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[Federal Register Volume 63, Number 125 (Tuesday, June 30, 1998)]
[Notices]
[Pages 35566-35567]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-17285]

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DEPARTMENT OF COMMERCE

Bureau of the Census

Quarterly Financial Report

ACTION: Proposed collection; comment request.

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SUMMARY: The Department of Commerce, as part of its continuing

[[Page 35567]]

effort to reduce paperwork and respondent burden, invites the general 
public and other Federal agencies to take this opportunity to comment 
on proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)).

DATES: Written comments must be submitted on or before August 31, 1998.

ADDRESSES: Direct all written comments to Linda Engelmeier, 
Departmental Forms Clearance Officer, Department of Commerce, Room 
5327, 14th and Constitution Avenue, NW, Washington, DC 20230.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the information collection instrument(s) and instructions 
should be directed to Ronald Lee, Bureau of the Census, Room 1282-3, 
Washington, DC 20233, Telephone (301) 457-3343.

SUPPLEMENTARY INFORMATION:

I. Abstract

    The Quarterly Financial Report (QFR) Program is planning to submit 
for approval to the Office of Management and Budget (OMB) its four data 
collection forms: Quarterly Financial Report Forms QFR-101(MG)-long 
form, QFR-102(TR)-long form, and QFR-101A(MG)-short form, and QFR-
103(NB)-Nature of Business Report. The current expiration for these 
forms is December 31, 1998.
    The QFR Program has published up-to-date aggregate statistics on 
the financial results and position of U.S. corporations since 1947. It 
is a principal economic indicator that also provides financial data 
essential to calculation of key Government measures of national 
economic performance. The importance of this data collection is 
reflected by the granting of specific authority to conduct the program 
in Title 13 of the United States Code, Section 91, which requires that 
financial statistics of business operations be collected and published 
quarterly. Public Law 103-105 extended the authority of the Secretary 
of Commerce to conduct the QFR Program under Section 91 through 
September 30, 1998. Efforts are underway to extend this authority. On 
May 13, 1998, Senator Fred Thompson (R-TN) introduced S. 2071, a bill 
that would extend the authority to conduct the QFR Program through 
September 30, 2005. Senator John Glenn (D-OH) is a co-sponsor of the 
legislation. We plan to submit a request for extension of the OMB 
approval of the QFR program reporting forms in anticipation of the 
enactment of this legislation.
    The main purpose of the QFR is to provide timely, accurate data on 
business financial conditions for use by Government and private-sector 
organizations and individuals. An extensive subscription mailing list 
attests to the diverse groups using these data including foreign 
countries, universities, financial analysts, unions, trade 
associations, public libraries, banking institutions, and U.S. and 
foreign corporations. The primary users are governmental organizations 
charged with economic policy-making responsibilities. These 
organizations play a major role in providing guidance, advice, and 
support to the QFR Program.

II. Method of Collection

    The Census Bureau will use mail out/mail back survey forms to 
collect data. Companies will be asked to respond to the survey within 
25 days of the end of the quarter for which the data are being 
requested. Letters and/or telephone calls encouraging participation 
will be directed to respondents who have not responded by the 
designated time.

III. Data

    OMB Number: 0607-0432.
    Form Number: QFR-101 (Sent quarterly to manufacturing, mining, and 
wholesale trade corporations with assets of $50 million or more at time 
of sampling), QFR-102 (Sent quarterly to retail trade corporations with 
assets of $50 million or more at time of sampling), QFR-101A (Sent 
quarterly to manufacturing corporations with assets of less than $50 
million at time of sampling), and QFR-103 (Sent at the beginning of 
sample selection and at 2-year intervals if the corporation is included 
in the sample for more than eight quarters)
    Type of Review: Regular Review.
    Affected Public: Manufacturing corporations with assets of $250 
thousand or more and mining and wholesale and retail trade corporations 
with assets of $50 million or more.
    Estimated Number of Respondents:

Form QFR-101--3,475 per quarter, 13,900 annually
Form QFR-102--575 per quarter, 2,300 annually
Form QFR-101A--4,500 per quarter, 18,000 annually
Form QFR-103--1,225 per quarter 4,900 annually.

    Estimated Time Per Response: The average for all respondents is 
about 2.1 hours. For companies completing Form QFR-101 or QFR-102, the 
range is from less than 1 to 10 hours, averaging 2.9 hours. For 
companies completing Form QFR-101A, the range is less than 1 hour to 3 
hours, averaging 1.2 hours. For companies completing Form QFR-103, the 
range is from 1 to 4 hours, averaging 2.4 hours.
    Estimated Total Annual Burden Hours: The total annual burden for 
fiscal years 1999 and 2000 is estimated to be 80,340 hours.
    Estimated Total Annual Cost: The cost to all respondents for their 
time to respond is estimated to be $1,063,742. This cost is calculated 
by multiplying the annual burden hours (80,340) by the Bureau of Labor 
Statistics' 1996 estimate ($523 for a 39.5 hour work week) for a 
private industry entry level accountant.
    Respondents' Obligation: Mandatory.
    Legal Authority: Title 13 United States Code, Sections 91 and 224.

IV. Request for Comments

    Comments are invited on: (a) Whether the proposed collection of 
information is necessary for the proper performance of the functions of 
the agency, including whether the information shall have practical 
utility; (b) the accuracy of the agency's estimate of the burden 
(including hours and cost) of the proposed collection of information; 
(c) ways to enhance the quality, utility, and clarity of the 
information to be collected; and (d) ways to minimize the burden of the 
collection of information on respondents, including through the use of 
automated collection techniques or other forms of information 
technology.
    Comments submitted in response to this notice will be summarized 
and/or included in the request for OMB approval of this information 
collection; they also will become a matter of public record.

    Dated: June 24, 1998.
Madeleine Clayton,
Management Analyst, Office of Management and Organization.
[FR Doc. 98-17285 Filed 6-29-98; 8:45 a.m.]
BILLING CODE 3510-07-P
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