Fund 40

DR CR TC

Budgetary Entry

55

55 C420

None

Proprietary Entry

134100 (N) Interest Receivable – Loans [Accrued]

531200 (N) Interest Revenue – Loans Receivable/ 

Uninvested Funds [Borrowers]

. 

39 This footnote corresponds to TC C420. Agencies establish their own criteria for when notes are not “performing”–i.e., when 

borrowers are considered to no longer be paying on their loan principal and interest, at which point the loans may be sent to Treasury or 

the Justice Department for collection.

40 Note that there is no budgetary entry here. This is because receivables from the public are generally not recognized in the Federal 

Budget until they are collected.
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42 of 140 September 2017

1-16. The allowance for subsidy was amortized.

Financing Fund

DR CR TC

Budgetary Entry

13041

130 E118

None

Proprietary Entry

139900 (N) Allowance for Subsidy

531300 (N) Interest Revenue – Subsidy Amortization

41 Interest expense, $700, less interest income, $570, = amount to amortize, $130. This entry can be either debited or credited based upon the 

interest income or interest expense.
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43 of 140 September 2017

1-17. As no further loans were disbursed during the year, the unneeded monies borrowed 

from Treasury were returned.42

Financing Fund

DR CR TC

Budgetary Entry

19,899

19,899

19,899

19,899

A120R

A116R

461000 Allotments – Realized Resources 

451000 Current-Year Decreases to Indefinite Borrowing 

Authority Realized

451000 Current-Year Decreases to Indefinite Borrowing 

Authority Realized

 445000Unapportioned Authority

Proprietary Entry

None

DR CR TC

Budgetary Entry

B121

445000 Unapportioned Authority

414200 Actual Repayment of Borrowing Authority Converted to 

Cash

19,899 

19,899

Proprietary Entry

251000 (F) Principal Payable to the Bureau of the Fiscal Service 19,899

101000 (G) Fund Balance With Treasury 19,899

42 This footnote corresponds to TC B120. This entry would not be applicable, if an agency does not borrow all of its authority at the 

beginning of the year. Instead the agency would post a debit to 445000, Unapportioned Authority and a credit to 414300, Current-Year 

Decreases to Indefinite Borrowing Authority Realized. (A148)
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44 of 140 September 2017

1-18. The agency determined that $10 of loan principal and $20 of loan interest could not 

be collected, and wrote the receivables off. 43

Financing Fund

DR CR TC

Budgetary Entry

30 

D414

None

Proprietary Entry

139900 (N) Allowance for Subsidy 

134100 (N) Interest Receivable - Loans 20

135000 (N) Loans Receivable 10

43 This footnote corresponds to TC D414. This determination of uncollectibility would be made only after attempting to collect the 

receivables under provisions of the Federal Debt Collection Act.
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45 of 140 September 2017

1-19. Subsidy analysis at year-end indicated that an additional subsidy of $440 was 

needed. The “technical” re-estimate (including interest on the re-estimate) was $435, and 

the interest rate re-estimate was $5.44 

Program Fund

DR CR TC

Budgetary Entry

440 

440 B420

None

Proprietary Entry

680000 (N) Future Funded Expenses [Re-estimated Subsidy 

Expense]

217000 (F) Subsidy Payable to Financing Account

44 This footnote corresponds to TC B420 and C438. The concepts underlying these re-estimates are discussed in SFFAS No. 18, 

Amendments to Accounting Standards for Direct Loans and Loan Guarantees in SFFAS No. 2. Note that there are no budgetary entries 

made, because, in accordance with the Federal Credit Reform Act, the budget will not recognize this transaction until Year 2. Per OMB 

Circular A-11, Section 185. 2, Interest rate reestimates adjust for the effect on the subsidy of differences between actual interest rates and 

the discount rates assumed when estimates were made for budget formulation and obligation. These eestimates must be made when the 

cohort is at least 90 percent disbursed. Technical reestimates adjust for revised assumptions about loan performances, such as differences 

between assumed and actual default rates or new projections of prepayments. See Appendix 2 for downward reestimates.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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46 of 140 September 2017

Financing Fund

DR CR TC

Budgetary Entry

440 

440 C438

None

Proprietary Entry

131000 (N) Accounts Receivable

139900 (N) Allowance for Subsidy

1-20 Accrued interest of $30 was capitalized (converted to principal) on outstanding 

loans. 

Financing Fund

DR CR TC

Budgetary Entry

30 

30 C409

None

Proprietary Entry

135000 (N) Loans Receivable

134100 (N) Interest Receivable - Loans
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47 of 140 September 2017

PRECLOSING ENTRIES

Financing Fund

To close anticipated resources.

To record adjustments for anticipated resources not realized. DR CR TC

Budgetary Entry

1,005

5,450

F112

445000 Unapportioned Authority

459000 Apportionments – Anticipated Resources 

Program Subject to Apportionment

406000 Anticipated Collections from Non-Federal Sources 1,020

407000 Anticipated Collections from Federal Sources 5,435

Proprietary Entry

None
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48 of 140 September 2017

To record adjustments for anticipated reductions not realized. DR CR TC

Budgetary Entry

1,005

1,005 F114

404700 Anticipated Transfers to the General Fund of the

U.S. Government – Current-Year 

445000 Unapportioned Authority

Proprietary Entry

None
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49 of 140 September 2017

Preclosing Adjusted Trial Balance

Program 

Fund 

Debit/Credit

Financing 

Fund 

Debit/Credit

Accounts

Budgetary

404700 Anticipated Transfers to the General Fund of the Treasury U.S. 

Government – Current- Year Authority

 406000 Anticipated Collections from Non-Federal Sources

407000 Anticipated Collections from Federal Sources

411500 Loan Subsidy Appropriation 25,800

411700 Loan Administrative Expense Appropriation 5,000

412500 Loan Modification Adjustment Transfer Appropriation 5

414100 Current-Year Borrowing Authority Realized 94,200

414200 Actual Repayment of Borrowing Authority Converted to Cash (21,980)

414300 Current-Year Decreases to Indefinite Borrowing Authority Realized (1,570)

414500 Borrowing Authority Converted to Cash (92,630)

414600 Actual Repayments of Debt, Current-Year Authority (11,300)

414800 Resources Realized From Borrowing Authority 92,630

422100 Unfilled Customer Orders Without Advance 645 

426100 Actual Collections of Business-Type Fees 480

426200 Actual Collections of Loan Principal 10,000

426300 Actual Collections of Loan Interest 500

427100 Actual Program Fund Subsidy Collected 19,705

427300 Interest Collected From Treasury 15

445000 Unapportioned Authority -

459000 Apportionments - Anticipated Resources - Programs Subject to 

Apportionment

461000 Allotments - Realized Resources (5,500) -

480100 Undelivered Orders - Obligations, Unpaid (645) (3,000)

490200 Delivered Orders – Obligations, Paid [Loans Made]

(87,000)

490200 Delivered Orders – Obligations, Paid [Re-est. Sub and Int]

490200 Delivered Orders – Obligations, Paid [Other] (24,655) (700)

Total 0 0
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

50 of 140 September 2017

Preclosing Adjusted Trial Balance (Continued)

Program 

Fund 

Debit/Credit

Financing 

Fund 

Debit/Credit

Proprietary

101000 (G) Fund Balance With Treasury 6,145 2,355

131000 (N) Accounts Receivable (Subsidy Recv.) 440

134100 (N) Interest Receivable – Loans 5

135000 (N) Loans Receivable 77,020

139900 (N) Allowance for Subsidy (20,470)

217000 (F) Subsidy Payable to the Financing Account (440)

251000 (F) Principal Payable to the Bureau of the Fiscal Service ( 59,350)

310100 (G) Unexpended Appropriations - Appropriations Received (30,800) (5)

310700 (G) Unexpended Appropriations - Used 24,655 5

531200 (N) Interest Revenue - Loans Receivable/Uninvested Funds 

(Borrowers)

(555) 

531200 (F) Interest Revenue - Loans Receivable/Uninvested Funds (Treasury) (15)

531300 (N) Interest Revenue - Subsidy Amortization (Int. on PV Assets) (130)

570000 (G) Expended Appropriations (24,655) (5 )

579100 (F) Adjustment to Financing Resources – Credit Reform. (5) 5

610000 (N) Operating Expenses/Program Costs (Admin.) 4,000

610000 (F) Operating Expenses/Program Costs (Admin.) 950

610000 (N) Operating Expenses/Program Costs (Subsidy) 19,705

631000 (F) Interest Expenses on Borrowing from the Bureau of the 

Fiscal Service and/or the Federal Financing Bank

700 

680000 (N) Future Funded Expenses (Subs. Reest.) 440

729000 (N) Other Losses 5

Total 0 0
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

51 of 140 September 2017

FINANCIAL STATEMENTS45

Direct Loan Agency 

Balance Sheet 

September 30, FY-1 

BALANCE SHEET

Program Fund Financing Fund Elim Total

Assets:

Intragovernmental

1. Fund Balance With Treasury (101000E) 6,145 2,355 8,500 

3. Accounts Receivable (131000E) 440 (440)

6. Total Intragovernmental (calc.) 6,145 2,795 (440) 8,500 

11. Direct Loan and Loan Guarantees, Net 

(134100E, 135000E, 139900E)

56,555 56,555 

15. Total Assets (calc.) 6,145 59,350 (440) 65,055

Liabilities:

17. Accounts Payable (217000E) 440 (440)

18. Debt (251000E) 59,350 59,350 

20. Total Intragovernmental 440 (440)

28. Total Liabilities (calc.) 440 59,350 (440) 59,350

Net Position:

31. Unexpended Appropriations – All Other 

Funds (310100E, 310700E)

6,145 6,145 

33. Cumulative Results of Operations - All 

Other Funds (531200E, 531300E, 

570000E, 579100E, 610000E, 631000E, 

680000E, 729000E)

(440) (440)

35. Total Net Position – All Other Funds 

(calc.)

5,705 5,705

36. Total Net Position (calc.) 5,705 5,705 

37. Total Liabilities and Net Position (calc.) 6,145 59,350 (440) 65,055

45 Statements updated as of USSGL TFM Bulletin No. 2017-07. 
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

52 of 140 September 2017

Direct Loan Agency

For Fiscal Year Ended September 30, FY-1

STATEMENT OF NET COST

Program Fund Financing 

Fund

Total

Gross Program Costs:

1 Gross costs (610000E, 631000E, 680000E, 729000E) 25,100 700 25,800 

2 Less: Earned Revenues (531200E, 531300E) 700 700

3 Net program costs (calc. 1-2) 25,100 - 25,100

8 Net cost of operations (calc. 5+6-7) 25,100 - 25,100 
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

53 of 140 September 2017

Direct Loan Agency

For Fiscal Year Ended September 30, FY-1

STATEMENT OF CHANGES IN NET POSITION

Program Fund Financing Fund46 Total

Cumulative 

Results of 

Operations

Unexpended 

Appropriations

Cumulative 

Results of 

Operations

Unexpended 

Appropriations

Cumulative 

Results of 

Operations

Unexpended 

Appropriations

Cumulative 

Results of 

Operations:

Budgetary 

Financing 

Sources:

5. Appropriations 

Used (570000E)

24,655 5 24,660

13. Other (+/-) 

(579100E)

5 (5)

14. Total Financing 

Sources

24,660 24,660

15. Net Cost of 

Operations (+/-)

25,100 25,100

16. Net Change 

(calc. 14-15)

(440) (440)

17. Cumulative 

Results of 

Operations 

(calc. 3+16)

(440) (440)

Unexpended 

Appropriations:

Budgetary

46 Note that the column for unexpended appropriations would normally not be applicable, because the financing fund does not have

appropriations. However, positive modification adjustment transfers are indefinite appropriated funding.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

54 of 140 September 2017

Financing 

Sources:

21. Appropriations 

Received 

(310100E)

30,800 5 30,805

24. Appropriations 

Used (310700E)

(24,655) (5) (24,660)

25. Total Budgetary 

Financing 

Sources (calc. 

21..24)

6,145 6,145

26. Total 

Unexpended 

Appropriations 

(calc. 20 + 25)

6,145 6,145

27. Net Position

(calc. 17 + 26)

(440) 6,145
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

55 of 140 September 2017

Direct Loan Agency

For Fiscal Year Ended September 30, FY-1 

STATEMENT OF BUDGETARY RESOURCES

Budgetary Non-Budgetary 

Financing Account

Total

Budgetary Resources:

1290 Appropriations (discretionary and 

mandatory) (411500E, 411700E, 4125000E, 

414600E47 Authority Type P) 

 

30,800 - 30,800

1490 Borrowing Authority (discretionary and 

mandatory) (414100E, 414200E, 414300E)

70,650 70,650

1890 Spending authority from offsetting 

collections (discretionary and mandatory) 

((414600E Authority Type S, 

426100E,426200E, 

426300E,427100,427300,422100E422100B))

20,050 20,050

1910 Total budgetary resources

$30,800 $90,700 $121,500

Status of Budgetary Resources:

2190 New obligations and upward adjustments 

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

25,300 90,700 116,000

47 USSGL account 414600 would have an Authority Type of S and P since it came from collections and appropriations.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

56 of 140 September 2017

STATEMENT OF BUDGETARY RESOURCES

Unobligated balance, end of year:

2204 Apportioned, unexpired account (461000E) 5,500 5,500

2500 Total budgetary resources $30,800 $ 90,700 $ 121,500

Change in obligated balance

3012 New obligations and upward 

adjustments(total) (480100E-480100B, 

490200E)

25,300 90,700 116,000

3020 Outlays (gross) (-) (490200E) (24,655) (87,700) (112,355)

3050 Unpaid obligations, end of year

(480100E)

645 3,000 3,645

3072 Change in uncollected pymts, Fed 

Sources (422100E - 422100B)

(645) (645)

3090 Uncollected pymts, Fed sources, end of year 

(-) (422100E)

(645) (645)
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

57 of 140 September 2017

STATEMENT OF BUDGETARY RESOURCES

Memorandum (non add) entries

3200 Obligated balance, end of year (+ or -) 645 2,355 3,000

Budget Authority and Outlays, Net:

4175 Budget authority, gross (discretionary and mandatory) 30,800 90,700 121,500

4176 Actual offsetting collections (426100E, 426200E, 426300E, 427100E,

427300E)

(30,700) (30,700)

4177 Change in uncollected, pymts, Fed sources (discretionary and 

mandatory) (+ or -) (422100E – 422100B)

(645) (645)

4180 Budget authority, net (total) (discretionary and mandatory) 30,800 59,355 90,155

4185 Outlays, gross (discretionary and mandatory) 24,655 87,700 112,355

4187 Actual offsetting collections (discretionary and mandatory) (-) (30,700) (30,700)

4190 Outlays, net (total) (discretionary and mandatory) 24,655 57,000 81,655
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

58 of 140 September 2017

Direct Loan Agency

For Fiscal Year Ended September 30, FY-1 

SF 133: Report on Budget Execution and Budgetary Resources & 

Budget Program and Financing Schedule (Schedule P)

ACTUAL COLUMN FOR YEAR 1 REPORTING

Program Fund Financing Fund

SF133

Line

Sch P 

Line

SF133

Line

Sch P 

Line

BUDGETARY RESOURCES

All accounts:

0701 Direct Loan Subsidy 19,350

0703 Direct Loan Modification Subsidy Costs 1,000 

0709 Administrative Expenses 4,950

0710 Direct Loan Obligations 90,000

0713 Payments of Interest to Treasury

700

0900 Total new obligations (480100E, 490200E) 25,300 90,700 

Unobligated balance:

1000 Unobligated balance brought forward, October 1 - -

Budget Authority:

Appropriations:

Discretionary:

1100 Appropriation Discretionary (411500E, 411700E)

30,800 30,800

1160 Appropriation – Discretionary (total) 30,800 30,800
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IN FEDERAL CREDIT PROGRAM

59 of 140 September 2017

SF 133: Report on Budget Execution and Budgetary Resources & 

Budget Program and Financing Schedule (Schedule P)

ACTUAL COLUMN FOR YEAR 1 REPORTING

Mandatory:

1200 Appropriation (412500E) 5 5

1236 Appropriations applied to repay debt (-) (414600E Authority 

Type P)

(5) (5)

1260 Appropriation – Mandatory (total) - -

Borrowing authority

1400 Borrowing authority (414100E, 414300E) 92,630 92,630

1422 Borrowing authority applied to repay debt (mand.) (414200E) (21,980) (21,980)

1440 Borrowing authority total 70,650 70,650

Spending Authority from Offsetting Collections:

Mandatory:

1800 Collected (426100E,426200E,426300E,427100E,427300E) 30,700 30,700 

1801 Change in uncollected payments, Federal sources (+ or -) 

(422100E)

645 645 

1825 Appropriation applied to repay debt (-) (414600E Authority 

Type S)

(11,295) (11,295)

1850 Spending authority from offsetting collections, mandatory (total) 20,050 20,050 

1900 Budget authority total (disc. and mandatory) 30,800 30,800 90,700 90,700

1910 Total budgetary resources discretionary and mandatory) 30,800 90,700

1930 Total budgetary resources available 30,800 90,700

Memorandum (non-add) entries:

Unobligated Balance

1941 Unexpired unobligated balance, end of year (461000E) 5,500

STATUS OF BUDGETARY RESOURCES

Obligations incurred:
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60 of 140 September 2017

Direct:

2002 Category B (by project) (480100E, 490200E) 25,300 90,700

2004 Direct obligations (total) 25,300 90,700

Unobligated balance

Apportioned

2201 Available in current period (461000E) 5,500

2500 Total budgetary resources. This line is calculated. Equal sum of 

lines 2001 through 2403. This amount equals the amount on line 

1910 of the Schedule of Budgetary Resources.

30,800 90,700

CHANGE IN OBLIGATED BALANCE

Unpaid obligations:

3000 Unpaid obligations, brought forward, Oct 1 - -
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

61 of 140 September 2017

SF 133: Report on Budget Execution and Budgetary Resources & 

Budget Program and Financing Schedule (Schedule P)

ACTUAL COLUMN FOR YEAR 1 REPORTING

3010 New Obligations, unexpired accounts (480100E – 480100B, 

490200E)

25,300 25,300 90,700 90,700

3020 Outlays (gross) (-) (490200E) (24,655) (24,655) (87,700) (87,700)

3050 Unpaid obligations, end of year (480100E)

645 645 3,000 3,000

3070 Change in uncollected pymts, Fed sources, unexpired accounts 

(+ or -) (422100E – 422100B)

(645) (645)

3090 Uncollected pymts, Fed sources, end of year (-) (422100E) (645) (645)

Memorandum (non-add) entries:

3200 Obligated balance, end of year (+ or -) This line is calculated. 

Equals the sum of detailed obligated balance lines 3000, 3001, 3010, 

3011, 3020, 3030, 3031, 3040, 3041, 3060, 3061, 3070, 3071, 3080,

and 3081. Also equals sum of lines 3050 and 3090. (422100E)

645 645 2,355 2,355

BUDGET AUTHORITY AND OUTLAYS, NET

Discretionary:

Gross budget authority and outlays:

4000 Budget authority, gross (411500E, 411700E) 30,800 30,800

4010 Outlays from new discretionary authority (490200E) 24,655 24,655

4020 Outlays, gross (total) 24,655 24,655

4070 Budget authority, net (discretionary) 30,800 30,800

4080 Outlays, net (discretionary) 24,655 24,655
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

62 of 140 September 2017

SF 133: Report on Budget Execution and Budgetary Resources & 

Budget Program and Financing Schedule (Schedule P)

ACTUAL COLUMN FOR YEAR 1 REPORTING

Mandatory:

Gross budget authority and outlays:

4090 Budget authority, gross (This line is calculated. Equals the sum 

of mandatory budget authority [Lines 1200 through 1252, 1270

through 1276, 1400 through 1430, 1600 through 1631, and 1800

through 1842 (SF 133). Lines 1200 through 1239, 1270 through

1275, 1400 through 1423, 1600 through 1622, and 1800 through

1827 (Sch P)].)

90,700 90,700 

4110 Total outlays, gross (480200E) 87,700 87,700

4120 Federal sources (-) (427100E) (19,705) (19,705)

4122 Interest on uninvested funds (-) (427300E) (15) (15)

4123 Non-Federal sources (-) (426100E, 426200E, 426300E) (10,980) (10,980) 

4130 Offsets against gross budget authority and outlays (total) (-) (30,700) (30,700)

4140 Change in uncollected pymts, Fed sources, unexpired 

accounts(+/-) (422100E)

(645) (645)

4150 Additional offsets against budget authority only (total) (645) (645)

4160 Budget authority, net (mandatory) (This line is calculated. 

Equals the total new budget authority (gross) on line 4090 plus the 

amounts on lines 4120 through 4124 and on lines 4140, 4141 and

4143, 4144, and 4145 (SF 133). Line 4090 plus the amounts on lines

4120 through 4124 and on lines 4140 and 4143 (Sch P).)

59,355 59,355 

4170 Outlays, net (mandatory) (This line is calculated. Equals line 

4110 plus the amounts on lines 4120 through 4124.)

57,000 57,000 

4180 Budget authority, net (discretionary and mandatory) (This 

line is calculated. Equals sum of lines 4070 and 4160.)

30,800 30,800 59,355 59,355 

4190 Outlays, net (discretionary and mandatory) (This line is 

calculated. Equals sum of lines 4080 and 4170.)

24,655 24,655 57,000 57,000 
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

63 of 140 September 2017

Direct Loan Agency 

September 30, FY-1 

Note 8: Credit Program Note48

C. Direct Loans Obligated After FY 1991

Loans Receivable, Gross (135000E) 77,020

Interest Receivable (134100E) 5

Allowance for Subsidy Cost (Present Value) (139900E) (20,470)

Value of Assets Related to Direct Loans, Net 56,555

D. Total Amount of Direct Loans Disbursed (Post-1991) (490200E for loans) $87,000

E1. Subsidy Expense for New Direct Loans Disbursed

Basic Subsidy:

Interest Differential 1,740

Defaults 17,400

Fees and Other Collections (435)

Total $18,705

E2. Modifications and Reestimates

Total Modifications 1,000

Interest Rate Reestimates 5

Technical Reestimates 435

 Total Resstimates 440

E3.Total Direct Loan Subsidy Expense $20,145

F. Composition of Subsidy Rate49

Component Percent

Interest Differential 2.0

Defaults 20.0

Fees and Other Collections (0.5)

48 The information presented here is for the applicable sections of note 8 in OMB’s Circular A-136, Financial Reporting Requirements, 

for direct loan programs, which can be quantified. Narrative information, which is also required, is not presented. The information is 

displayed as simple as possible for ease of reading. Agencies can format the information with more elaborate template if they wish.

49 This information would be obtained from the subsidy model rather than from account balances.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

64 of 140 September 2017

Total 21.5

Interest rate differential,2%;defaults, 20%; fees -5%; total 21.5% (all from 

budget model)

G. Schedule for Reconciling Subsidy Cost Allowance Balances (Post -

1991 Direct Loans)50

Beginning balance of the subsidy cost allowance $0

Basic Subsidy Expense (Section E) 18,705

Adjustments:

Loan modifications (Section E) 1,000

Fees received 480

Loans written off (30)

Subsidy allowance amortization (130)

Other 5

Total 1,325

Ending balance of subsidy cost allowance before reestimates 20,030

Subsidy reestimates (Section E) 440

Ending balance of subsidy cost allowance $20,470

O. Admin. Exp., Direct Loan Programs, (610000E Admin) $4,95051

50 The information called for contains a repeat of the detail in Section E. The illustration provided here summarizes the information rather 

than repeating the detail. Agencies may repeat the detail if they wish, using the crosswalks for related parts of Section E.

51 Since the agency operates only a direct loan program, and the administrative expense is already set forth in the statement of net cost, 

Section O could be omitted in this case. 
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

65 of 140 September 2017

CLOSING ENTRIES

1-21 Closing entries were made.

Program Fund

To record the consolidation of actual net-funded resources and 

reductions for withdrawn funds.

DR CR TC

Budgetary Entry

420100 Total Actual Resources – Collected 30,800

411500 Loan Subsidy Appropriation 25,800

411700 Loan Administrative Expense Appropriation 5,000 F302

Proprietary Entry

None

To record the closing of paid delivered orders to total actual resources. DR CR TC

Budgetary Entry

490200 Delivered Orders - Obligations, Paid [Other] 24,655

 420100 Total Actual Resources – Collected 24,655 F314

Proprietary Entry

None
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

66 of 140 September 2017

To close the unobligated authority. DR CR TC

Budgetary Entry

461000 Allotments - Realized Resources

 465000 Allotments - Expired Authority

Proprietary Entry

None

5,500

5,500 F312
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67 of 140 September 2017

Program Fund

To close financing sources and expenses.

DR CR TC

Budgetary Entry 

None

Proprietary Entry

570000 (G) Financing Sources from Appropriations Used 

579100 Adjustment to Financing Sources – Credit Reform

331000 Cumulative Results of Operations

610000 (N) Operating Expense/Program Costs 

[Administrative Expenses]

610000 (F) Operating Expense/Program Costs 

[Administrative Expenses]

610000 (N) Operating Expense/Program Costs 

[Basic and Modified Subsidy Expense]

680000 (N) Future Funded Expenses 

[Re-estimated Subsidy Expense

729000 Other Losses

24,655

 5

 440 4,000

950 

F336

19,705 F340

440 

5 
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

68 of 140 September 2017

To consolidate unexpended appropriations.

DR CR TC

Budgetary Entry

30,800

F342

None

Proprietary Entry

310100 (G) Unexpended Appropriations - Appropriations 

Received

310000 (G) Unexpended Appropriations – Cumulative 6,145

310700 (G) Unexpended Appropriations - Appropriations 

Used

24,655

Financing Fund

To consolidate obligated borrowing authority carried forward.

52 DR CR TC

Budgetary Entry

1,570

92,630

94,200 F306

414300 Current-Year Decreases to Indefinite Borrowing 

Authority

414500 Borrowing Authority Converted to Cash 

414100 Current-Year Borrowing Authority Realized

 

Proprietary Entry

None

52 Note that there is no borrowing authority carried forward, because the entire amount of net borrowing authority (account 414100, 

$78,000, less account 414300, $7,850, or $70,650) was used to borrow money from Treasury, as shown by account 414500, which is 

$70,650.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

69 of 140 September 2017

To consolidate net cash resources. DR CR TC

Budgetary Entry

87,000

 700

21,980

11,300

 2,355

F302 

F314

490200 Delivered Orders - Paid [Loans Made] 

490200 Delivered Orders - Obligations, Paid [Other]

414200 Actual Repayment of Borrowing Authority Converted to 

Cash

414600 Actual Repayments of Debt, Current-Year Authority

 420100 Total Actual Resources – Collected

412500 Loan Modification Adjustment Transfer Appropriation 5

414800 Resources Realized from Borrowing Authority 

426100 Actual Collection of Fees

92,630

480

426200 Actual Collection of Loan Principal 

426300 Actual Collection of Loan Interest 

427100 Actual Program Fund Subsidy Collected 

427300 Actual Interest Collected from Treasury

10,000

500 

19,705 

15 

Proprietary Entry

None
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IN FEDERAL CREDIT PROGRAM

70 of 140 September 2017

Financing Fund

To close financing sources and expenses.

53 DR CR TC

Budgetary Entry

5

700 F336

None

Proprietary Entry

531200 (N) Interest Revenue – Loans Receivable/Uninvested 

Funds [Borrowers]

531200 (F) Interest Revenue – Loans Receivable/Uninvested 

Funds [Treasury]

555

 15 

531300 (N) Interest Revenue - Subsidy Amortization 

[Administrative Expense]

570000 Expended Appropriations

579100 (F) Adjustment to Financing Sources – Credit Reform

631000 (F) Interest Expenses on Borrowing from the Bureau of 

the Fiscal Service and/or the Federal Financing Bank

130

 5

53 Note that cumulative results of operations from this activity are zero. The financing fund cannot have a net position after closing. Assets 

must equal liabilities.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

71 of 140 September 2017

To consolidate unexpended appropriations.

DR CR TC

Budgetary Entry

5

F342

None

Proprietary Entry

310100 (G) Unexpended Appropriations - Appropriations 

Received

 310700 (G) Unexpended Appropriations - Appropriations Used 5
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IN FEDERAL CREDIT PROGRAM

72 of 140 September 2017

Post-Closing Adjusted Trial Balance

Program 

Fund 

Debit/Credit

Financing 

Fund 

Debit/Credit

Accounts

Budgetary

404700 Anticipated Transfers to the General Fund of the U.S. Government – 

Current-Year Authority

 406000 Anticipated Collections from Non-Federal Sources

407000 Anticipated Collections from Federal Sources

411500 Loan Subsidy Appropriation

411700 Loan Administrative Expense Appropriation

411800 Re-estimated Loan Subsidy Appropriation

412500 Loan Modification Adjustment Transfer Appropriation

414100 Current-Year Borrowing Authority Realized

414200 Actual Repayment of Borrowing Authority Converted to Cash

414300 Current-Year Decreases to Indefinite Borrowing Authority Realized

414500 Borrowing Authority Converted to Cash

414600 Actual Repayments of Debt, Current-Year Authority

414800 Resources Realized From Borrowing Authority

420100 Total Actual Resources - Collected 6,145 2,355

422100 Unfilled Customer Orders Without Advance 645

426100 Actual Collections of Business-Type Fees

426200 Actual Collections of Loan Principal

426300 Actual Collections of Loan Interest

427100 Actual Program Fund Subsidy Collected

427300 Interest Collected From Treasury

445000 Unapportioned Authority

459000 Apportionments - Anticipated Resources - Programs Subject to 

Apportionment

-

461000 Allotments - Realized Resources

465000 Allotments - Expired Authority (5,500) 

480100 Undelivered Orders - Obligations, Unpaid (645) (3,000)

490200 Delivered Orders – Obligations, Paid [Loans Made]

490200 Delivered Orders – Obligations, Paid [Re-est. Sub and Int]

490200 Delivered Orders – Obligations, Paid [Other]
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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IN FEDERAL CREDIT PROGRAM

73 of 140 September 2017

Total 0 0

Post-Closing Adjusted Trial Balance (Continued)

Program 

Fund 

Debit/Credit

Financing 

Fund 

Debit/Credit

Proprietary

101000 (G) Fund Balance With Treasury 6,145 2,355

131000 (N) Accounts Receivable (Subsidy Recv.) 440

134100 (N) Interest Receivable – Loans 5

135000 (N) Loans Receivable 77,020

139900 (N) Allowance for Subsidy (20,470)

217000 (F) Subsidy Payable to the Financing Account (440)

251000 (F) Principal Payable to the Bureau of the Fiscal Service (59,350)

310000 Unexpended Appropriations - Cumulative (6,145)

310100 (G) Unexpended Appropriations - Appropriations Received

310700 (G) Unexpended Appropriations - Used

331000 Cumulative Results of Operations 440

531200 (N) Interest Revenue - Loans Receivable/Uninvested Funds 

(Borrowers)

531200 (F) Interest Revenue - Loans Receivable/Uninvested Funds (Treasury)

531300 Interest Revenue - Subsidy Amortization (Int. on PV Assets)

570000 (G) Expended Appropriations

610000 (N) Operating Expenses/Program Costs (Admin.)

610000 (F) Operating Expenses/Program Costs (Admin.)

610000 Operating Expenses/Program Costs (Basic and Mod. Subsidy)

631000 (F) Interest Expenses on Borrowing from the Bureau of the Fiscal 

Service and/or the Federal Financing Bank

680000 (N) Future Funded Expenses (Subs. Reest.)

Total 0 0
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

74 of 140 September 2017

YEAR 2

In fiscal year 1, an upward adjustment of subsidy expense was accrued, in accordance with the requirements of 

SFFAS No. 2, Accounting for Direct Loans and Loan Guarantees. Although the expense was recognized in 

fiscal year 1, the year to which it applies, the Credit Reform Act specifies that budgetary resources to fund it are 

not provided until the following year--fiscal year 2. This section provides journal entries to obtain and apply 

those budgetary resources in fiscal year 2, and the related reporting at year-end

During fiscal year 2, there would be transactions for a new cohort of loans, and accounting would need to be 

separated between the two. However, the basic transactions would be the same for the second cohort as was 

already illustrated for fiscal year 1 for the first cohort. Transactions for cohort 1 would be similar, except that 

no new loans would be made. Rather, loans obligated, but not disbursed at the end of fiscal year 1 would be 

disbursed, and transactions subsequent to disbursement would be basically the same as already illustrated for 

fiscal year 1. The transactions illustrated for this year are limited to those relating to the disposition of the 

upward subsidy re-estimate accrued at the end of the preceding year.

TRANSACTIONS – YEAR 2

2-1. A request for apportionment was prepared for $440 of appropriations in the 

program fund to be transferred to the financing fund, which will use it to repay principal 

on the debt to Treasury. Another request was prepared for the financing fund. The SF132's constituting the request is shown on the next page.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

75 of 140 September 2017

Direct Loan Agency 

Fiscal Year 2

SF 132 Apportionment/Reapportionment Schedule

BUDGETARY RESOURCES Program 

Fund

Financing 

Fund

Budget authority:

Appropriations, discretionary:

1100 Appropriation 440

Spending authority from offsetting collections, 

mandatory:

1840 Anticipated Collections, Reimbursements, and Other Income -

1920 Total Budgetary Resources 440 -

APPLICATION OF BUDGETARY RESOURCES

Category B (by project)

6011 Direct Loan Subsidy 440 -

6190 Total Budgetary Resources Available 440 -
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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IN FEDERAL CREDIT PROGRAM

76 of 140 September 2017

2-1a To record an anticipated appropriation. 

Program Fund

DR CR TC

Budgetary Entry

440

440 A102

412000 Anticipated Indefinite Appropriations 

445000 Unapportioned Authority

Proprietary Entry

None

2-1b To record anticipated resources apportioned but not available for use until they are realized. 

Program Fund

DR CR TC

Budgetary Entry

440

440 A118

445000 Unapportioned Authority

459000 Apportionments - Anticipated Resources - Programs Subject to 

Apportionment

Proprietary Entry

None
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

77 of 140 September 2017

2-1c To record anticipated collections and anticipated non-expenditure payments toTreasury. 

Financing Fund

DR CR TC

Budgetary Entry

440 

440 

440 

440 

A140 

A142

407000 Anticipated Collections from Federal Sources

 445000 Unapportioned Authority

445000 Unapportioned Authority

 404700 Anticipated Transfers to the General Fund of the

U.S. Government – Current-Year

None
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

78 of 140 September 2017

2-2 To record the enactment of the appropriations.

Program Fund

DR CR TC

Budgetary Entry

A104

41180054 Re-est. Loan Subsidy Approp. - Indefinite - Permanent 440

412000 Anticipated Indefinite Appropriations 440

Proprietary Entry

101000 (G) Fund Balance With Treasury 440

310100 (G) Unexpended Appropriations – Appropriations 

Received

440

Financing Fund

No entry

54 Note that this is a permanent indefinite appropriation, as opposed to the annual appropriation for basic and modified subsidy that was seen 

in Year 1. Under OMB budget rules, a permanent indefinite appropriation is anticipated and only realized when OMB authorizes it use, at 

which time the fund balance with Treasury is also recognized. Hence there is no entry to fund balance with Treasury recorded in the entry to 

request the apportionment.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

79 of 140 September 2017

2-3 To record the realization of previously anticipated and apportioned programs subject

to apportionment.

Program Fund

DR CR TC

Budgetary Entry

440

440 A122

459000 Apportionments - Anticipated Resources

- Program Subject to Apportionment

451000 Apportionments

Proprietary Entry

None

Financing Fund

No entry55

55 Note that there is no apportionment of resources, since the $440 expected to be collected is going to be returned to Treasury. Hence, there 

is no apportionment to record. The approved SF-132 will nonetheless be kept to evidence OMB’s approval of the collection and payment to 

Treasury.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

80 of 140 September 2017

2-4. Agency recorded allotment of authority.

Program Fund

DR CR TC

Budgetary Entry

440 

440 A120

451000 Apportionments

461000 Allotments - Realized Resources

Proprietary Entry

None

Financing Fund

No entry56

56 Because there is no apportionment of resources (see previous footnote), there is no allotment of them. 
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

81 of 140 September 2017

2-5. The re-estimated subsidy was transferred from the program fund to the financing fund.

2-5a To record the re-estimated subsidy payable in the program account. 

Program Fund

DR CR TC

Budgetary Entry

440 

440 B306

461000 Allotments - Realized Resources 

480100 Undelivered Orders - Unpaid

Proprietary Entry

None

Financing Fund

DR CR TC

Budgetary Entry

440 

440 C101

422100 Unfilled Customer Orders Without Advance 

407000 Anticipated Collections from Federal Sources

Proprietary Entry

None
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

82 of 140 September 2017

2-5b To record the disbursement of reestimate from the program fund to the financing fund. 

Program Fund

DR CR TC

Budgetary Entry

480100 Undelivered Orders - Unpaid 440

490200 Delivered Orders – Obligations, Paid 

[Re-estimated Subsidy and Interest]

440 B105

Proprietary Entry

217000 (F) Subsidy Payable to the Financing Account 440

101000 (G) Fund Balance With Treasury Subsidy Expense]

310700 (G) Unexpended Appropriations - Appropriations Used 

570000 (G) Financing Sources From Appropriations Used

440 

440

440 B134 

To record the reclassification of unfunded expenses. DR CR TC

Budgetary Entry

440

440 B105

None

Proprietary Entry

610000 (N) Operating Expenses/Program Costs

680000 (N) Future Funded Expenses [Re-estimated Subsidy 

Expense]
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

83 of 140 September 2017

2-5c To record collection of subsidy for an upward re-estimate in the financingaccount.

Financing Fund

DR CR TC

Budgetary Entry

C106

427100 Actual Program Fund Subsidy Collected 440

407000 Anticipated Collections from Federal Sources 440

Proprietary Entry

101000 (G) Fund Balance With Treasury 440

131000 (F) Accounts Receivable

[Subsidy Receivable from Program Account]

440
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

84 of 140 September 2017

2-6 The financing fund used the subsidy collected to repay principal on its loan from 

Fiscal Service. 

To record principal repayments to the Fiscal Service via non-expenditure transfers that was previously 

anticipated.

Financing Fund

DR CR TC

Budgetary Entry

B120

404700 Anticipated Transfers to the General Fund of the U.S. 

Government – Current-Year Authority

440

414600 Actual Repayments of Debt, Current-Year Authority 440

Proprietary Entry

251000 (F) Principal Payable to the Bureau of the Fiscal Service 

101000 (G) Fund Balance With Treasury

440

440 
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

85 of 140 September 2017

PRECLOSING ENTRIES

Financing Fund

To close anticipated resources.

DR CR TC

Budgetary Entry

440 

440 F116

407000 Anticipated Collections From Federal Resources

445000 Unapportioned Authority

Proprietary Entry

None
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

86 of 140 September 2017

Preclosing Adjusted Trial Balance

Program 

Fund 

Debit/Credit

Financing 

Fund 

Debit/Credit

Accounts

Budgetary

404700 Anticipated Transfers to the General Fund of the U.S. Government - 

Current-Year Authority

-

406000 Anticipated Collections from Non-Federal Sources -

407000 Anticipated Collections from Federal Sources

411500 Loan Subsidy Appropriation -

411700 Loan Administrative Expense Appropriation -

411800 Re-estimated Loan Subsidy Appropriation 440

412000 Anticipated Indefinite Appropriations

414100 Current-Year Borrowing Authority Realized -

414300 Current-Year Decreases to Indefinite Borrowing Authority Realized -

414500 Borrowing Authority Converted to Cash -

414600 Actual Repayments of Debt, Current-Year Authority (440)

414800 Resources Realized From Borrowing Authority -

420100 Total Actual Resources - Collected 6,145 2,355

414900 Borrowing Authority Carried Forward

422100 Unfilled Customer Orders Without Advance 1,085

426100 Actual Collections of Business-Type Fees -

426200 Actual Collections of Loan Principal -

426300 Actual Collections of Loan Interest -

427100 Actual Program Fund Subsidy Collected 440

427300 Interest Collected From Treasury

445000 Unapportioned Authority - (440)

451000 Apportionments

459000 Apportionments - Anticipated Resources - Programs Subject to 

Apportionment

-

461000 Allotments - Realized Resources

465000 Allotments - Expired Authority (5,500)

480100 Undelivered Orders - Obligations, Unpaid (645) (3,000)

490200 Delivered Orders – Obligations, Paid [Re-est. Sub] (440)

490200 Delivered Orders – Obligations, Paid [Other] - -

Total 0 0
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

87 of 140 September 2017

Preclosing Adjusted Trial Balance (Continued)

Program 

Fund 

Debit/Credit

Financing 

Fund 

Debit/Credit

Proprietary

101000 (G) Fund Balance With Treasury 6,145 2,355

131000 (N) Accounts Receivable (Subsidy Recv.)

134100 (N) Interest Receivable – Loans 5

135000 (N) Loans Receivable 77,020

139900 (N) Allowance for Subsidy (20,470)

217000 (F) Subsidy Payable to the Financing Account

251000 (F) Principal Payable to the Bureau of the Fiscal Service (58,910)

310000 Unexpended Appropriations - Cumulative (6,145)

310100 (G) Unexpended Appropriations - Appropriations Received (440)

310700 (G) Unexpended Appropriations - Used 440 

331000 Cumulative Results of Operations 440 -

531200 (N) Interest Revenue - Loans Receivable/Uninvested Funds 

(Borrowers)

-

531200 (F) Interest Revenue - Loans Receivable/Uninvested Funds (Treasury) -

531300 (N) Interest Revenue - Subsidy Amortization (Int. on PV Assets) -

570000 (G) Expended Appropriations (440)

610000 (N) Operating Expenses/Program Costs (Admin.) -

610000 (F) Operating Expenses/Program Costs (Admin.)

610000 (N) Operating Expenses/Program Costs (Basic +Subsidy) 440

631000 (F) Interest Expenses on Borrowing from the Bureau of the Fiscal 

Service and/or the Federal Financing Bank

680000 (N) Future Funded Expenses (Subs. Reest.) (440) -

Total 0 0
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

88 of 140 September 2017

CLOSING ENTRIES

2-6. Closing entries were made.

Program Fund

To record the closing of expended authority paid and record the 

consolidation of actual net—funded resources for withdrawn funds.

DR CR TC

Budgetary Entry

440 

440 

420100 Total Actual Resources - Collected 

 411800 Reestimated Loan Subsidy Appropriation F302

Proprietary Entry

None

To record the closing of paid delivered orders to total actual resources. DR CR TC

Budgetary Entry

440 

440 

490200 Delivered Orders Paid [Re-est. Subsidy and Interest] 

420100 Total Actual Resources - Collected F314

Proprietary Entry

None
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

89 of 140 September 2017

To record the closing of revenue, expenses, and other financing 

sources accounts to cumulative results of operations.

DR CR TC

Budgetary Entry

440 

440 F336

None

Proprietary Entry

680000 (N) Future Funded Expenses 440

570000 (G) Financing Sources from Appropriations 

331000 Cumulative Results of Operations 

 610000 (N) Operating Expenses/Program Costs

440

To record closing of fiscal-year activity to unexpended 

appropriations.

DR CR TC

Budgetary Entry

440 

440 F342

None

Proprietary Entry

310100 (G) Unexpended Appropriations - Appropriations 

Received

310700 (G) Unexpended Appropriations - Appropriations Used
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

90 of 140 September 2017

Financing Fund 57

To record the consolidation of actual net funded resources and 

reductions for withdrawal of funds.

DR CR TC

Budgetary Entry

440 

440 F302

414600 Actual Repayments of Debt, Current-Year Authority 

427100 Actual Program Fund Subsidy Collected

Proprietary Entry

None

To record the closing of unobligated balances to expiring authority. DR CR TC

Budgetary Entry

440 

440 F312

445000 Unapportioned Authority

465000 Expired Authority

Proprietary Entry

None

57 Note that there are no closing entries required for the financing fund, because there were no transactions involving financing sources or 

expenses.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

91 of 140 September 2017

Post-Closing Adjusted Trial Balance

Program 

Fund 

Debit/Credit

Financing 

Fund 

Debit/Credit

Accounts

Budgetary

404700 Anticipated Transfers to the General Fund of the U.S. Government - 

Current-Year Authority

-

406000 Anticipated Collections from Non-Federal Sources -

407000 Anticipated Collections from Federal Sources -

411500 Loan Subsidy Appropriation -

411700 Loan Administrative Expense Appropriation -

411800 Re-estimated Loan Subsidy Appropriation -

412000 Anticipated Indefinite Appropriations -

414100 Current-Year Borrowing Authority Realized -

414300 Current-Year Decreases to Indefinite Borrowing Authority Realized -

414500 Borrowing Authority Converted to Cash -

414600 Actual Repayments of Debt, Current-Year Authority -

414800 Resources Realized From Borrowing Authority -

420100 Total Actual Resources - Collected 6,145 2,355

422100 Unfilled Customer Orders Without Advance 1,085

426100 Actual Collections of Business-Type Fees -

426200 Actual Collections of Loan Principal -

426300 Actual Collections of Loan Interest -

427100 Actual Program Fund Subsidy Collected -

427300 Interest Collected From Treasury -

445000 Unapportioned Authority -

459000 Apportionments - Anticipated Resources - Programs Subject to 

Apportionment

-

461000 Allotments - Realized Resources -

465000 Allotments - Expired Authority (5,500) (440)

480100 Undelivered Orders - Obligations, Unpaid (645) (3,000)
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FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

92 of 140 September 2017

490200 Delivered Orders – Obligations, Paid [Loans Made]

-

490200 Delivered Orders – Obligations, Paid [Re-est. Sub and Int] - -

490200 Delivered Orders – Obligations, Paid [Other] - -

Total 0 0

Post-Closing Adjusted Trial Balance (Continued)

Program 

Fund 

Debit/Credit

Financing 

Fund 

Debit/Credit

Proprietary

101000 (G) Fund Balance With Treasury 6,145 2,355

131000 (N) Accounts Receivable (Subsidy Recv.)

134100 (N) Interest Receivable – Loans 5

135000 (N) Loans Receivable 77,020

139900 (N) Allowance for Subsidy (20,470)

217000 (F) Subsidy Payable to the Financing Account

251000 (F) Principal Payable to the Bureau of the Fiscal Service (58,910)

310000 Unexpended Appropriations - Cumulative (6,145)

310100 (G) Unexpended Appropriations - Appropriations Received -

310700 (G) Unexpended Appropriations - Used - -

331000 Cumulative Results of Operations -

531200 (N) Interest Revenue - Loans Receivable/Uninvested Funds 

(Borrowers)

-

531200 (F) Interest Revenue - Loans Receivable/Uninvested Funds (Treasury) -

531300 (N) Interest Revenue - Subsidy Amortization (Int. on PV Assets) -

570000 (G) Expended Appropriations -

610000 (N) Operating Expenses/Program Costs (Admin.) -

610000 (F) Operating Expenses/Program Costs (Admin.)

610000 (N) Operating Expenses/Program Costs (Basic Subsidy) -

631000 (F) Interest Expenses on Borrowing from the Bureau of the Fiscal 

Service and/or the Federal Financing Bank

680000 (N) Future Funded Expenses (Subs. Recv.) - -

Total 0 0
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

93 of 140 September 2017

FINANCIAL STATEMENTS58

Direct Loan Agency 

September 30, FY-2

BALANCESHEET

Program Fund Elim Financing 

Fund

Total

Assets:

Intragovernmental

1. Fund Balance With Treasury (101000E) 6,145 2,355 8,500 

3. Accounts Receivable (131000E)

6. Total Intragovernmental (calc.) 6,145 2,355 8,500 

11. Direct Loan and Loan Guarantees, Net (134100E, 

135000E, 139900E)

56,555 56,555 

15. Total Assets (calc.) 6,145 - 58,910 65,055

Liabilities:

18. Debt (251000E) 58,910 58,910 

20. Total Intragovernmental - - 58,910 58,910 

28. Total Liabilities (calc.) - - 58,910 58,910 

Net Position:

31. Unexpended Appropriations – All Other Funds 

(310000E, 310100E, 310700E)

6,145 6,145 

33. Cumulative Results of Operations - All Other Funds 

(331000E, 570000, 610000E, 680000E)

- -

35. Total Net Position – All Other Funds (calc.) 6,145 6,145 

36. Total Net Position (calc.) 6,145 6,145 

37. Total Liabilities and Net Position (calc.) 6,145 - 58,910 65,055 

58 Statements updated as of USSGL TFM Bulletin No. 2017-07. 
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

94 of 140 September 2017

Direct Loan Agency

For Fiscal Year Ended September 30, FY-2 

STATEMENT OF CHANGES IN NET POSITION

Program Fund Financing Fund59 Total

Cumulative

Results of 

Operations

Unexpended

Appropriations

Cumulative

Results of 

Operations

Unexpended

Appropriations

Cumulative

Results of 

Operations

Unexpended

Appropriations

Cumulative 

Results of 

Operations:

Budgetary 

Financing 

Sources:

1. Beginning 

Balance

(440) (440)

3. Beginning 

Balance, 

Adjusted

(440) (440)

5. Appropriations 

Used (570000E)

440 440

14. Total Financing 

Sources

440 440

15. Net Cost of 

Operations (+/-)

- -

16. Net Change 

(calc. 14-15)

440 (440)

17. Cumulative 

Results of 

Operations 

(calc. 3+16)

- -

Unexpended

59 Note that the column for unexpended appropriations would normally not be applicable, because the financing fund does not have

appropriations. However, positive modification adjustment transfers are indefinite appropriated funding.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

95 of 140 September 2017

Appropriations:

Budgetary 

Financing 

Sources:

18. Beginning 

Balance

6,145 6,145

20. Beginning 

Balance, 

Adjusted

6,145 6,145

21. Appropriations 

Received 

(310100E)

440 440

24. Appropriations 

Used (310700E)

(440) (440)

25. Total Budgetary 

Financing 

Sources (calc. 

21..24)

 -

-

26. Total 

Unexpended 

Appropriations 

(calc. 20 + 25)

6,145 6,145

27. Net Position

(calc. 17 + 26)

6,145 6,145
96 of 140 September 2017

GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

APPENDIX 1

Direct Loan Agency

For Fiscal Year Ended September 30, FY2

STATEMENT OF BUDGETARY RESOURCES

Budgetary Non-Budgetary 

Financing 

Account

Total

Budgetary Resources:

1000 Unobligated Balance brought forward, Oct 1 5,500 5,500

1290 Appropriations (discretionary and 

mandatory) (411500E, 411700E, 4125000E)

440 440

1490 Borrowing Authority (discretionary and 

mandatory) (414600E)

(440) (440)

1890 Spending authority from offsetting 

collections (discretionary and mandatory) 

((426100E,426200E, 

426300E,427100,427300,422100E422100B))

- 440

1910 Total budgetary resources

$5,940 - $5,940

Status of Budgetary Resources:

2190 New obligations and upward adjustments 

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

440 440

Unobligated balance, end of year:

2404 Unapportioned, unexpired accounts 

(445000E, 465000E)

5,500 (440) 5,500

2500 Total budgetary resources $5,940 (440) $5,940

Change in obligated balance

3012 New obligations and upward 

adjustments(total) (480100E-480100B, 

490200E)

440 440
97 of 140 September 2017

GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

APPENDIX 1

3020 Outlays (gross) (-) (490200E) (440) (440)

3050 Unpaid obligations, end of year (480100E480100B)3,000 3,000

3072 Change in uncollected pymts, Fed 

Sources (422100E - 422100B)

440 440

3090 Uncollected pymts, Fed sources, end of year 

(-) (422100E)

(1,085) (1,085)

STATEMENT OF BUDGETARY RESOURCES

Memorandum (non add) entries

3200 Obligated balance, end of year (+ or -) - 2,355 2,355

Budget Authority and Outlays, Net:

4175 Budget authority, gross (discretionary and mandatory) 440 - 440

4177 Change in uncollected, pymts, Fed sources (discretionary and 

mandatory) (+ or -)

(440) (440)

4180 Budget authority, net (total) (discretionary and mandatory) 440 (440) -

4185 Outlays, gross (discretionary and mandatory) 440 440

4187 Actual offsetting collections (discretionary and mandatory) (-) 440 440

4190 Outlays, net (total) (discretionary and mandatory) 440 (440)
98 of 140 September 2017

GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

APPENDIX 1

Direct Loan Agency

For Fiscal Year Ended September 30, FY2

SF 133: Report on Budget Execution and Budgetary Resources & 

Budget Program and Financing Schedule (Schedule P)

ACTUAL COLUMN FOR YEAR 2 REPORTING

Program Fund Financing Fund

SF133

Line

Sch P 

Line

SF133

Line

Sch P 

Line

BUDGETARY RESOURCES

All accounts:

0703 Direct Loan Subsidy 19,350

0705Direct Loan Modification Subsidy Costs 1,000 

0709 Administrative Expenses 4,950

0711 Default Claim Payments on Principal 3,500

0715 Interest Supplement

1,940

0900 Total new obligations (490200E) 25,300 5,440

Unobligated balance:

1000 Unobligated balance brought forward, October 1 1,200 - -

1051 Unobligated balance from prior year budget authority, net 1,200 

Budget Authority:

Appropriations:

Mandatory:

1200 Appropriation (411800E) 440 440

1260 Appropriation – Mandatory (total) 440 440 
99 of 140 September 2017

GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

APPENDIX 1

SF 133: Report on Budget Execution and Budgetary Resources & 

Budget Program and Financing Schedule (Schedule P)

ACTUAL COLUMN FOR YEAR 2 REPORTING

Borrowing authority

1400 Borrowing authority (414100E, 414300E) - -

1440 Borrowing authority total - -

Spending Authority from Offsetting Collections:

Mandatory:

1800 Collected (426100E,426200E,426300E,427100E,427300E) 440 440 

1801 Change in uncollected payments, Federal sources (+ or -) 

(422100E)

- -

1825 Appropriation applied to repay debt (-) (414600E) (440) (440)

1850 Spending authority from offsetting collections, mandatory 

(total)

- -

1900 Budget authority total (disc. and mandatory) 1,640 1,640 - -

1910 Total budgetary resources discretionary and mandatory) 1,640 - -

1930 Total budgetary resources available 1.640 -

Memorandum (non-add) entries:

Unobligated Balance

1940 Unobligated balance expiring (-) (465000E) 1,200

1941 Unexpired unobligated balance, end of year (445000E, 

461000E)

(440)

STATUS OF BUDGETARY RESOURCES

Obligations incurred:

Direct:

2002 Category B (by project) (480100E, 490200E) 440 -

2004 Direct obligations (total) 440 -

Unobligated balance

Apportioned

2201 Available in current period (461000E) - -

2403 Other (445000E, 465000E) 1,200 (440)

2500 Total budgetary resources. This line is calculated. Equal sum of 

lines 2001 through 2403. This amount equals the amount on line 

1910 of the Schedule of Budgetary Resources.

1,640 (440)
100 of 140 September 2017

GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

APPENDIX 1

SF 133: Report on Budget Execution and Budgetary Resources & 

Budget Program and Financing Schedule (Schedule P)

ACTUAL COLUMN FOR YEAR 2 REPORTING

CHANGE IN OBLIGATED BALANCE

Unpaid obligations:

3000 Unpaid obligations, brought forward, Oct 1 (480100) 645 3,000 -

3001 Adjustment to unpaid obligations, brought forward, Oct 1 (+ or

-) (480100E)

(645) (645) (3,000) (3,000)

3010 New Obligations, unexpired accounts (480100E – 480100B, 

490200E)

(645)

3020 Outlays (gross) (-) (490200E) 645 2,355

3050 Unpaid obligations, end of year (480100E)

645 645 3,000 3,000

3061 Adjustment to uncollected pymts, Fed sources, brought 

forward, Oct 1 (+ or -) (422100E)

(1,085) (1,085)

3070 Change in uncollected pymts, Fed sources, unexpired accounts 

(+ or -) (422100E – 422100B)

(440) (440)

3090 Uncollected pymts, Fed sources, end of year (-) (422100E) (1,085) (1,085)

Memorandum (non-add) entries:

3100 Obligated balance, start of year (+ or -) This line is calculated. 

Equals the sum of lines 3000, 3001, 3060, and 3061.

645 645 2,355 2,355

3200 Obligated balance, end of year (+ or -) This line is calculated. 

Equals the sum of detailed obligated balance lines 3000, 3001, 3010, 

3011, 3020, 3030, 3031, 3040, 3041, 3060, 3061, 3070, 3071, 3080,

and 3081. Also equals sum of lines 3050 and 3090. (422100E)

645 645 2,355 2,355

BUDGET AUTHORITY AND OUTLAYS, NET

Discretionary:

Gross budget authority and outlays:

4000 Budget authority, gross (411500E, 411700E) 30,800 30,800

4010 Outlays from new discretionary authority (480200E) 24,655 24,655

4020 Outlays, gross (total) 24,655 24,655

4070 Budget authority, net (discretionary) 30,800 30,800

4080 Outlays, net (discretionary) 24,655 24,655
101 of 140 September 2017

GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

APPENDIX 1

SF 133: Report on Budget Execution and Budgetary Resources & 

Budget Program and Financing Schedule (Schedule P)

ACTUAL COLUMN FOR YEAR 2 REPORTING

Mandatory:

Gross budget authority and outlays:

4090 Budget authority, gross (This line is calculated. Equals the sum 

of mandatory budget authority [Lines 1200 through 1252, 1270

through 1276, 1400 through 1430, 1600 through 1631, and 1800

through 1842 (SF 133). Lines 1200 through 1239, 1270 through

1275, 1400 through 1423, 1600 through 1622, and 1800 through

1827 (Sch P)].)

440 440 - -

4110 Total outlays, gross (480200E) 440 440 - -

4120 Federal sources (-) (427100E) (440) (440) 

4130 Offsets against gross budget authority and outlays (total) (-) (440) (440)

4140 Change in uncollected pymts, Fed sources, unexpired 

accounts(+/-) (422100E)

(440) (440)

4150 Additional offsets against budget authority only (total) (440) (440)

4160 Budget authority, net (mandatory) (This line is calculated. 

Equals the total new budget authority (gross) on line 4090 plus the 

amounts on lines 4120 through 4124 and on lines 4140, 4141 and

4143, 4144, and 4145 (SF 133). Line 4090 plus the amounts on lines

4120 through 4124 and on lines 4140 and 4143 (Sch P).)

440 440 (440) (440)

4170 Outlays, net (mandatory) (This line is calculated. Equals line 

4110 plus the amounts on lines 4120 through 4124.)

440 440 (440) (440)

4180 Budget authority, net (discretionary and mandatory) (This line is 

calculated. Equals sum of lines 4070 and 4160.)

440 440 (440) (440)

4190 Outlays, net (discretionary and mandatory) (This line is 

calculated. Equals sum of lines 4080 and 4170.)

440 440 (440) (440)
102 of 140 September 2017

GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

APPENDIX 1

APPENDIX 1: ACCOUNTING FOR 

MANDATORY DIRECT LOAN PROGRAMS

INTRODUCTION

The case presented in the body of this document was for common transactions undertaken by a discretionary 

direct loan program. This appendix discusses basic differences between discretionary and mandatory direct 

loan programs, and shows how the prior entries in this guide would differ for a mandatory program with typical 

funding characteristics.

BASIC DIFFERENCES BETWEEN DISCRETIONARY AND MANDATORY PROGRAMS

In a discretionary program, Congress sets a funding level, and program agencies make loans up to the amount 

that can be supported from subsidy in their program fund. Program fund subsidy is usually provided by annual 

or multi-year appropriations, although no-year (permanent indefinite) appropriations can be given by the 

Congress should they choose to do so.

Annual appropriation authority expires at the end of the fiscal year that it funds, and multi-year appropriations 

expire at the end of the last year of their period of availability. For example, appropriations good for three years 

expire at the end of the third year funded. No new obligations may be placed against expired authority, and 

agencies generally have five years after the date of expiration to fill obligations and pay liabilities before both 

the obligated and unobligated authority is canceled and cannot be used for any purposes. Congress sometimes

provides for different periods of expiration.60

The government also operates mandatory (entitlement) direct loan programs, in which Congress usually 

authorizes permanent indefinite appropriations for subsidy. If there are a sufficient number of applicants who 

meet criteria established by Congress for the program that the subsidy is insufficient to support the loans, 

additional subsidy monies are normally provided by drawing additional appropriations. The Congress may set 

rules in which it must concur with the additional funding, or it may place a cap on the total funding. These noyear appropriations do not have a date of expiration, and unobligated subsidy appropriation authority may be 

used as long as the programs they fund remain authorized by the Congress.

60 The legislation providing for this is P.L. 101-510, which is a separate part of the Defense Appropriation Act of 1990, applying more

broadly to most federal agencies. The U.S. USSGL Board has published a document entitled Budgetary Accounting in the Federal

Government which is available through its website at 

https://www.fiscal.treasury.gov/ussgl/resources-implementation.html
103 of 140 September 2017

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FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

APPENDIX 1

Congress may provide appropriations for administrative expenses that have annual, multi-year, or

no-year expiration. It is probably most common for both discretionary and mandatory direct loan programs to 

have annual administrative expense appropriations. Thus, no differences in accounting for administrative 

expenses will be presented. However, multi-year administrative expense appropriations in other than the last 

year covered, and no-year administrative expense appropriations, would be accounted for in the same manner 

as will be shown for no-year appropriations of subsidy authority.

Another difference between discretionary and mandatory direct loan programs is that when downward 

adjustments to subsidy are called for during the subsidy re-estimation process to properly value direct loans at 

the estimated value of their cash flows, discretionary programs must generally return the excess money in their 

financing fund to the Treasury by transferring it to a designated miscellaneous receipt account. Mandatory 

programs generally may recycle this excess by transferring it back to their program account. While these are 

the typical situations, Congress may provide for recycling of downward re-estimates for a discretionary 

program, or may provide that downward re-estimates in a mandatory program cannot be recycled, and must be 

returned to Treasury. Recording and reporting downward re-estimates of subsidy for both a discretionary and a 

mandatory program is discussed in Appendix 2 to this document (recall that the agency in the body of this 

document illustrated accrual and disposition of an upward adjustment).

Both discretionary and mandatory direct loan programs generally have the same transactions. In both types of 

programs:

• Budgetary resources must be formulated, apportioned by OMB, and allotted by the agency;

• Loans are made based on a combination of program fund subsidy and financing fund borrowing from 

Treasury;

• Collections from federal and non-federal sources are made and used to repay principal and interest on the 

loan from Treasury;

• The subsidy cost allowance is re-estimated each year taking into account all factors that may have affected 

the estimated cash flows. Any adjustment resulting from the re-estimate is recognized as a subsidy expense 

(or a reduction in subsidyexpense).

Where there are differences in the type of subsidy appropriations provided and disposition of downward reestimates, the journal entries to record the same transaction will usually differ as well. The next section 

discusses those differences.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

APPENDIX 1

101 of 140 September 2017

DIFFERENCES IN JOURNAL ENTRIES FOR MANDATORY PROGRAMS

The transactions illustrated for the discretionary direct loan program in the body of this document are virtually 

the same as those that would be undertaken in a mandatory program. However, four of the journal entries 

would be different. The transactions involved, and the budgetary and proprietary entries a mandatory program 

with no-year subsidy authority, but with the same amount of funding and other parameters as the discretionary

program, would make, are set forth below.61 Note that only certain entries in fiscal year 1 are affected. There

would be no change from the discretionary program entries in fiscal year 2.

Changes from entries illustrated for the discretionary program are highlighted in bold type. For each transaction 

presented, only the fund entities for which there is a change are presented. If a fund entity present for a 

transaction in the discretionary program guide were not present in the transactions illustrated below, a 

mandatory program would make the same entries for those fund entities. A discussion of changes follows the 

revised entries for each transaction.

1-1. To record enactment of appropriations.

Program Fund

DR CR TC

Budgetary Entry

A102

A104

412000 Anticipated Indefinite Appropriations 25,800

411700 Loan Administrative Expense Appropriation 

445000 Unapportioned Authority

5,000 30,800 

Proprietary Entry

101000 (G) Fund Balance With Treasury 5,000

310100 (G) Unexpended Appropriation Received 5,000

61 It is important to note these assumptions, because they form the basis for changes to be discussed. It is possible that variations, even 

within the assumptions, could exist, and that entries could differ still further. For example, OMB might decide on a lesser amount of 

subsidy funding than the agency anticipated in its request, and, if needed, increase the amount later (see transactions 1-1 and 1-2). The 

more specific assumption in this appendix is that the nature of transactions and amounts between the discretionary and mandatory 

programs is the same.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

APPENDIX 1

102 of 140 September 2017

Explanation of difference

Because the program fund has permanent indefinite authority for its subsidy, formulation of the budget calls for 

the amount of the appropriations to be received to first be anticipated. The appropriations will normally not be 

realized until OMB has approved the amount. Accordingly, two changes must be made in the program fund 

entry. First, the account for anticipated appropriations, 412000, is used instead of the account for realized 

subsidy appropriations, 411500. Second, because the subsidy money is not realized at this point, the amount of 

Fund Balance with Treasury recorded is only the amount of the administrative expense appropriation, which is 

an annual appropriation. Note that there is no change for the financing fund.

1-2a. To record the enactment of appropriations.

Program Fund

DR CR TC

Budgetary Entry

A104

411500 Loan Subsidy Appropriations 25,800

412000 Anticipated – Indefinite Appropriations 25,800 

Proprietary Entry

101000 (G) Fund Balance With Treasury 25,800

310100 (G) Unexpended Appropriation- Appropriations 

Received

25,800
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APPENDIX 1

103 of 140 September 2017

1-2b. To record budgetary authority apportioned by the Office of Management and Budget 

and available for allotment.

DR CR TC

Budgetary Entry

A116

445000 Unapportioned Authority

451000 Apportionments

30,800 30,800 

Proprietary Entry

None

Explanation of Difference

There are two differences here. First, because the subsidy appropriation was first anticipated and not realized 

until OMB concurred in the amount, an entry to realize the appropriation is made. Second, along with the 

realization, the related fund balance with Treasury must be recorded. Note that the combination of entries 1-1 

and 1-2a and 1-2b yields the same account balances for both the discretionary and mandatory programs.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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IN FEDERAL CREDIT PROGRAM

APPENDIX 1

104 of 140 September 2017

1-10. After consultation and agreement with OMB, the agency decided to modify the 

terms of loans for some borrowers, reducing the present value of those loans by $1,000.

Financing Fund

DR CR TC

Budgetary Entry

1,000

1,000 A148

461000 Allotments – Realized Resources

404700 Anticipated Transfers to the General Fund of the U.S. 

Government – Current-Year Authority

Proprietary Entry

None

Explanation of Difference

The basic transaction is the same, the agency is making modifications to loan terms which cost the government

$1,000. However, some of the related procedures are different. In the discretionary program, the loan level had 

to be reduced, and the related borrowing authority had to be reduced as well. This was because since the 

subsidy appropriation was annual, having to use subsidy to modify loans meant that the subsidy was not 

available to use in making loans (recall that an agency can only make the amount of loans which its subsidy 

monies can support).

In a mandatory program, in which additional monies can, with OMB approval, be drawn from a permanent 

indefinite appropriation, there is no need to reduce the program level. The $1,000 of subsidy could be 

recovered by drawing an additional $1,000 from the appropriation subsidy. The drawing of it is not made here, 

because in this case, we know from the discretionary program case that the full amount of subsidy, even 

reduced by the $1,000 used for modifications, was not used to make loans.

Note that the $1,000 of additional subsidy to be collected would need to be paid on the Treasury loan, and hence 

the allotments, which would otherwise have been used to make loans, must be decreased, and the amount of 

anticipated payments on the loan must be increased, by the amount.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

APPENDIX 1

105 of 140 September 2017

If the mandatory agency were to replenish its subsidy, it would first make the request of OMB and, if OMB 

concurred, would realize additional appropriation authority and receive monies from Treasury.62 Such request 

would probably be made later in the year if the demand for loans was greater than the subsidy would support, 

which is not the situation in the case.

DR CR TC

Budgetary Entry

1,000

1,000 A102

412000 Anticipated - Indefinite Appropriations 

445000 Unapportioned Authority

Proprietary Entry

None

Then, when OMB approved the request, the agency would make these entries to record the apportionment: 

DR CR TC

Budgetary Entry

A104

411500 Loan Subsidy Appropriations 1,000

412000 Anticipated – Indefinite Appropriations 1,000

Proprietary Entry

101000 (G) Fund Balance With Treasury 1,000

310100 (G) Unexpended Appropriation- Appropriations 

Received

1,000

62 To make the request to replenish the subsidy now of OMB, the agency would prepare this entry in its program fund and submit an SF132 to OMB:
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APPENDIX 1

106 of 140 September 2017

A related SF-132 would be prepared for the financing fund to increase its anticipated federal collections by 

$1,000. The financing fund entries relating to anticipated federal collections in entries 1-1 and 1-2 would be made 

to request and receive the apportionment, respectively. 

Explanation of Difference

In conjunction with the change to entry 1-10, this entry would not be made–indeed; the transaction would not 

be undertaken–because there would be no need to reduce borrowing authority. If, later in the year, the 

demand for loans was such that more subsidy was needed to make loans than was available in the program 

fund, the program fund would obtain additional subsidy from its permanent indefinite appropriation and use 

it, in conjunction with the existing borrowing authority, to make additional loans. If the borrowing authority 

was also insufficient, additional authority would be realized, since it, too, is permanent indefinite authority.63

1-17. As no further loans were disbursed during the year, the unneeded monies borrowed 

from Treasury were returned.

Financing Fund

DR CR TC

Budgetary Entry

23,550

23,550

23,550

23,550

A120R

A116R

461000 Allotments – Realized Resources 

451000 Current-Year Decreases to Indefinite Borrowing 

Authority Realized

451000 Current-Year Decreases to Indefinite Borrowing 

Authority Realized

 445000Unapportioned Authority

Proprietary Entry

None

63 The borrowing authority in a discretionary direct loan program is also permanent indefinite, but if the subsidy money was annual 

authority, which could not be augmented without additional action by the Congress, borrowing authority could not be increased to 

make more loans. Even if a discretionary program had unobligated borrowing authority, if the amount of unobligated subsidy 

money was (say) zero, none of the borrowing authority could be used to fund new loans unless Congress authorized additional 

subsidy appropriations.
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

APPENDIX 1

107 of 140 September 2017

DR CR TC

Budgetary Entry

B121

445000 Unapportioned Authority

414200 Actual Repayment of Borrowing Authority Converted to 

Cash

23,550 

23,550

Proprietary Entry

251000 (F) Principal Payable to the Bureau of the Fiscal Service 23,550

101000 (G) Fund Balance With Treasury 23,550

Explanation of Differences

The modification which reduced the borrowing authority by $3,651(from $94,200 to $90,549) would not have 

been needed with mandatory program (therefore increasing the repayment in mandatory program from $19,899 

to $23,550).

Trial Balances and Financial Statements

Pre- and post-closing trial balances, financial statements, and the quantitative portion of the credit program note 

for the mandatory program would be the same as for the discretionary program for both fiscal years. Narrative 

descriptions about funding and about loan levels authorized would be different, but are not illustrated for either 

program. (The narrative about program level and nature of subsidy funding would be different, because the 

program loan level was reduced in the discretionary program but not in the mandatory program, and the subsidy 

appropriation in the mandatory program was no-year authority, as opposed to annual authority in the 

discretionary case).
108 of 140 September 2017

GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

APPENDIX 2

APPENDIX 2: ACCOUNTING FOR DOWNWARD RE-ESTIMATES 

IN DISCRETIONARY AND MANDATORY DIRECT LOAN PROGRAMS

INTRODUCTION

The nature of downward subsidy re-estimates for loans and interest receivable is the same for both discretionary 

and mandatory direct loan programs. In both cases, the present value of the receivables is understated at year- end, 

meaning that more subsidy money was collected than is necessary to fund future net cash outflows; the value of 

the receivables must be adjusted accordingly; and the financing fund must relinquish the excess

subsidy amount. A SF-132 Apportionment and Reapportionment Schedule has to be done.

64 And like the

upward subsidy re-estimates, an accrual for the adjustment to subsidy expense must be made at year-end, in the 

program fund, with an accrued receivable in the General Funds Receipt account. The financing fund must transfer 

the excess subsidy amount, with interest, to the General Funds Receipt account in the following year.

The following sections illustrate accounting and reporting for a downward subsidy re-estimate in the amount of

$440 (which includes a technical re-estimate (including interest on the re-estimate) and an interest rate reestimate).For purposes of the illustration, the same figures are used as were used for the upward re-estimate in 

the case, except that the re-estimate will be considered to be downward. Hence, the re-estimate components will 

be: downward technical re-estimate (including interest on the re-estimate) of $435; and downward interest

rate re-estimate, $5.65

64 OMB Circular A-11, Section 185.18 Do amounts for a downward reestimate (and the interest on the reestimate) need to be apportioned.

65 Per OMB Circular A-11, Section 185. 2, Interest rate reestimates adjust for the effect on the subsidy of differences between actual 

interest rates and the discount rates assumed when estimates were made for budget formulation and obligation. These reestimates must be 

made when the cohort is at least 90 percent disbursed. Technical reestimates adjust for revised assumptions about loan performances, 

such as differences between assumed and actual default rates or new projections of prepayments.
109 of 140 September 2017

GUIDE FOR BASIC ACCOUNTING AND REPORTING 

FOR DIRECT LOAN PROGRAMS

WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

APPENDIX 2

The entries to accrue the downward re-estimate described in the preceding section are shown below. The 

entries are reflected in the Financing Fund, Program Fund, and General Fund Receipt Account.

Fiscal Year 1

Program Fund

DR CR TC

Budgetary Entry

440 

440 D146

None

Proprietary Entry

57910066 (F) Adjustment to Financing Sources – Credit Reform

680000 (N) Future Funded Expenses [Subsidy Re-estimate]

66 When using USSGL account 579100, Adjustment to Financing Sources – Credit Reform, use Federal Non-Federal attribute domain value

“F”.
110 of 140 September 2017

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APPENDIX 2

Financing Fund

DR CR TC

Budgetary Entry

440 

440 

D147

D148

None

Proprietary Entry

139900 (N) Allowance for Subsidy 440

57910067 (F) Adjustment to Financing Sources – Credit Reform

577600 (F) Nonbudgetary Financing Sources Transferred Out 

299000 (F) Other Liabilities - Without Related Budgetary 

Obligations

440 

67 When using USSGL account 579100, Adjustment to Financing Sources – Credit Reform, use Federal Non-Federal attribute domain value

“F”.
111 of 140 September 2017

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APPENDIX 2

General Fund Receipt Account

DR CR TC

Budgetary Entry

440 

440 

C420

C405

None

Proprietary Entry

131000 (F) Accounts Receivable 440

577500 (F) Nonbudgetary Financing Sources Transferred In

599400 (G) Offset to Non-Entity Accrued Collections - Statement 

of Changes in Net Position

298500 (G) Liability for Non-Entity Assets Not on Statement of 

Custodial Activity

440 

The first entry in the financing fund increases the present value of the receivables, and the second entry accrues 

the transfer-out to the general fund receipt account. As with upward adjustments, the budget rules are that the 

actual cash transfer will not take place until the following year. The negative expense accrual is reflected in the 

program fund.

The General Fund Receipt Account does not belong to the agency; however, it is maintained by the agency and 

must be reported in the agency financial statements as Non-Entity. The agency performs the elimination 

between the credit agency payable (299000 in financing fund) and the general fund receipt account receivable 

(131000) for purposes of compiling its agency-wide financial statements and for the government-wide financial 

statements.
112 of 140 September 2017

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IN FEDERAL CREDIT PROGRAM

APPENDIX 2

Financial Statement Effects

The effect of the proprietary entries on the financial statements and credit program note is as follows:

• The debit to account 139900 would reduce that account in the credit program note, and would increase 

the value of credit program assets on the balance sheet.

• The credit to account 680000 [subsidy Re-estimate] in the program fund would reduce subsidy expense 

and the net cost of operations, yielding, a net cost of operations of -$440.

• The statement of budgetary resources would not be affected, because there are no budgetary entries 

made for the accrual of downwardre-estimates.

• The General Fund Receipt Account entry to GL 599400 affects the Statement of Changes in Net 

Position, while the GL 579100 entries in the program and financing funds offset one another. The net 

effect would be to book an accrued financing source against the net cost (contra cost, downward reestimate).
113 of 140 September 2017

GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

APPENDIX 2

Direct Loan Agency

(Resulting from Downward Re-estimate Transactions in Year )

STATEMENT OF CHANGES IN NET POSITION

Program Fund Financing Fund General 

Fund 

Receipt 

Account

Total

Cumulative

Results of 

Operations

Unexpended

Appropriations

Cumulative

Results of 

Operations

Unexpended

Appropriations

Cumulative

Results of 

Operations

Unexpended

Appropriations

Cumulative 

Results of 

Operations:

Budgetary 

Financing 

Sources:

1. Beginning 

Balance

- - -

3. Beginning 

Balance, 

Adjusted

- - -

11. Tranfers-In

/Out Without 

Reimburseme 

nt(577500E, 

577600E)

440 (440) 440

13. Other (+/-) 

(579100E, 

599400E)

440 (440) 440 440

14. Total 

Financing 

Sources

440 - - 440

15. Net Cost of 

Operations 

(+/-)

(440) - - (440)
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APPENDIX 2

16. Net Change 

(calc. 14-15)

440 (440)

17. Cumulative 

Results of 

Operations 

(calc. 3+16)

- -

Unexpended 

Appropriatio 

ns:

Budgetary 

Financing 

Sources:

18. Beginning 

Balance

- -

20. Beginning 

Balance, 

Adjusted

- -

21. Appropriation 

s Received 

(310100E)

(440) (440)

24. Appropriation 

s Used 

(310700E)

440 440

25. Total 

Budgetary 

Financing 

Sources (calc. 

21..24)

- -

26. Total 

Unexpended 

Appropriation 

s (calc. 20 + 

25)

- -

27. Net Position

(calc. 17 +

26)

- -
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APPENDIX 2

113 of 141 September 2017

GTAS

When a credit agency with a downward subsidy re-estimate payable to the general fund receipt 

account reports its trial balance of proprietary accounts to Treasury via the Governmentwide 

Treasury Account Symbol Adjusted Trial Balance System (GTAS for the proprietary accounts), 

it will include the accounts detailed above, including the entries for the General Fund Receipt 

Account. The agency will perform the elimination between the credit agency payable (299000 in 

financing fund) and the general fund receipt account receivable (131000) for purposes of 

compiling its agency-wide financial statements and for the government-wide financial 

statements. The agency should reflect the miscellaneous receipt fund as non-entity.

Please refer to the General Fund Receipt Account Guide for information on these transactions 

involving the general fund.

FISCAL YEAR 2

In Year 2, the cash to satisfy the liability to the miscellaneous receipt fund would be transferred 

to that fund from the credit agency’s financing fund. The following entries would be required.

1. To record indefinite or definite authority.

Financing Fund

DR CR TC

Budgetary Entry

440

440 A152

414100 Current Year Borrowing Authority Realized 

445000 Unapportioned Authority

Proprietary Entry

None
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114 of 141 September 2017

2. To obtain an apportionment.

Financing Fund

DR CR TC

Budgetary Entry

440

440 A116

445000 Unapportioned Authority

451000 Apportionments

Proprietary Entry

None

3. To allot the apportionment.

DR CR TC

Budgetary Entry

440

440 A120

451000 Apportionments

461000 Allotments – Realized Resources

Proprietary Entry

None
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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IN FEDERAL CREDIT PROGRAM

APPENDIX 2

115 of 141 September 2017

4. Borrowed from the Fiscal Service the full amount required to transfer the 

downward re-estimate.

Financing Fund

DR CR TC

Budgetary Entry

A156

414800 Resources Relaized from Borrowing Authority 

Converted to Cash

440

414500 Borrowing Authority Converted to Cash 440 

Proprietary Entry

101000 (G) Fund Balance With Treasury 440

251000 (F) Principal Payable to the Bureau of the Fiscal 

Service

440

5. To transfer the money.

Program Fund

To record the reclassification of unfunded expenses.

DR CR TC

Budgetary Entry

440

440 D113

None

Proprietary Entry

680000 (N) Future Funded Expenses [Subsidy Reestimate]

619900 (N) Adjustments to Subsidy Expense
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APPENDIX 2

116 of 141 September 2017

Financing Fund

DR CR TC

Budgetary Entry

461000 Allotments – Realized Resources 440

490200 Delivered Orders – Paid [Re-estimate Subsidy 

and Interest] 440 B106 

D112 

Proprietary Entry

299000 (G) Other Liabilities Without Related Budgetary 

Obligations

219000 (F) Other Liabilities With Related Budgetary 

Obligations

219000 (F) Other Liabilities With Related Budgetary 

Obligations

440

440

440 

101000 (G) Fund Balance With Treasury 440 A141

General Fund Receipt Account

DR CR TC

Budgetary Entry

440

440

C146

D585

None

Proprietary Entry

101000 (G) Fund Balance With Treasury 440

131000 (F) Accounts Receivable

599300 (G) Offset to Non-Entity Collections, Statement 

of Changes in Net Position

599400 (G) Offset to Non-Entity Accrued Collections, 

Statement of Changes in Net Position

440 
GUIDE FOR BASIC ACCOUNTING AND REPORTING 

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IN FEDERAL CREDIT PROGRAM

APPENDIX 2

117 of 141 September 2017

Financial Statement Effects

Although the money is transferred from the Financing Fund to the General Fund Receipt 

Account, there would be no effect on either the Balance Sheet, the Statement of Net Cost, or the 

Changes in Net Position because the cash (SGL 101000-from year 2) and the liability (SGL 

298500-from year one) remaining in the General Fund Receipt Account remain on the agency 

books/statements (General Fund Receipt Account is included on the agency’s financial 

statements, see year one above).

Please note that in this example the transfer of the downward reestimate in Year 2 was for the 

same amount as was accrued. However, if there was a difference in the amount of the downward 

reestimate in Year 2, the difference would be treated similarly to negative subsidy (please see 

appendix III). If the executed/funded downward reestimate was for an additional amount it 

would reflect a debit to USSGL account 579100 and credit to 619900 in the Program Fund; 

debits to USSGL accounts 139900, 577600, 461000 and credits to USSGL accounts 579100, 

101000, 490200 in the Financing Fund; and debits to USSGL accounts 101000, 599300 and 

credits to USSGL accounts 577500, 298500 in the General Fund Receipt Account (the signs 

would be reversed if the amount was lower).

6. To record the Preclosing of General Fund Receipt Account associated 

with fund balance at yearend.

General Fund Receipt Account

DR CR TC

Budgetary Entry

440

440 F124

None

Proprietary Entry

298500 (G) Liability for Non-Entity Assets Not Reported 

on the Statement of Custodial Activity

101000 (G) Fund Balance With Treasury

There are no budgetary entries. The financial statement effects are to transfer the funds to Fiscal 

Service and reduce the liability on the Balance Sheet. Funds are swept by U.S. Treasury via 

CARS.
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APPENDIX 2

118 of 141 September 2017

The statements of budgetary resources would appear as shown below (for these transactions 

only):

DISCRETIONARY PROGRAM

(Resulting from Downward Re-estimate Transactions in Year 2)

STATEMENT OF BUDGETARY RESOURCES

Budgetary NonBudgetary 

Financing 

Account

Total

Budgetary Resources:

1490 Borrowing Authority (discretionary and 

mandatory) (414100E)

- 440 440

1910 Total budgetary resources $-

$440 $440

Status of Budgetary Resources:

2190 New obligations and upward adjustments 

(490200E)

- 440

2500 Total budgetary resources This line is 

calculated. Equal sum of lines 2001 through 

2403. This amount equals the amount on line 

1910 of the Schedule of Budgetary Resources.

$- $440

Change in Obligated Balance

3012 New obligations and upward adjustments 

(total) ( 490200E)

- 440

3020 Outlays (gross) (-) (490200E) - 440

3200 Obligated balance, end of year (+ or -) This 

line is calculated. Equals the sum of detailed 

obligated balance lines 3000, 3001, 3010,

3011, 3020, 3030, 3031, 3040, 3041, 3060,

3061, 3070, 3071, 3080, and 3081. Also

equals sum of lines 3050 and 3090.

- 440

4175 Budget authority, gross (discretionary and 

mandatory) This line is calculated. Equals 

sum of SBR lines 1290, 1490, 1690 and 1890.

- 440

4180 Budget authority, net (total) (discretionary 

and mandatory)

- 440

4185 Outlays, gross (discretionary and mandatory) - 440
119 of 141 September 2017

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APPENDIX 3

4187 Actual offsetting collections (discretionary 

and mandatory) (-)

- (440)68

4190 Outlays, net (total) (discretionary and 

mandatory)

- -

68 Although the deposit is to the miscellaneous receipt fund, the crosswalk is to a financing fund account. This is 

because the miscellaneous receipt fund is a Treasury entity, even though it is associated with the credit agency in the 

Federal Budget and the credit agency does not make budgetary entries to the fund. Accordingly, the account 

crosswalked, which the credit agency would have available in its budgetary trial balance for the financing fund, is 

490200 in that fund. Note that this represents the obligation that resulted in the deposit being made to the miscellaneous 

receipt fund.
120 of 141 September 2017

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APPENDIX 3

APPENDIX 3: NEGATIVE SUBSIDY

1. To record authority after law is passed.

Financing Fund

DR CR TC

Budgetary Entry

1,080

1,080 A152

414100 Current-Year Borrowing Authority Realized 

445000 Unapportioned Authority

Proprietary Entry

None

2. To record apportionment.

Financing Fund

DR CR TC

Budgetary Entry

1,080

A116

44500 Unapportioned Authority

451000 Apportionments [Loans] 1,000

451000 Apportionments [Neg Subs] 80

Proprietary Entry

None
121 of 141 September 2017

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APPENDIX 3

3. To record allotment.

Financing Fund

DR CR TC

Budgetary Entry

1,000

480

1,000

480 A120

451000 Apportionments [Loans] 

451000 Apportionments [Neg Subs]

461000 Allotments – Realized Resources [Loans] 

461000 Allotments – Realized Resources [Neg Subs]

Proprietary Entry

None

4. The agency obligates a $1,000 loan with a negative 8% subsidy rate (80).

Financing Fund

DR CR TC

Budgetary Entry

1,000

80

1,000

80 B306

461000 Allotments – Realized Resources [Loans] 

461000 Allotments – Realized Resources [Neg Subs]

480100 Undelivered Orders – Obligations, Unpaid 

[Loans]

480100 Undelivered Orders – Obligations, Unpaid 

[Neg Subs]

Proprietary Entry

None
122 of 141 September 2017

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APPENDIX 3

Transaction 5A and 5B should be done simultaneously.

5A. To borrow funds from Treasury

Financing Fund

DR CR TC

Budgetary Entry

A156

414800 Resources Realized From Borrowing Authority 540

414500 Borrowing Authority Converted to Cash 540 

Proprietary Entry

101000 (G) Fund Balance With Treasury 540

251000 (F) Principal Payable to the Bureau of the Fiscal 

Service

540

5B. To record disbursements to borrower $500.

Financing Fund

DR CR TC

Budgetary Entry

C408

480100 Undelivered Orders – Obligations, Unpaid 

[Loans]

500

490200 Delivered Orders – Obligations, Paid [Loans] 500 

Proprietary Entry

135000 (N) Loans Receivable 500

101000 (G) Fund Balance With Treasury 500
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APPENDIX 3

123 of 141 September 2017

5C. To record negative subsidy disbursement (New TCs).

Program Fund

DR CR TC

Budgetary Entry

40

40 D150

None

Proprietary Entry

57910069 (F) Adjustment to Financing Sources – Credit 

Reform

619900(N) Adjustment to Subsidy Expense

69 When using USSGL account 579100, Adjustment to Financing Sources – Credit Reform, use Federal Non-Federal 

attribute domain value “F”.
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APPENDIX 3

124 of 141 September 2017

Financing Fund

DR CR TC

Budgetary Entry

480100 Undelivered Orders – Obligations, Unpaid [Neg 

Subs]

40

490200 Delivered Orders – Obligations, Paid [Neg 

Subs] 40 D149

Proprietary Entry

139900 (N) Allowance for Subsidy 40

57910070 (F) Adjustment to Financing Sources – Credit 

Reform

577600 (F) Nonbudgetary Financing Sources Transferred 

Out

101000 (G) Fund Balance With Treasury

40

E509

70 When using USSGL account 579100, Adjustment to Financing Sources – Credit Reform, use Federal Non-Federal 

attribute domain value “F”.
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APPENDIX 3

125 of 141 September 2017

General Fund Receipt Account

DR CR TC

Budgetary Entry

40 

40 

C155

C147

None

Proprietary Entry

101000 (G) Fund Balance With Treasury 40

577500 (F) Nonbudgetary Financing Sources Transferred 

In

599300 (G) Offset to Non-Entity Collections Statement of 

Changes in Net Position

298500 (G) Liability for Non-Entity Assets Not 

Reported on Statement of Custodial Activity

40 

Preclosing Entry

6. To record the closing of General Fund receipt accounts 

associated with fund balance at yearend

General Fund Receipt Account

DR CR TC

Budgetary Entry

40

40 F124

None

Proprietary Entry

298500 (G) Liability for Non-Entity Assets Not Reported 

on the Statement of Custodial Activity

101000 (G) Fund Balance With Treasury
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APPENDIX 3

126 of 141 September 2017

YEAR 1

Preclosing Adjusted Trial Balance

Program 

Fund 

Debit/Credit

Financing 

Fund 

Debit/Credit

GFR Eliminations Consolidated

Accounts

Budgetary

414100 Current-Year 

Borrowing Authority 

Realized

1,080 1,080 

414500 Borrowing 

Authority Converted to 

Cash

(540) (540)

414800 Resources Realized 

From Borrowing Authority

540 540 

480100 Undelivered 

Orders - Obligations, 

Unpaid

(500) (500)

480100 Undelivered 

Orders - Obligations, 

Unpaid

(40) (40)

490200 Delivered Orders – 

Obligations, Paid [Re-est.

Sub]

(500) (500)

490200 Delivered Orders – 

Obligations, Paid [Other]

(40) (40)

Preclosing Adjusted Trial

Balance (Continued)

Proprietary

101000 (G) Fund Balance 

With Treasury

135000 (N) Loans

Receivable

500 500 

139900 (N) Allowance for 

Subsidy

40 40 

251000 (F) Principal 

Payable to the Bureau of 

the Fiscal Service

(540) (540)
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APPENDIX 3

127 of 141 September 2017

298500 (G) Liability for 

Non-Entity Assets Not on 

Statement of Custodial 

Activity

577500 (G) Nonbudgetary 

Financing Sources 

Transferred In

(40) 40 -

577600 (G) Nonbudgetary 

Financing Sources 

Transferred Out

(40) (40) -

579100 (F) Adjustment to 

Financing Sources – Credit 

Reform

40 (40) -

599300 (G) Offset to NonEntity Collections -

Statement of Changes in 

Net Position

40 40

619900 (N) Adjustment to 

Subsidy Expense

(40) (40)

Total 0 0
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128 of 140 September 2017

APPENDIX 3

For the 1st Quarter ended September 30, Year 1

STATEMENT OF BUDGETARY RESOURCES

Budgetary Non-Budgetary 

Financing Account

Total

Budgetary Resources:

1000 Unobligated balance, brought forward, 

October 1

- -

1051 Unobligated balance from prior year budget 

authority, net This line is calculated. Equals 

sum of SBR lines 1000, 1020, 1021, and

1043.

- -

1490 Borrowing Authority (discretionary and 

mandatory) (414100E)

1,080 1,080

1910 Total budgetary resources

$1,080 $1,080

Status of Budgetary Resources:

2190 New obligations and upward adjustments 

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

1,080 1,080

Unobligated balance, end of year: - -

2204 Apportioned, unexpired account (461000E) - -

2500 Total status of budgetary resources 1,080 1,080
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129 of 140 September 2017

APPENDIX 3

STATEMENT OF BUDGETARY RESOURCES

Change in obligated balance

3012 New obligations and upward 

adjustments(total) (480100E-480100B, 

490200E)

1,080 1,080

3020 Outlays (gross) (-) (490200E) (540) (540)

3050 Unpaid obligations, end of year (480100E480100B)540 540

Memorandum (non add) entries

3200 Obligated balance, end of year (+ or -) 1,080 1,080

Budget Authority and Outlays, Net:

4175 Budget authority, gross (discretionary and 

mandatory)

1,080 1,080

4180 Budget authority, net (total) (discretionary 

and mandatory)

1,080 1,080

4185 Outlays, gross (discretionary and mandatory) 540 540

4190 Outlays, net (total) (discretionary and 

mandatory)

540 540
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130 of 140 September 2017

APPENDIX 3

As of 1st Quarter September 30, Year 1

BALANCE SHEET Program Fund Financing 

Fund

Assets:

Intragovernmental

1. Fund Balance With Treasury (101000E) -

6. Total Intragovernmental (calc.) -

11. Direct Loan and Loan Guarantees, Net (134100E, 

135000E, 139900E)

540 

15. Total Assets (calc.) 540

Liabilities:

18. Debt (251000E) 540 

19. Other (299000E) -

20. Total Intragovernmental 540 

28. Total Liabilities (calc.) 540 

Net Position:

33. Cumulative Results of Operations - All Other Funds 

(579100E, 599300E, 619900E)

-

35. Total Net Position – All Other Funds (calc.) -

36. Total Net Position (calc.) -

37. Total Liabilities and Net Position (calc.) 540 
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WITHOUT COLLATERAL

IN FEDERAL CREDIT PROGRAM

131 of 140 September 2017

APPENDIX 3

For the 1st Quarter ended September 30, Year 1

STATEMENT OF NET COST

Program Fund Financing 

Fund

Total

Gross Program Costs:

1. Gross costs (619900E)

(40) (40)

3. Net program costs (calc. 1-2) (40) (40)

6. Costs not assigned to programs

7. Less: earned revenues not attributed to programs

8. Net cost of operations (calc. 5+6-7)

(40) (40) (40)
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132 of 140 September 2017

APPENDIX 3

For Fiscal Year Ended September 30, FY-1

STATEMENT OF CHANGES IN NET POSITION

Program Fund Financing Fund71 Total

Cumulative 

Results of 

Operations

Unexpended 

Appropriations

Cumulative 

Results of 

Operations

Unexpended 

Appropriations

Cumulative 

Results of 

Operations

Unexpended 

Appropriations

Cumulative 

Results of 

Operations:

Budgetary 

Financing 

Sources:

1. Beginning 

Balance

3. Beginning 

Balance, as 

adjusted

5. Appropriations 

Used (570000E)

13. Other (579100E, 

599300E)

40 40

14. Total Financing 

Sources

40 40

15. Net Cost of 

Operations (+/-)

(40) 40

16. Net Change 

(calc. 14-15)

- -

17. Cumulative 

Results of 

Operations 

(calc. 3+16)

- -

71 Note that the column for unexpended appropriations would normally not be applicable, because the financing fund does not have

appropriations. However, positive modification adjustment transfers are indefinite appropriated funding.
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133 of 140 September 2017

APPENDIX 3

Unexpended 

Appropriations:

Budgetary 

Financing 

Sources:

18. Beginning 

Balance

20. Beginning 

Balance, as 

adjusted

21. Appropriations 

Received 

(310100E)

24. Appropriations 

Used (310700E)

25. Total Budgetary 

Financing 

Sources (calc. 

21..24)

26. Total 

Unexpended 

Appropriations 

(calc. 20 + 25)

27. Net Position

(calc. 17 + 26)
134 of 140 September 2017

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APPENDIX 3

SF 133: Report on Budget Execution and Budgetary Resources & 

Budget Program and Financing Schedule (Schedule P)

ACTUAL COLUMN FOR YEAR 1 REPORTING

Program Fund Financing Fund

SF133

Line

Sch P 

Line

SF133

Line

Sch P 

Line

BUDGETARY RESOURCES

All accounts:

0900 Total new obligations (490200E) 540

Unobligated balance:

1000 Unobligated balance brought forward, October 1 - -

Budget Authority:

Mandatory:

 Borrowing authority

1400 Borrowing authority (414100E) 1,080 1,080

1440 Borrowing authority total 1,080 1,080

1900 Budget authority total (disc. and mandatory) 1,080 1,080

1910 Total budgetary resources discretionary and mandatory) 1,080 1,080

1930 Total budgetary resources available 1,080 1,080

STATUS OF BUDGETARY RESOURCES

Obligations incurred:

Direct:

2002 Category B (by project) (480100E, 490200E) 1.080 1,080

2004 Direct obligations (total) 1,080 1,080

Unobligated balance

Apportioned

2201 Available in current period (461000E) - -

2500 Total budgetary resources. This line is calculated. Equal sum 

of lines 2001 through 2403. This amount equals the amount on line 

1910 of the Schedule of Budgetary Resources.

1,080 1,080 

CHANGE IN OBLIGATED BALANCE
135 of 140 September 2017

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APPENDIX 3

SF 133: Report on Budget Execution and Budgetary Resources & 

Budget Program and Financing Schedule (Schedule P)

ACTUAL COLUMN FOR YEAR 1 REPORTING

Unpaid obligations:

3001 Adjustment to unpaid obligations, brought forward, Oct 1 (+ or

-) (480100E)

(540) (540)

3010 New Obligations, unexpired accounts (480100E – 480100B, 

490200E)

(1,080) (1,080)

3020 Outlays (gross) (-) (490200E) 540 540

3050 Unpaid obligations, end of year (480100E) 540 540

Memorandum (non-add) entries:

3100 Obligated balance, start of year (+ or -) This line is calculated. 

Equals the sum of lines 3000, 3001, 3060, and 3061.

(540) (540)

3200 Obligated balance, end of year (+ or -) This line is calculated. 

Equals the sum of detailed obligated balance lines 3000, 3001, 3010, 

3011, 3020, 3030, 3031, 3040, 3041, 3060, 3061, 3070, 3071, 3080,

and 3081. Also equals sum of lines 3050 and 3090.

540 540

BUDGET AUTHORITY AND OUTLAYS, NET

Mandatory:

Gross budget authority and outlays:

4090 Budget authority, gross (This line is calculated. Equals the sum 

of mandatory budget authority [Lines 1200 through 1252, 1270

through 1273, 1400 through 1430, 1600 through 1631, and 1800

through 1842 (SF 133). Lines 1200 through 1239, 1270 through

(414100E)

1,080 1,080

4100 Outlays from new mandatory authority (490200E) 540 540 

4110 Outlays, gross (total) (490200E) 540 540

4160 Budget authority, net (mandatory) (This line is calculated. 

Equals the total new budget authority (gross) on line 4090 plus the 

amounts on lines 4120 through 4124 and on lines 4140, 4141 and

4143 (SF 133). Line 4090 plus the amounts on lines 4120 through

4124 and on lines 4140 and 4142 (Sch P).)

1,080 1,080 

4170 Outlays, net (mandatory) (This line is calculated. Equals line 

4110 plus the amounts on lines 4120 through 4124.)

540 540 
136 of 140 September 2017

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APPENDIX 3

4180 Budget authority, net (discretionary and mandatory) (This line is 

calculated. Equals sum of lines 4070 and 4160.)

1,080 1,080 

4190 Outlays, net (discretionary and mandatory) (This line is 

calculated. Equals sum of lines 4080 and 4170.)

540 540 

Closing Entries

1. To record consolidation of actual resources.

DR CR TC

Budgetary Entry

420100 Total Actual Resources - Collected

414800 Resources Realized from Borrowing Authority

Proprietary Entry

None

540 

540 F302

2. To record paid delivered orders to total actual resources. 

DR CR TC

Budgetary Entry

540 

540 F314

490200 Delivered Orders – Obligations, Paid

420100 Total Actual Resources - Collected

Proprietary Entry

None
137 of 140 September 2017

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APPENDIX 3

3. To record the closing of borrowing authority.

DR CR TC

Budgetary Entry

540 

1,080

1,080

540 F306

414500 Borrowing Authority Converted to Cash 

414900 Borrowing Authority Carried Forward

414100 Current Year Borrowing Authority Realized 

414900 Borrowing Authority Carried Forward

Proprietary Entry

None

4. To record the closing of revenue, expense, and other financing source accounts to 

cumulative results of operations.

DR CR TC

Budgetary Entry

80

40

40 

40 

40 

40 F336

None

Proprietary Entry

331000 Cumulative Results of Operations

577600 (F) Nonbudgetary Financing Sources Transferred Out 

579100 (F) Adjustment to Financing Sources - Credit Reform

577500 (F) Nonbudgetary Financing Sources Transferred In 

619900 (N) Adjustment to Subsidy Expense

331000 Cumulative Results of Operations
138 of 140 September 2017

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APPENDIX 3

YEAR 1-

POST-CLOSING TRIAL BALANCE

Program Fund 

Debit/Credit

Financing 

Fund 

Debit/Credit

GFR Eliminations Consolidated

Accounts

Budgetary

414900 Borrowing Authority 

Carried Forward

540 540 

480100 Undelivered Orders - 

Obligations, Unpaid

(500) (500)

480100 Undelivered Orders - 

Obligations, Unpaid

(40) (40)

TOTAL 0 0

Proprietary

101000 (N) Fund Balance With 

Treasury

135000 (N) Loans Receivable 500 500 

139900 (N) Allowance for 

Subsidy

40 40 

251000 (F0) Principal Payable to 

the Bureau of the Fiscal Service

(540) (540)

Total 0 0 0 0
139 of 140 September 2017

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APPENDIX 4

APPENDIX 4: REFERENCES

This appendix lists some key references and web sites for readers who want to obtain additional information.

OFFICE OF MANAGEMENT AND BUDGET

 OMB Circular A-129, Policies for Federal Credit Programsand Non-Tax Receivables Accounting and 

Auditing Policy Committee Technical Release

 OMB Circular A-136, Financial Reporting Requirements

 OMB Circular A-11, Preparation, Submission, and Execution of the Budget

 OMB Credit Model

 Office of Federal Financial Management (202) 395-3993

 Website: www.whitehouse.gov/omb

FEDERAL ACCOUNTING STANDARDS ADVISORY BOARD

Statement of Federal Financial Accounting Standards (SFFAS) No. 1, Selected Assets and Liabilities

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

 SFFAS No. 18, Amendments to Accounting Standards for Direct Loans and LoanGuarantees

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

 Technical Release No. 3: Preparing and Auditing Direct Loan and Loan Guarantee Subsidies Under the 

Federal Credit ReformAct

 Technical Release No. 6: Preparing Estimates for Direct Loan and Loan Guarantee Subsidies Under the 

Federal Credit ReformAct

 FASAB Staff at (202) 512-7350

 Website:www.fasab.gov

TREASURY BUREAU OF THE FISCAL SERVICE

 U.S. Standard General Ledger (codified in Treasury Financial Manual)
140 of 140 September 2017

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APPENDIX 4

 General Ledger and Advisory Branch Staff at (202) 874-7418

 Website: https://www.fiscal.treasury.gov /ussgl/

 TFM Chapter 2-4600 Treasury Reporting Instructions for Credit Reform Legislation

TREASURY BUREAU OF THE FISCAL SERVICE

 Federal Investment Borrowings Branch; (304) 480-7488

 Website: www.treasurydirect.gov