U.S. Government Standard General Ledger
Issues Resolution Committee (IRC) Meeting Minutes

September 01, 2011

GENERAL ITEMS:

This meeting was held at the Government Accountability Office, 441 G Street, Washington, D.C.

Michele Crisman (FMS) opened the meeting and reviewed the agenda. Introductions were made.

HANDOUT:

• Nonfiduciary Closing Table Rules — Fiscal 2011, dated September 1, 2011
• Fiduciary Closing Table Rules — Fiscal 2011, dated September 1, 2011
• Fiscal 2011 and 2012 SF 133: Report on Budget Execution and Budgetary Resources - Schedule P: Program and Financing (P&F), Prior Year Actual Column, dated September 1, 2011
• Fiscal 2012 USSGL Account Attributes Required for FACTS II Reporting of Detailed Financial Information, dated September 1, 2011
• Non-Credit Reform Borrowings From Treasury With Capitalized Interest, dated September 1, 2011
• Standard General Ledger TFM Summary of Changes, dated September 1, 2011
• Draft TFM Summary of Changes for SF 133 and P&F, dated September 1, 2011

AGENDA ITEMS:

Nonfiduciary and Fiduciary Closing Table Rules — Fiscal 2011

Michele Crisman (FMS) reviewed the handouts. Fiduciary accounts include activities that relate to the collection or receipt, subsequent management, protection, accounting, investment, and disposition of cash or other assets that are not owned by the Federal Government. The data in the worksheets are based on the 2011 USSGL Treasury Financial Manual (TFM). Bruce Henshel (Commerce) suggested removing the Treasury Appropriation Fund Symbol (TAFS) Status attribute column from the Fiduciary Closing Table and keeping it on the NonFiduciary Closing Table Rules worksheet for the USSGL accounts collected in FACTS II. It was decided that the budgetary accounts will be removed from the Fiduciary Closing Table as well as proprietary USSGL accounts related to appropriations and taxes. Discussion arose as to which USSGL accounts should be in a fiduciary account. This topic will be revisited again at a later time. Michele requested an email if anyone has additional changes.

The Fiscal 2012 USSGL Account Attributes Required for FACTS II Reporting of Detailed Financial Information handout was rescinded after discussion with OMB during the meeting.

Non-Credit Reform Borrowings From Treasury With Capitalized Interest

Karen Metler (FMS) reviewed the scenario. Karen mentioned that this scenario is effective fiscal 2012 for all non-credit reform borrowings with capitalized interest, except for the Federal Financing Bank (FFB). The FFB will be required to implement this scenario in fiscal 2013. The scenario is needed because capitalized interest takes on the characteristics of loan principal and should be tracked separately from the regular interest on loans receivable. The scenario is for non-credit reform Treasury Account Symbols (TAS) with borrowing authority, that borrows from the Bureau of Public Debt (BPD). It was noted that USSGL account 7500, "Distribution of Income – Dividend" needs to be included in the proprietary accounts listing on page two. This omission will be corrected. Account totals in transaction number two will be corrected as well. Kathy Winchester (FMS) questioned the need for previously established USSGL accounts 1351, "Capitalized Loan Interest Receivable - Non-Credit Reform" and 2511, "Capitalized Loan Interest Payable - Non-Credit Reform," noting that agency sub/point accounts would accomplish the same distinction and would provide the same detail needed for tracking purposes. BPD strongly favors separate USSGL accounts instead. This issue was tabled for a later discussion. Eileen Parlow (FASAB) asked BPD to explain a situation, similar to that shown in the scenario transaction 11C, in which a loss would result for the non-credit reform TAS and a gain for BPD. An example was given for when a repayment is made prior to maturity (prepayment penalty). The scenario incorporates crosswalks to be published in the September USSGL TFM.

Fiscal 2011 and 2012 SF 133: Report on Budget Execution and Budgetary Resources - Schedule P: Program and Financing (P&F), Prior Year Actual Column

USSGL Crosswalks for Fiscal 2011 Reporting

Karen Metler (FMS) reviewed the handout and Treasury Financial Manual (TFM) Summary of Changes. It was discussed that the advance flag will be deleted with the fiscal 2013 implementation of the Government-wide Treasury Account Symbol Adjusted Trial Balance System (GTAS). Instead, an additional domain value under the Authority Type attribute will be added to capture "advance flag" data.

Updates to the P&F/SF133 crosswalks are a result of the OMB Circular No. A-11 release, dated August 18, 2011.

Additional research is needed for USSGL accounts 1621, Discount on Securities Other Than the Bureau of the Public Debt Securities, and 1622 Premium on Securities Other Than the Bureau of the Public Debt Securities, and whether beginning balances included on lines 5010 and 5011 are needed. These lines are related to FACTS II, edit nine, which only includes ending balances. Additional research is also need for adding beginning balances to USSGL accounts 1621 and 1622 in FACTS II, edit 13. On the SF 133: fiscal 2011, line 5010, USSGL accounts 1621 and 1622 should include beginning balances, not ending, as noted on the handout. Formatting corrections to wrap text on lines 4000 and 4090 will be made.

It was noted by Kathy Winchester (FMS) that investment amortization requirements are different for budgetary and proprietary accounting. This is a topic that is currently being addressed by the USSGL staff.

A few corrections were noted. The TAFS Status domain value "U" will be moved from the SF 133 TAFS Status column to the P&F TAFS Status column on line 1171, for USSGL accounts 4114, Appropriated Trust or Special Fund Receipts, and 4384, Temporary Reduction/Cancellation Returned by Appropriation. The TAFS Status domain value "U/E" will be added to the P&F TAFS Status column for line 1201, USSGL account 4129, Amounts Appropriated From Specific Invested TAFS - Transfers-Out.

USSGL Crosswalks for Fiscal 2012 Reporting

Pertaining to the Prior-Year Adjustment attribute, domain value "B's" that are submitted will be verified between the Office of Management and Budget (OMB) and the Financial Management Service (FMS) to validate there was a backdated document processed by the Department of the Treasury. If domain value "B" is submitted without a backdated document having been processed, agencies will be contacted by OMB.

Additional Topics—Round Table

Leon Fleischer (SBA) referred to recent changes to the 3rd quarter Statement of Disposition Report, Material Differences, Part III-Additional Explanations, trading partner (TP) 99. He was wondering, along with other IRC attendees, why entire USSGL Fund Balance With Treasury 1010 balances on this report are now classified as a TP 99 difference, requesting agencies to distinguish between trading partners. This change was made without agency notification according to attendees. Kathy stated that an FMS representative familiar with the topic will be requested to attend the next IRC meeting for additional clarification and to answer any IRC attendee questions.

Eileen Parlow (FASAB) requested that any comments regarding the Exposure Draft Revisions to Identifying and Reporting Earmarked Funds: Amending Statement of Federal Financial Accounting Standards 27, be submitted no later than the third week of September.

Teresa Tancre (OMB) discussed the new apportionment category A & B; there is no impact on the USSGL. The schedule comparison illustration is presented below:

CLOSING REMARKS:

Kathy closed the IRC meeting and thanked everyone for their attendance and participation.

ATTENDEES: