General Fund Reporting General Fund Reporting EntityEntity

USSGL AccountsUSSGL Accounts

USSGL Board PresentationUSSGL Board Presentation

May 3, 2012May 3, 2012

OverviewOverview

The General Fund is the central activity that tracks:

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General FundCongressionally issued Budget Authority

Cash

Treasury Issued Debt and Borrowings

Why the General Fund?Why the General Fund?• Financial Report of the U.S. Government

• GAO Audit Finding• Unreconciled Differences • Process - Financial Report preparation

• General Fund Reporting and Analysis• Audited General Fund information that will be reported

in the Governmentwide Financial Report System (GFRS)

• Provides for a more complete accounting of the Government’s financial activity.

• Enables a conventional financial reporting consolidation process

• Identifies the materiality of the unreconciled differences

• Matching of reciprocal categories and identifies areas of improvement

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Fiscal 2014 ReportingFiscal 2014 Reporting

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• General Fund Accounts • Proposed accounts for the General Fund of the Treasury

(14 USSGL accounts)

• Memorandum Account Series • Reserved for the Department of Treasury - Central Summary

General Ledger (USSGL accounts 810000 through 879900 series)

• Technical Change to current memorandum USSGL accounts 810100 and 820100. These accounts numbers will move to:

• Partial or Early Cancellation of Authority (USSGL account 809100)

• Offset for Partial or Early Cancellation of Authority (USSGL account 809100)

Proposed General Fund Proposed General Fund AccountsAccounts

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Account No.

Title

Assets

110100 General Fund Operating Cash

110300 Restricted Operating Cash

110900 Checks Outstanding

114500 Cash Held Outside the Treasury’s General Account

125000 Central Accounting/Agency Reconciliation Account

198000 Asset for Agency’s Custodial and Non-Entity Liabilities

199900 Central Accounting Control Account

Liabilities

201000 Liability for Fund Balance With Treasury

Proposed General Fund Accounts Proposed General Fund Accounts (con’t)(con’t)

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Account No.

Title

Net Position

320000 Appropriations Outstanding - Cumulative

320100 Appropriations Outstanding – Warrants Issued

320600 Appropriations Outstanding – Adjustments

Revenues and Other Financing Sources

571000 Transfer in of Agency Unavailable Custodial and Non-Entity Collections

571200 Accrual of Agency Amounts to be Collected - Custodial and Non-Entity

Gains/Losses/Miscellaneous Items

771000 Trust Fund Warrants Issued Net of Adjustments

Memorandum AccountsMemorandum Accounts

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Account No. Title

809100 Partial or Early Cancellation of Authority

809200 Offset for Partial or Early Cancellation of Authority

810000 through 8799000

Reserved for the Department of Treasury – Central Summary General Ledger

General Fund Operating Cash General Fund Operating Cash IllustrationsIllustrations

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Agency Financial Institution(CashLink II)

Bank reported settled at the FRB

Confirmed deposit detail by ALC transcript

Deposit with Agency Location Code (ALC)

Statement of Transactions

9Monthly Reconciliation fromTreasury’s Central Accounting System

Treasury’s General Account (TGA)

FRB NY

(operating cash)

General Fund Operating CashGeneral Fund Operating CashCollectionsCollections

Treasury’s Central Accounting• Posts deposits and updates fund balance

• Compares Statement of Transactions and Accountability deposit amounts to banking system amounts

• Generates Statement of Difference when Statement of Transactions deposit amounts do not equal banking deposit amounts

Request for settlement of funds

SOD Deposits in Transit

Confirmed check issue data

Statement of Transactions

Treasury’s Central Accounting

General Fund Operating CashGeneral Fund Operating CashCheck PaymentsCheck Payments

FMS Regional Finance Centers for

Treasury Disbursing Officers by ALCs

• Posts classified payments and updates fund balance

• Compares Statement of Transactions and Accountability payment amounts to RFC payments and IPAC amounts

• Generates Statement of Difference when Statement of Transactions payment amounts do not equal RFC payment and IPAC amounts

Agency

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Request for check payment Check

payment

Treasury’s General Account (TGA)

FRB NY

(operating cash)

PayeeCashes check

SODUndistributed

Monthly Reconciliation fromTreasury’s Central Accounting System

Bank reported settled at the FRB