ANNUAL PERFORMANCE

PLAN

Covering the 2024 Federal Fiscal Year Ending 

September 30, 2024, and FCSIC’s Fiscal Year 

Ending December 31, 2024 

October 1, 2023
Annual Performance Plan 10/1/23 – 12/31/24

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ABOUT FCSIC

The Farm Credit System Insurance Corporation (Corporation or FCSIC) was established by the Agricultural 

Credit Act of 1987 (1987 Act) as an independent U.S. Government-controlled corporation. The Corporation’s 

primary purpose is to insure the timely payment of principal and interest on insured notes, bonds, and other 

obligations issued on behalf of Farm Credit System (System) banks. The System is a federally chartered 

network of cooperative lending institutions owned by the agricultural and rural customers it serves, including 

farmers, ranchers, producers or harvesters of aquatic products, agricultural cooperatives, and farm-related 

businesses. By insuring the repayment of insured debt securities to investors, the Corporation helps to maintain 

a dependable source of funds for the System’s borrowers. The Farm Credit Act of 1971, as amended, requires 

that the Corporation serve as the conservator or receiver for System banks and associations. The Agricultural 

Improvement Act of 2018 also provided new authority for FCSIC to create, and the Farm Credit Administration

(FCA) to charter, a System bridge bank. 

The Corporation operates with no annually appropriated funds. The Corporation collects insurance premiums 

from each System bank that issues insured obligations. These premiums and the income from the Corporation’s 

investments provide the funds to fulfill its mission. 

FCSIC is governed by a three-member board of directors comprising the same three individuals who compose 

the FCA board. However, the same member may not serve as chairman of both entities. The Corporation’s most 

important resource is its core staff. We strive to attract and retain highly motivated and skilled employees. A 

portion of FCSIC’s current workforce will transition into retirement over the next decade, while the need for 

employees with advanced technical skills will continue to increase. Because of our lean staffing structure, 

recruitment of multi-skilled individuals, and ongoing cross training are essential to ensure adequate backup 

exists in key corporate programs. We leverage our resources by purchasing support services from FCA and 

other contractors to ensure the cost-effective administration of our programs. 

MISSION STATEMENT

The Farm Credit System Insurance Corporation, a government-controlled, independent entity, shall 

• protect investors in insured System obligations and taxpayers through sound administration of the Farm 

Credit Insurance Fund (Insurance Fund), 

• exercise its authorities to minimize Insurance Fund loss, and 

• help ensure the future of a permanent system for delivery of credit to agricultural borrowers. 

VALUES

Six core values guide us in accomplishing our mission: 

• Integrity – We follow the highest ethical and professional standards. 

• Competence – We are a skilled, dedicated and diverse workforce that strives to achieve outstanding 

results.

• Teamwork – We communicate and collaborate with one another and with other regulatory agencies. 

• Effectiveness – We respond quickly and prudently to insurance risks. 

• Accountability – We are accountable to each other and to our stakeholders to operate in a fiscally 

responsible and operationally effective manner.

• Fairness – We respect individual viewpoints and treat one another and our stakeholders with impartiality, 

respect and fairness.
Annual Performance Plan 10/1/23 – 12/31/24

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ANNUAL PERFORMANCE PLAN

The Corporation’s Annual Performance Plan (Performance Plan) is derived from its Strategic Plan (FY 2020 –

2025). The Performance Plan is organized by program area and provides focus to the goals, objectives, and 

performance measures used to evaluate the Corporation’s activities during the current year. As with the Strategic 

Plan, the Corporation’s mission and key assumptions guide development of the Performance Plan. Management 

reports throughout the year to the FCSIC Board of Directors on program goal progress and issues the 

Corporation’s Annual Report to Congress summarizing program goal achievements. 

FCSIC’s Mission Program Areas Strategic Goals Strategic Objectives

Protect investors in 

insured Farm Credit 

System obligations and 

taxpayers through sound 

administration of the 

Insurance Fund,

Exercise its authorities to 

minimize Insurance Fund 

loss, and

Help ensure the future of 

a permanent system for 

delivery of credit to 

agricultural borrowers.

Insurance Fund 

management

Manage the Farm 

Credit Insurance 

Fund to maintain the 

secure base amount 

in order to provide 

protection for 

investors and 

taxpayers against 

identified risks.

1. Manage the Insurance Fund to ensure 

adequate liquidity while optimizing investment 

returns and ensuring premium collections and 

refunds reflect anticipated changes in adjusted 

insured debt levels and potential insurance 

claims. 

2. Use actuarial tools to evaluate the adequacy 

of investor protections and risk exposures to the 

Insurance Fund. 

3. Ensure that System banks have adequate 

temporary liquidity in situations where external 

market factors make normal debt market access 

extremely doubtful. 

4. Communicate accurate and easily understood 

information about the insurance program to the 

public, insured investors, and System 

institutions. 

Risk management

Monitor, evaluate, 

and report risks that 

could generate losses 

to the Insurance 

Fund.

1. Use analytical models and other risk 

management tools and processes to identify and 

respond to potential risks to the Insurance 

Fund. Conduct trend analysis on the System’s 

growth, funding needs, condition, and 

performance. Regularly report to the board of 

directors on identified risk exposures. 

2. Monitor conditions in the agricultural and 

financial sectors that may affect insurance risk 

and integrate the results into the process for 

setting annual insurance premium rates. 

Receivership/ 

conservatorship 

Effectively manage 

assistance requests, 

receiverships, and 

conservatorships.

1. Subject to the provisions of the Farm Credit 

Act, including the least-cost test, provide 

assistance when appropriate to a troubled 

System bank or association. 

2. Ensure receiverships and conservatorships 

are managed to fulfill the purposes of the Farm 

Credit Act and protect creditors and are 

terminated in an orderly and timely manner. 
Annual Performance Plan 10/1/23 – 12/31/24

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CORE PROGRAM ACTIVITIES

The Corporation continually performs multiple core activities essential to the achievement of its mission. The 

following is a summary of these activities categorized by program area. 

INSURANCE FUND MANAGEMENT 

The Corporation helps maintain public confidence in the System by insuring the System banks’ debt 

obligations. The Insurance Fund represents FCSIC’s equity, the difference between total assets and total 

liabilities, including insurance obligations. The Corporation 

• establishes premium rates, and collects and audits insurance premiums, to maintain the Insurance Fund 

at the secure base amount (SBA), 

• manages the investment portfolio to minimize loss exposure and secondarily seek to optimize the rate of 

return within approved parameters, 

• consults with the Federal Farm Credit Banks Funding Corporation (Funding Corporation) regarding the 

disclosure of System financial information, 

• oversees the accounting and financial reporting function, and 

• manages all payments that support program operations. 

RISK MANAGEMENT 

The Corporation identifies, evaluates, and manages risks that could generate losses to the Insurance Fund. The 

Corporation 

• uses monitoring systems, financial models, and special examinations to analyze the insurance risks 

posed by System institutions and reports risk trends regularly to the board of directors and external 

auditor, 

• monitors conditions in the general economy, capital markets, and agricultural and financial sectors that 

pose risk to the System, its investors, and the Insurance Fund, 

• reviews System institution financial performance information, including FCA examination reports of 

System banks, large associations, and institutions identified by FCA as troubled and participates on 

FCA’s Regulatory Enforcement Committee, 

• evaluates the adequacy of the allowance for losses to the Insurance Fund quarterly, 

• consults with FCA regarding changes in risks to the Insurance Fund resulting from proposed institution 

mergers, 

• reviews funding requests of undercapitalized System banks, and 

• reviews requests for assistance from troubled institutions. 

RECEIVERSHIP AND CONSERVATORSHIP 

When the FCA Board places a troubled System institution into either conservatorship or receivership, the Farm 

Credit Act requires FCSIC to serve as conservator or receiver of the troubled or failed institution. In addition, 

the FCA Board may appoint FCSIC as conservator or receiver of the Federal Agricultural Mortgage 

Corporation. As conservator, FCSIC would operate the institution as a going concern subject to oversight and 

regulation by FCA. As receiver, FCSIC would exercise its statutory fiduciary responsibilities to marshal the 

receivership estate’s assets and recover the maximum amount possible under the law for the receivership’s 

creditors. The Agriculture Improvement Act of 2018 clarified and updated FCSIC’s statutory authorities to act 

as receiver or conservator for a System institution and provided new authority for FCSIC to create, and FCA to 

charter, a System bridge bank. The 2018 legislation further strengthened our ability to protect investors and 

reduce resolution costs. Currently, there are no conservatorships, receiverships, or bridge banks. The 

Corporation 

• maintains the capability to manage receiverships and conservatorships, and oversee bridge banks, 
Annual Performance Plan 10/1/23 – 12/31/24

5 

• plans and trains for potential resolution actions, 

• monitors relevant legislation, regulations, legal cases, appraisal, and environmental issues, and 

• consults with other federal insurers that serve as conservator or receiver of banks, thrifts and credit 

unions, to maintain familiarity with current best practices.

PROGRAM EVALUATION

The board provides policy direction and oversight of the Corporation’s operations. An independent accounting 

firm audits the Corporation’s financial statements and the Corporation’s effectiveness of internal controls over 

financial reporting. Additionally, in coordination with the Government Accountability Office (GAO), the 

independent accounting firm audits material line items of the Corporation’s financial statements for inclusion 

into the Combined Financial Statements of the United States Government. To evaluate internal controls over 

financial reporting, FCSIC performs an annual assessment of the effectiveness of FCSIC’s enterprise risk 

management and internal control systems in accordance with guidelines provided by Office of Management and 

Budget to implement Federal Manager’s Financial Integrity Act (FMFIA). This assessment supports 

management’s assurance statement on internal controls. The results of these reviews are communicated to the 

board. Recommendations arising from the annual audit and management’s annual FMFIA assessment are used 

to improve FCSIC’s control environment. 

INSURANCE FUND MANAGEMENT

Goal: Manage the Insurance Fund to maintain the SBA at the level necessary to provide adequate protection for 

investors and taxpayers against identified risks.

The solvency of the Insurance Fund depends in part on the Corporation using its authorities to adjust insurance 

premium assessments when appropriate and effectively managing assets to ensure investment returns are 

maximized, while maintaining appropriate liquidity to carry out its mission. Congress established a statutory 

requirement for the Insurance Fund to be maintained at a SBA equal to 2 percent of adjusted insured 

obligations1

 or such other percentage as the Corporation has determined to be actuarially sound.

PERFORMANCE MEASURES

The Corporation assesses the effectiveness of its performance in achieving this goal through the following: 

• On at least a semiannual basis, reviewing the need for adjustments to insurance premium assessments. 

• Measuring investment performance by comparing the portfolio’s average yield with peer investment 

funds, which have similar investment parameters for quality and maturity. 

• Maintaining the Insurance Fund at the statutory SBA of 2 percent of adjusted outstanding insured 

obligations. 

Maintaining the Insurance Fund at the SBA may be affected by events beyond the control of the Corporation 

such as insurance losses that arise from troubled System institutions or growth in insured obligations exceeding 

FCSIC’s ability to increase the Insurance Fund at the same rate because of statutory limits on premium 

assessments.

1 Adjusted insured obligations are equal to the aggregate amount of outstanding insured obligations adjusted downward by a 

percentage of the guaranteed portions of principal outstanding on certain government-guaranteed loans and investments.
Annual Performance Plan 10/1/23 – 12/31/24

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ACTIONS:

1. Manage the insurance program through premium collections, refunds, and determination of the Insurance 

Fund’s SBA. 

• Monitor System growth and calculate the SBA. 

Monthly

• Report to the board on the level of the Insurance Fund. 

Monthly

• Report on insured and other obligations by providing the board with the 

­ rolling 12-month insured obligation report,

­ rolling 12-month SBA calculation,

­ rolling 10-year historical Insurance Fund relative to the 2 percent SBA,

­ year-to-date Insurance Fund relative to the 2 percent SBA.

Monthly

• Monitor other federal insurance agencies’ programs. 

Ongoing

• Review the System banks’ premium certified statements and conduct certified statement audits. 

Annually

• Test adequacy/solvency of the Insurance Fund under various scenarios using the Dynamic Capital 

Adequacy Test (DCAT) model. 

Annually

• Enhance the functionality and controls of the DCAT model. 

December 2023

2. Execute the Board’s Policy Statement Concerning Adjustments to the Insurance Premium by providing 

analysis for the board’s premium review and decision. 

Semi-annually

3. Update auditor instructions for premium audits. 

December 2023

4. Manage the investment program to meet the requirements of the board’s policy statement and ensure 

adequate liquidity while optimizing investment returns. Report results to the board. 

Quarterly

5. Fully implement a 5-year bond investment ladder approach. 

December 2023

6. Enhance the Corporation’s investment program and modify as necessary. 

• Utilize investment intelligence sources such as Bloomberg and FedInvest. 

• Test performance benchmarks. 

• Promote training opportunities. 

• Enrich reporting to FCSIC’s Investment Committee by refining analysis of investment alternatives. 
Annual Performance Plan 10/1/23 – 12/31/24

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• Evaluate new issuances offered by the United States Treasury as they arise to determine if purchase 

would improve portfolio optimization or hedge against inflation. 

Ongoing

7. Confer with other Federal insurance fund investment managers to assess investment approach and strategy. 

• Periodically meet with investment managers at the Federal Deposit Insurance Corporation (FDIC) 

and National Credit Union Administration (NCUA) to review the investment program to ensure 

continued adherence to investment best practices. This may include a review of the investment 

procedures, strategy, decision making, execution process and performance metrics. 

Ongoing 

8. Maintain contact with Treasury’s Federal Financing Bank to provide information in support of the FCSIC 

intragovernmental credit facility for use as assistance in exigent market circumstances. 

Ongoing

9. Review the Funding Corporation’s Information Statement disclosures related to the Insurance Fund. 

Quarterly

10. Monitor pertinent statutory and regulatory changes affecting other Government-sponsored Enterprises 

(GSEs) and regulated financial institutions, including initiatives for Fannie Mae and Freddie Mac, and any 

changes for the Federal Housing Finance Administration (FHFA). 

Ongoing

RISK MANAGEMENT

Goal: Monitor, evaluate, and report risks that could generate losses to the Insurance Fund or result in a 

resolution.

PERFORMANCE MEASURES 

Identify and address risk to the Insurance Fund: Program effectiveness is measured by the extent that 

emerging problems are promptly detected, and insurance losses are minimized. This includes the effective use 

of financial indicators to monitor conditions and trends, and effective analysis and reporting before any need to 

reserve for losses.

In periods of probable or actual insurance claims, the ratio of estimated losses as a percentage of actual losses is 

the measure of the Corporation’s ability to assess prospective loss exposure. Management uses criteria specified 

in FCSIC’s Allowance for Loss procedure and the Financial Accounting Standards Board’s Accounting 

Standards Topic 450, Contingencies, as guidance.2 Timely evaluation of the Insurance Fund’s risk exposure is 

critical to the determination of steps needed to preserve the Insurance Fund’s solvency. The Corporation uses 

information obtained from FCA reports of examination and other source materials to identify risks to the 

Insurance Fund. Internal models and other analysis tools are used to manage identified risks and reduce 

insurance risk. If approved by the board of directors, the Corporation may independently examine and obtain 

additional information from System institutions.

2

Financial Accounting Standards Board’s Accounting Standards Topic 450, Contingencies, provides guidance regarding recording 

allowances for loss and impairment of assets.
Annual Performance Plan 10/1/23 – 12/31/24

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Sources used to assist in identifying risk include the following: 

• Published System reports to stockholders and bond investors. 

• System institution materials obtained through FCA examination processes. 

• Consolidated Reporting System (CRS) and Loans II data. 

• Systemwide data compiled by the Federal Farm Credit Banks Funding Corporation. 

• FCA regulatory and supervisory actions. 

• Reports of examination, FIRS reports, and other documents prepared by FCA’s Office of Examination 

(OE). 

• Special examinations conducted to assess insurance risk posed by troubled System institutions. 

• Government entities, news agencies, and other sources that supply information on the general economy, 

capital markets, and agricultural and financial sectors. 

Assistance Authority: The Corporation is authorized to provide assistance, including liquidity assistance, to a 

System institution to prevent default, restore it to normal operations, or to facilitate a merger or consolidation 

with one or more other System institutions. The Corporation may also provide assistance to reduce risk to the 

Insurance Fund when severe financial conditions threaten the stability of one or more banks or banks possessing 

significant financial resources. All assistance must pass the statutory least-cost test. The Corporation, through its 

special examination authority, collects information necessary to make a least-cost determination.

Periodic Reporting: A confidential report on insurance risk is prepared for the board on a quarterly basis. The 

report advises the board on the following: 

• Each insured bank. 

• “High impact” associations (associations large enough relative to their funding bank to potentially cause 

losses to the Insurance Fund). 

• Specific institutions posing higher risk to the Insurance Fund. 

• Current and emerging risks that may affect the Insurance Program. 

The Corporation annually reports the results of Insurance Fund solvency modeling to the board. Other reports 

on specialized topics are prepared as needed.

ACTIONS:

1. Monitor and report to the board on the System and external conditions and trends that impact 

Insurance risk. 

Quarterly

2. Produce the Insurance Risk Analysis and Allowance for Loss Report to evaluate the adequacy of the 

allowance for the Insurance Fund in accordance with the Corporation’s policies and procedures. 

Recommend allowances, if needed.

Quarterly

3. Analyze and produce Impact Statements for proposed mergers that may pose increased risk to the Insurance 

Fund. 

As Required

4. Engage external resources to review enhancements to the Allowance for Loss analysis and develop a plan 

for further enhancing related risk analytics and modeling. 

June 2024
Annual Performance Plan 10/1/23 – 12/31/24

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5. Monitor and plan for potential assistance to troubled institutions. Ensure close cooperation and coordination 

between FCA and FCSIC to facilitate the best possible outcomes for troubled System institutions. 

Ongoing

6. Consult with FCA regarding funding requests from undercapitalized System banks and restructuring 

requests from banks and large associations. 

As Required

7. Execute special examinations at System institutions with high-risk profiles. Coordinate with FCA on preresolution activities.

As Required

8. Work cooperatively with FCA to share information regarding risk to the Insurance Fund. FCSIC access to 

information collected by FCA is mandated by sections 5.19(d) and 5.59(b) of the Farm Credit Act of 1971, 

as amended, and is a critical element of detecting the potential for Insurance Fund loss. The confidentiality 

of FCA documents and information are protected under interagency agreements between FCSIC and FCA. 

The scope of information gathered includes the following:

• Discussions with OE staff on System condition and performance. 

• Examination reports, FIRS reports and System institution documents (e.g., business plans, general 

financing agreements, etc.)

• Regulatory Enforcement Committee documents. 

• Reports regarding liquidity, collateral, counterparty exposure, Contractual Interbank Performance 

Agreement, rating agency actions. 

• FCA information databases including the CRS and Loans Database. 

Ongoing

9. Provide input to FCA on regulatory and policy initiatives that impact FCSIC’s insurance risks, including 

those involving investments, capital, liquidity, cybersecurity, and climate risk. Review and provide timely 

feedback to the board on regulations and other actions by other government entities that could impact the 

Insurance Fund. 

Ongoing

10. Maintain contacts with other federal insurers and financial regulators to share information on emerging risks 

and risk management processes. 

Ongoing

11. Provide analysis and input to the insurance accrual rate review for the board’s insurance premium decisions. 

Semi-annually 

12. Monitor and evaluate prospective changes in Systemwide agreements that establish uniform standards of 

performance (e.g., Contractual Interbank Performance Agreement and Market Access Agreement). 

Ongoing

13. Maintain FCSIC’s credit facility with the Federal Financing Bank to increase potentially available FCSIC 

funds to provide liquidity assistance to System banks in exigent market circumstances. 

 Ongoing 
Annual Performance Plan 10/1/23 – 12/31/24

10 

14. Annually execute a new promissory note to the Federal Financing Bank to expedite any future advance 

requests

Annually in April

15. Review and test procedures for providing FCSIC liquidity assistance in exigent market circumstances. 

Update and revise procedures as necessary.

Biennially

RECEIVERSHIP AND CONSERVATORSHIP

GOAL: Maintain the capability to effectively manage receiverships or conservatorships.

RECEIVERSHIP CAPABILITY

The Corporation has a statutory responsibility to serve as receiver or conservator when appointed by the FCA. 

This goal requires that corporate readiness be maintained through periodic staff training and evaluation of 

contractors’ capabilities to ensure that qualified resources can be employed should the need arise. 

PERFORMANCE MEASURES

The effectiveness of receivership operations will be measured by completing the initial notice to creditors 

promptly and processing of all insured claims in accordance with regulations. Completion will be defined as the 

processing of 90 percent of all claims. Other performance measures include operating costs as a percentage of 

total assets and actual asset recovery return as a percentage of net realizable asset values using FDIC 

comparable metrics. These metrics will be tracked and reported to the board.

Currently, there are no receiverships or conservatorships in the Farm Credit System. 

ACTIONS:

1. Update legal documents for alternative resolution scenarios, including receiverships and conservatorships. 

As Needed

2. Identify and evaluate governmental and non-governmental resources available to assist FCSIC in the 

conduct of a receivership or conservatorship. 

Ongoing

3. Engage in resolution readiness projects in order to develop strategies that will help mitigate potential losses 

to the Fund. These include:

• Pursuing available training and collaboration opportunities with the Federal Deposit Insurance 

Corporation, the National Credit Union Administration and FCA. 

• Working with FDIC resolution experts and staff from FCA’s Office of Examination to identify 

resource needs, including staffing levels, skills, and information needed to efficiently resolve a failed 

institution. 

• Evaluate non-governmental resources to assist in resolution readiness. 

• Progress towards development of a comprehensive resolution manual or plan that clearly outlines 

FCSIC’s processes and procedures for pursuing each potential assistance and resolution option. This 

may include engaging outside resolution experts who are regularly engaged to support federal 
Annual Performance Plan 10/1/23 – 12/31/24

11

insurers for the lifecycle of the resolution process to support policy development and execution 

across the key resolution dimensions of organization, process and technology. 

• Making any necessary changes to policies and procedures. 

Ongoing

4. Based on best practices learned from the resolution readiness projects, review and update (as necessary) 

FCSIC regulations and policies to implement statutory authorities. 

As Needed

5. Monitor legislation, regulations, legal cases, and environmental issues that could affect receivership and 

conservatorship operations. 

Ongoing

6. Maintain contact with and monitor developments at other Federal insurers in conservator/receivership 

management. 

Ongoing

7. Review and update the FCSIC Crisis Communication Plan, as necessary, so FCSIC is prepared to provide 

stakeholders with useful and timely information in a crisis. 

As Needed

8. Update knowledge repository for current accounting practices related to potential receiverships, 

conservatorships, and bridge bank scenarios. 

December 2023 

9. As part of the strategic planning process, re-evaluate readiness goals and objectives considering the 

structure of the System, the most acute potential scenarios, and FCSIC’s efficient operating philosophy. 

December 2023

CORPORATE MISSION SUPPORT

The Corporation recognizes that it must effectively manage its resources to achieve its strategic and 

performance goals. Resource management facilitates all mission critical activities. It includes effective 

communication, cooperation with FCA and other agencies, and responding to external legislative and regulatory 

initiatives affecting the Corporation. The Corporation’s most important resource is its core staff of 10. It strives 

to attract and retain highly motivated and skilled employees. It leverages its resources by purchasing support 

services from the FCA and other contractors to ensure the cost-effective administration of its programs. 

Purchased services include examination support, Congressional and public affairs support, personnel, financial 

and operational audit, accounting, actuarial services, investment analysis, network management, and other 

technical consulting services.

PERFORMANCE MEASURES 

Effective management of corporate resources is measured by the Corporation’s success in achieving its 

performance goals. Additional specific measures of resource management include the following: 

• Operating within the board-approved budget. The Corporation’s expenses are paid from the investment 

earnings on the Insurance Fund. 
Annual Performance Plan 10/1/23 – 12/31/24

12 

• Obtaining an unqualified audit opinion from the independent public accounting firm hired by the 

Corporation’s Audit Committee and a favorable opinion on the effectiveness of the Corporation’s 

internal controls over financial reporting for the Corporation’s calendar year-end financial statements. 

• Obtaining an unqualified audit opinion from the independent public accounting firm hired by the 

Corporation’s Audit Committee for a material line-item audit on the Corporation’s financial statements 

as of September 30. The audited financial statements are included in the Combined Financial Statements 

of United States Government which are audited by GAO. 

• Achieving positive results from the Corporation’s Federal Employee Viewpoint Survey which measures 

employee satisfaction with their work experiences and their leadership. 

ACTIONS:

1. Update strategic plan. 

December 2023

2. Pursue upgrades to contracting capabilities, potentially including: improving contract-status dashboard, 

establishing procedures for assessment of contractors, developing templates, implementing contracting 

support training requirements, and examining other process improvements to ensure FCSIC retains ability to 

implement contracts efficiently and in accordance with best practices. 

December 2024 

3. In cooperation with the Funding Corporation, communicate the benefits of the insurance program to 

stakeholders. FCSIC will continue to do the following: 

• Provide information to Congress, other federal agencies, selling group members and investors. 

• Pursue dialogue with System leadership on issues of mutual concern. 

• Seek additional opportunities to expand contacts and information sharing with other organizations 

that have knowledge in areas that can benefit the Corporation. 

Ongoing

4. Review progress reports on the Performance Plan and report to the board. 

Quarterly

5. Post unaudited statements of financial position and income/expense to the Corporation’s website no later 

than 45 days after quarter-end. 

Quarterly

6. Submit the Corporation’s Annual Report to Congress. 

Annually 

7. Review and update corporate policies during the strategic planning cycle. The review should include: (a) the 

continued need for the policy; (b) the impact of the policy on stakeholders; and (c) whether the policy is 

written in “plain English.” The following policies are to be reviewed during this plan period: 

• Equal Employment Opportunity and Diversity. 

September 2024

8. Monitor legislative initiatives that affect the System, FCA, and the Corporation. 

Ongoing
Annual Performance Plan 10/1/23 – 12/31/24

13 

9. Work collaboratively with FCA under our Inter-Agency Agreement to ensure FCSIC meets government 

compliance requirements in various areas, including Privacy Act, records management, personnel, and 

information security. 

Ongoing

10. Promote continuous learning and staff development, including staff cross-training and team building to 

ensure adequate backup in key corporate programs. 

Ongoing

11. When the results of the Corporation’s Federal Employee Viewpoint Survey are available, assess them to 

identify areas for enhancing our workplace. 

As available

12. Continue to enhance digital communications by updating the FCSIC website. 

Ongoing 

13. Prepare required financial reports and monitor changes to Federal reporting requirements for FCSIC as 

specified by Treasury and Office of Management and Budget (OMB). These include:

• CARS Statement of Transactions – Reports deposit and disbursement transactions to Treasury. 

Monthly

• Government-wide Treasury Account Symbol (GTAS) Adjusted Trial Balance System using 

proprietary and budgetary standard general ledger accounts. 

Monthly

• Intragovernmental Material Difference Reports and Reconciliations. 

Quarterly

• The Treasury Report on Receivables (TROR). 

Quarterly

• Digital Accountability and Transition Act (DATA) Act Reporting. 

Monthly

• Federal Managers’ Financial Integrity Act (FMFIA) - Review the Corporation’s internal controls to 

give assurance that management internal control systems in place conform to the standards pursuant 

to FMFIA. 

Annually in November

• The Corporation’s closing package which includes our audited financial statements. The closing 

package is submitted to Treasury, GAO, and OMB and the financial statements are consolidated into 

the Financial Report of the United States.

Annually in November

• Government fiscal year-end Material Line-Item audit. 

Annually in November

• OMB’s MAX A-11 Data Entry report, which forwards the Corporation’s financial data to the OMB 

for inclusion in the President’s Budget. 

Annually in December
Annual Performance Plan 10/1/23 – 12/31/24

14 

• Calendar year-end audit in accordance with the Financial Accounting Standards Board’s (FASB) 

generally accepted accounting principles 

 Annually in February

• Management’s report on internal control to support the auditor’s internal control audit of FCSIC’s 

internal controls over financial reporting 

Annually in February

• OMB Budget Data Requests (BDRs) 

Ongoing

• Federal Real Property inventory reporting 

Annually in December

14. Evaluate contractor performance and services obtained, including: 

• External auditor 

Annually

• Receivership/Conservatorship Resources 

As Needed

• Legal Services

As Needed

• Prompt Payment Report 

Monthly

• Statement on Standards for Attestation Engagements # 18 (SSAE-18) report - Bureau of the Fiscal 

Service Administrative Resource Center 

Annually in November

• SSAE-18 report – Bureau of the Fiscal Service Federal Investment and Borrowing Branch 

Annually in November

 

• SSAE-18 report – National Finance Center

Annually in November

• Federal Information Security Management Act reporting – Farm Credit Administration

Annually in November

15. Submit Charge Card Management Plan report to OMB

Annually in January