Instructions to Complete

Status of Custodial Bank Account for

Shipper’s Proceeds Special Report

Form PSD 7001

As an entity engaged in business as a market agency selling livestock on a commission basis, you 

are required to file a special report with the Packers and Stockyards Division (PSD) on Form PSD

7001, Status of Custodial Bank Account for Shipper’s Proceeds Special Report.

You must file the form by the date shown in the letter notifying you to file the special report. Failure 

to file this form may result with a complaint filed against the entity in a United States District Court 

charging the entity with violations of the Packers and Stockyards Act and seeking civil penalties as 

authorized by law for each day the report is delinquent. If space provided for any item is not 

sufficient, attach additional pages containing the information and make reference to the line number 

on the form. 

All information must be completed on this form in its entirety. Failure to do so will result in the 

form being returned incomplete.

Submit the completed form to the PSD regional office that covers your area. The Areas covered by 

each regional office are listed below its address. Forms and instructions are also located on PSD's 

website at https://www.ams.usda.gov/resources/forms. 

Regional Offices of the Packers and Stockyards Division 

Agricultural Marketing Service, Fair Trade Practices Program

Eastern Regional Office

75 Ted Turner Drive SW, Ste 230 

Atlanta, GA 30303-3308 

Telephone: (404) 562-5840 

FAX: (404) 562-5848 

E-mail:

PSDAtlantaGA@ams.usda.gov

States Covered

AL, AR, CT, DC, DE, FL, GA, 

LA, MA, MD, ME, MS, NC, 

NH, NJ, NL, NY, PA, PR, QC, 

RI, SC, TN, VA, VT, WV

Midwestern Regional Office

210 Walnut Street, Room 317 

Des Moines, IA 50309-2110 

Telephone: (515) 323-2579 

FAX: (515) 323-2590 

E-mail:

PSDDesMoinesIA@ams.usda.gov

States Covered

IA, IL, IN, KY, MB, MI, MN, 

MO, ND, NE, OH, ON, SD, WI

Western Regional Office

3950 Lewiston St., Suite 200 

Aurora, CO 80011-1556 

Telephone: (303) 375-4240 

FAX: (303) 371-4609 

E-mail:

PSDDenverCO@ams.usda.gov

States Covered

AB, AK, AZ, BC, CA, CO, HI, 

ID, KS, MT, NM, NV, OK, OR, 

SK, TX, UT, WA, WY

If you have any questions about the form or completing the form, please contact the PSD Regional 

Office that covers your area, as listed above. You may also contact the Central Reporting Unit at 

303-375-4264 or PSD-CRU@ams.usda.gov. 

FORM HEADER –BUSINESS ENTITY ID

Business Entity ID should be completed using information provided by PSD. If the information is 

not already completed on the form, please contact your Regional PSD office to obtain the number. 

Form PSD 7001 Expires 01/31/2025 Page 1 of 4
Line 

No. 

Subject Instruction

GENERAL INFORMATION– SECTION 1 

101 Entity Name Enter the name under which you are registered with PSD. 

102 Trade Name/d.b.a. Enter the trade name under which you operate. This is the 

name the business uses, if applicable. If you do not 

operate with a “Trade Name”, enter “N/A.” 

103 

and

104 

Mailing Address Enter the mailing address. Enter street, city, state, and

zip+4. This is the address where all correspondence from

the Packers and Stockyards Division should be sent. 

105 

and 

106 

Operating Address Enter the physical location of your operating address. 

Enter street, city, state, and zip +4. This is the address 

where you conduct your business services. 

107 Contact Name Enter the name of the person to be contacted regarding 

questions on the special report

108 Contact Telephone 

Number 

Enter the telephone number where the contact may be 

reached.

109 Fax Number Enter the Fax number used by the entity. 

110 E-Mail Address Enter the Entity’s e-mail address.

111 Web Site Address (if

applicable)

Enter the complete Web site address the business

operations. For example: 

www.WebSiteName@domain.com. 

CUSTODIAL ACCOUNT INFORMATION – SECTION 2

NOTE: If you maintain multiple custodial accounts for your business, please complete a

separate form for each account. 

201 Name of Bank Enter the name of the bank where the custodial bank 

account is maintained.

202 

and 

203 

Mailing Address Enter the address (street, city, state, and zip + 4) of the 

bank. 

204 Bank Contact Name Enter the name of your bank contact.

205 Bank Contact 

Telephone 

Enter the telephone number of the bank contact.

CUSTODIAL ACCOUNT DESIGNATION – SECTION 3

301 Custodial Account 

Designation 

Attach a copy of the first page of your bank statement, and 

a copy of a voided check, as documentation of the 

designation. 

ANALYSIS OF CUSTODIAL ACCOUNT – SECTION 4

401 Date of Custodial 

Analysis 

Enter the custodial account analysis date. This is the 

analysis date requested by PSD in the accompanying letter. 

402 Balance as per Bank

Statement

Enter the balance on the analysis date as shown on the 

bank statement.

Form PSD 7001 Expires 01/31/2025 Page 2 of 4
Line 

No.

Subject Instruction

403 Deposits in transit Enter the total dollar amount of any deposits sent to the 

bank by the analysis date, but not yet posted to the account. 

Attach documentation of the deposit(s).

404 Certificates of deposit 

and savings account 

designated as custodial 

funds 

Enter the balance as of the analysis date of certificates of

deposits or saving accounts that are designated as custodial 

account. These accounts and certificates of deposit must 

be at the same bank that holds the custodial checking 

account. Attach copy of CD and account statement.

405 Proceeds on hand Enter the total dollar amount of cash and checks received 

from the sale of livestock that have not been deposited to 

the account as of the analysis date.

406 Proceeds receivables Enter the total shown on line 512a of this report.

407 Total Enter the sum of lines 402 through 406.

408 Outstanding checks 

and drafts 

Enter the total dollar amount of checks or drafts issued 

from the custodial account that have not cleared as of the 

analysis date.

409 Proceeds due 

consignors

Enter the total dollar amount of any livestock sales by the 

market agency which has not yet been paid.

410 Unpaid expense items Enter the total dollar amount of unpaid expense items. 

Unpaid expense items are valid sale expenses deducted

from the consignors’ sales proceeds (for example, check off

fees, health inspections, etc.). Do not include amounts due 

to the market for services such as commissions or yardage. 

411 Total Enter the sum of lines 408 through 410. 

412 Overage or Shortage in 

the account

Subtract line 411 from line 407. If the account is short, 

show the amount as negative. 

413 Accounts Receivable Enter the total shown on line 513b of this report.

Form PSD 7001 Expires 01/31/2025 Page 3 of 4
PROCEEDS/ACCOUNTS RECEIVABLES – SECTION 5

501 

through 

510 

a. Amount of

Proceeds

Receivables

b. Amount of

Accounts

Receivables

A Proceed Receivable is money that is owed the market for 

the purchase of livestock that has not yet been 

collected. The auction market may carry these amounts as 

a Proceeds Receivable, owed to the market, until the close 

of the seventh day counted from the date of the sale. After 

the close of the seventh day subsequent to the sale date, the 

market must reimburse the custodial account for any 

uncollected funds and the item(s) may no longer be 

classified as a Proceeds Receivable when preparing the 

custodial account analysis (reconciliation). An exception 

to this 7 day rule is when the purchase is made by an 

owner, officer or employee of the market. The payment for 

purchases by these related parties must be made by the 

close of the next business day, and may no longer be 

classified as a Proceeds Receivable when preparing the 

custodial account analysis (reconciliation) after the close of 

the next business day, from the date of the sale. 

Additionally, any time the market extends credit to a 

buyer, (approves a buyer to pay other than by the close of 

the next business day) the auction market must reimburse 

the custodial account for the amount of the payment for 

which credit has been extended.

511 Total from Additional 

Pages

Enter additional page totals of Proceeds Receivables and/or 

Accounts Receivables 

512 Total of Proceeds 

Receivable

Enter the sum of lines 501-511a

513 Total of Accounts 

Receivable

Enter the sum of lines 501-511b

Credit Buyers – Section 6

601a 

through 

604a 

Name of Credit Buyer Enter the names of all buyers for whom you have extended 

credit.

601b 

through 

604b 

Address Enter the address (street, city, state, and zip+4) of each 

buyer for whom you have extended credit. 

CERTIFICATION – SECTION 7

701 Print Name Print the name of the owner, officer, partner, or member 

responsible for this report.

702 Signature (Owner, or 

responsible person)

The report must be signed by a responsible person.

703 Phone Number Enter the telephone of the person signing the report.

704 Date Enter the date the report is signed.

705 Title Enter the title of the person signing the report.

Form PSD 7001 Expires 01/31/2025 Page 4 of 4