U.S. Government Standard General Ledger Board and Issues Resolution Committee Meeting Minutes
October 24, 2002
GENERAL ITEMS:
Judy Yuran (FMS) opened the meeting. She noted the following topics to be presented today. Toni Clark (FMS) will discuss Accounting for Expired and Cancelled Authority; Marilyn Evans (FMS) will discuss Imprest Fund accounting; Kathy Winchester (FMS) will discuss Interim Guidance for Rescissions of Spending Authority from Offsetting Collections; and Karen Metler (FMS) will discuss Rescissions of Expenditure Transfers Receivable/Payable.
HANDOUTS:
Draft scenario on Accounting For Expired and Cancelled Authority For Other Than Special And Trust Funds
Draft scenario on Agency Imprest Fund Posting Guidance
Draft scenario on Interim Guidance for Rescission of Spending Authority from Offsetting Collections - FY 2002 reporting
Draft scenario on Rescission of Expenditure Transfers Receivable/Payable
Note: These scenarios can be viewed on the FMS Web site at: http://www.fms.treas.gov/ussgl/approvedscen.html
AGENDA ITEMS:
Accounting For Expired and Cancelled Authority For Other Than Special And Trust Funds
Toni stated that the scenario provides guidance beginning with the enactment of an annual appropriation to the cancellation of the expired authority. Cancelled receivables are re-established in Treasury’s miscellaneous receipt account using USSGL 3200 – Collections of Receivables from Cancelled Accounts. The amounts collected by the agency from the receivables are deposited to account 3200. Entries 33, 34 and 35 reclassify the receivable as non-entity and recognize the liability, then re-establish the cancelled receivable as non-entity.
Judy noted that we intend to revisit the above entries when the miscellaneous account scenario is updated to determine whether this is the best way to reflect these transactions. The concern is that these transactions do not provide a flow account to the agency’s financial statements.
Agency Imprest Fund Posting Guidance
Marilyn discussed the agency Imprest Fund posting guidance. The guidance dated 10/24/02, is a revision to existing guidance that was presented to the IRC in March 2002. The following changes were noted: USSGL account 4700 Commitments is now recommended in place of USSGL account 4801 Undelivered Orders – Obligations, Unpaid.
The following are descriptions of entries that were not included in the original guidance.
Reporting a loss from the fund
Recording restitution for a loss
Clearing the prior-year imprest fund balance from an annual year TAFS at the beginning of the next fiscal year.
Interim Guidance for Rescission of Spending Authority from Offsetting Collections- FY 2002 reporting
Kathy stated that this scenario provides guidance to agencies for posting rescissions of spending authority from offsetting collections. The rescission impacts net resources available for obligation in the year of the rescission but does not impact the actual orders and accounts receivable. The rescissions are reflected on line 6E of the SF-133 Report on Budget Execution and Budgetary Resources and on line 6874 of the OMB Program and Financing Schedule.
Rescission of Expenditure Transfers Receivable/Payable – Interim Guidance
Karen stated that this scenario provides guidance for rescissions where expenditure transfers receivable and payable are established on the books. These transfers usually occur between trust funds and Federal funds, however also included is the Social Security Administration’s Limitation on Administration Expenses account.
The rescissions are reflected on line 6E. of the SF. 133 Report on Budget Execution and Budgetary Resources, line 6826-6879 of the Program and Financing Schedule, and in Col. II of the FMS 2108. An "S" attribute for Spending Authority from Offsetting Collections is required for USSGL 4386 to properly crosswalk to the P & F.
Closing remarks
Judy noted that next week we will discuss foreign currency and cash and investments held outside treasury.
Kathy noted that the best source for determining the agency distributed offsetting receipt accounts to be used on the Statement of Budgetary Resources, Line 16 is the Combined Statement of Receipts, Outlays and Balances of the United States Government Appendix, Other Information B, Receipts By Department. Kathy explained that although the Federal Account Symbols and Titles (FAST) book now identifies distributed offsetting receipt accounts, it does not specify if that account is distributed to your agency. Accounts identified with an agency’s two digit prefix are not necessarily distributed to that same agency’s reports.
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