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Treasury’s Borrowings Program
Federal Credit Reform
Adam CharltonAccountant, Federal Borrowings Branch
April 12, 2007
Summary of Presentation Overview of Borrowings Borrowings Website Borrowings Systems Year-End Interest Calculators Year-End Reminders
Roles
Stephanie Blair, AccountantCarol Brooks, Accountant
Adam Charlton, AccountantGale Daggett, AccountantTabitha Linch, AccountantMilissia Morris, Accountant
Division of Accounting OperationsVeronica Lowther, Director (Acting)
Federal Borrowings BranchCrystal Hanna, Manager
Dorothy Dicks, Staff Accountant Jill Reeves, Team Lead
Federal Borrowings Branch
Dorothy Dicks, Staff Accountant
JillReeves,
Team Lead
Stephanie Blair,
Accountant
Gale Daggett,
Accountant
Carol Brooks,
Accountant
Milissia Morris,
Accountant
Crystal Hanna,
Manager
Adam Charlton,
Accountant
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Primary Roles of Borrowings Establish loan agreements Approve loan transactions using GWA Collect interest payments using IPAC Report loans receivable, interest
receivable and interest revenue Publish Treasury certified interest
rates
Treasury Loans Outstanding
Dept of EducationDept of AgricultureDept of Homeland SecurityDept of TreasurySmall Business AdministrationOther
5%6%
7%
23%
10%
49%
As of February 28, 2007
Treasury Loans Outstanding
Agency Balance Outstanding(millions)
Percent
Dept of Education $115,925 49%
Dept of Agriculture $54,257 23%
Dept of Homeland Security $17,587 7%
Dept of Treasury $14,454 6%
Small Business Administration $13,092 5%
All Others $23,086 10%
Total Loans Outstanding $238,401
As of February 28, 2007
Credit vs Non-Credit Reform
Credit Reform Non-Credit Reform
Funds with Outstanding Balances
62 (77%) 19 (23%)
Number of Loans Outstanding
1,705 (19%) 7,276 (81%)
Balance of Loans Outstanding (millions)
$185,177 (78%) $53,224 (22%)
As of February 28, 2007
Summary of Presentation Overview of Borrowings Borrowings Website Borrowings Systems Year-End Interest Calculators Year-End Reminders
TreasuryDirect Website
Click Here
http://www.treasurydirect.gov/tdhome.htm
Borrowings Link
Click Here
Online Reportshttp://www.treasurydirect.gov/govt/apps/tbp/tbp.htm
Click here for online reports
Online Reports
Choose Month
Report Selection
Detailed Fund Specific Report
Summary General Ledger Report
Detailed Fund Specific Report
$9,677,265.66$223,184,184.35
Detailed Principal and Accrued Interest Balance Report has two sections:
The top section contains principal outstanding and the related accrued interest.
The bottom section shows other principal and accrued interest. Examples include accrued interest on early repayments for credit reform programs, overdue principal of matured loans and overdue interest.
Adding the totals from each section will equal the totals found in the Summary General Ledger Balance Report.
Summary Ledger Report
Summary General Ledger Balance Report illustrates the loans receivable, interest receivable and interest revenue.
Treasury accrues interest on a daily basis. For credit reform funds, the prior fiscal year’s rate is used until the actual rate becomes available.
When principal is repaid to Treasury between October 1 and August 31, Treasury reverses accrued interest reported and accrues ½ year of interest on the principal.
When principal is repaid to Treasury between September 1 through September 30, Treasury will accrue a full year of interest.
Online Interest Rateshttp://www.treasurydirect.gov/govt/apps/tbp/tbp.htm
Click here for interest rates
Interest Rates
Credit ReformRates
Credit Reform Rates
Summary of Presentation Overview of Borrowings Borrowings Website Borrowings Systems Year-End Interest Calculators Year-End Reminders
Systems Flowchart
BPD ApprovedBorrowings & Repayments(Principal)
Repayments(Interest)
Invest One
PARS
GWA Flowchart
Agency Preparer
Agency Certifier
BPD Approver
Publications Supervisor
•Agency Certified•Agency Rejected
•BPD Certified•BPD Rejected
•FMS Approved•Publication Rejected
•New•Saved•Finished•Reversed
STAR
IPAC All IPAC transactions will be required to have:
SGL data for both sender and receiver TAS for both sender and receiver BETC for both sender and receiver
Business Event Type Code The BETC is an 8-character code
used to indicate the type of activity being reported
Used in combination with TAS to classify the transaction
Replaces transaction codes and standard subclasses
Implementation of BETC Effective August 1, 2008 all IPAC
transactions will use the new BETCs TFM Bulletin No. 2007-04
Agencies are encouraged to implement as soon as possible IPAC will no longer be reported on 224
Further information can be found at http://www.fms.treas.gov/gwa
IPAC BETCs for Borrowings
Transaction BETC
Paym
en
t
Sender (Agency)
Gross Disbursement DISB
Receiver (BPD)
Collection To An Unavailable Receipt
AccountCOLUVRCT
Colle
ctio
n
Sender (Agency)
Adjustment to Gross Disbursements
DISBAJ
Receiver (BPD)
Adjustment to Collections for an Unavailable
COLUVRAJ
GWA BETCs for BorrowingsPREVIOUS NEW
Borro
win
g
ACTIVITY TYPETRANS CODE
SUB CLASS
BETC
Borrowing From The US Treasury 71 95 BPD
Credit Reform Borrowing From The US Treasury 71 95 CRB
Non-Credit Reform Borrowing From The US Treasury 71 95 NCRB
Reverse Credit Reform Borrowing From The US Treasury 71 95 RCRB
Reverse Non-Credit Reform Borrowing From The US Treasury 71 95 RNCRB
Rep
aym
en
t
Repayment of Borrowing From The US Treasury 61 85 BPDP
Repayment of Credit Reform Borrowing From The US Treasury 61 85 PCRB
Repayment of Non-Credit Reform Borrowing From The US Treasury 61 85 PNCRB
Reverse Repayment of Credit Reform Borrowing From The US Treasury 61 85 RPCR
Reverse Repayment of Non-Credit Reform Borrowing From The US Treasury 61 85 RPNCR
Reverse Write-Off of Non-Credit Reform Borrowing From The US Treasury 61 85 RWNCR
Write-Off of Non-Credit Reform Borrowing From The US Treasury 61 85 WNCR
Reversing GWA Transactions Reversals are used when GWA
transactions are incorrect and have already been STAR posted Reversal must be done by the person
who submitted the original transaction User must have the correct access in
GWA
Ensuring Correct Accesshttps://ups.twai.gov/TWAIUPS/user/login.jsp Select Manage My Applications Select VIEW by the GWA Application Select Modify Access Select Add Module/Role From the --Select Module-- drop-down
select BPDR Select Next Select Finish
Reversing the Transaction Go to GWA & find the transaction you want
to reverse under ‘Posted Transactions’ Select the blue reversal icon Select the ‘Reverse’ button at the bottom of the
page
Summary of Presentation Overview of Borrowings Borrowings Website Borrowings Systems Year-End Interest Calculators Year-End Reminders
Gold Stars!11X4122 12X4337 36X4124 73X4149 11X4137 13X4314 36X4127 73X4150 11X4174 13X4324 36X4130 83X4028 12X4049 13X4328 36X4258 83X4161 12X4143 14X4163 68X4322 86X4077 12X4146 14X4415 69X4123 86X4105 12X4158 14X4416 69X4304 86X4242 12X4177 19X4107 69X4420 86X4587 12X4211 20X4088 70X4234 91X4252 12X4212 20X4286 71X4074 91X4253 12X4215 27X4133 71X4075 97X4166 12X4221 36X4112 73X4148
FY 2006 Calculators 47 Programs sent
their calculators in by Friday, September 29th! Over 70% More than doubled the
early submissions from FY 2005
Year-End Changes OMB is releasing a revised Credit
Subsidy Calculator (CSC2) CSC2 will combine the Financing
Account Interest Calculator (FAIC) and the Credit Subsidy Calculator (CSC)
Interest will be compounded on repayments during the year
More information will be given in the 3:15–4:15 session
Additional CSC2 Information
Federal Credit Support Pagewww.whitehouse.gov/omb/credit
To be notified of updates, email:[email protected]
All other questions should be referred to your Program Examiner at OMB
Summary of Presentation Overview of Borrowings Borrowings Website Borrowings Systems Year-End Interest Calculators Year-End Reminders
Year-End Checklist September 30th falls on a non-business
day this year Process borrowings and repayments as
soon as possible Verify that transactions agree with the
interest calculator Submit all new sub-cohorts to Borrowings
before entering the transactions in GWA
Normal Borrowings
Certify final borrowing no later than 3 p.m. EST on Friday, September 28th
Transaction date: September 28, 2007 Effective date: October 1, 2006
Borrowings due to normal operations for the fiscal year
Borrowings to Pay Interest
Certify final borrowing no later than 3 p.m. EST on Friday, September 28th
Transaction date: September 30, 2007 Effective date: September 30, 2007
Borrowings that are used to pay interest
Repayments
Certify final repayment no later than 3 p.m. EST on Friday, September 28th
Transaction date: September 28, 2007 Effective date: September 28, 2007
Repayments due on September 30th
Interest Payments
During the month of September, the amount of interest will be the same no matter when the IPAC transaction is processed
TFM Volume 1 Part 2 Chapter 4600
Year-End IPAC Submit interest
payments in IPAC on or before 3 p.m. EST on Friday, September 28th
Send one IPAC per fund symbol for the total interest costs of all sub-cohorts
Total should match the Calculator’s Interest Costs
Interest Income Credit Accounting
Branch at FMS oversees the interest income portion Submit IPAC charging
20X1880 to receive interest on uninvested funds
IPAC needs to include a certification statement
Interest Calculator Deadline Submit all calculators & supporting
documentation by 1 p.m. EST on Friday, September 28th
E-mail:[email protected]
Fax:304-480-5176
Naming Guidelines Please include the
following in the calculator file name: Treasury Account
Symbol Sub-Cohort, if
applicable
E-Mail Guidelines When sending
calculators, please include the following in the subject line of the e-mail: Int Calc Treasury Account
Symbol If Sending changes
use ‘Revised #1’
Subject Line Examples:Subject Line Examples:
*Int Calc 11X4174
*Int Calc 11X4174, Revised #1
E-Mail Calculators to:[email protected]
FY 2007 Year-End Timeline
09/17 09/17 09/28 09/28 09/28
RATESCredit Reform Interest Rates
Published
CSC2 Credit Subsidy
Calculator Available
GWA Borrowings for normal operations, Borrowings
to pay interest and Repayments of principal
by 3 pm EST
IPAC Interest payment due by
3 pm EST
CSC2Credit
Subsidy Calculator
due by1 pm EST
Balance Confirmations During the first week of October,
Borrowings will send an e-mail requesting each fund to confirm their records against Borrowings’ Print the detailed report for your
specific fund and the G/L Balance Report from Borrowings’ website
Fax signed reports to Borrowings
Balance Confirmations Confirm loan balances by maturity date Verify cohort and sub-cohort information
Cohort Year
Maturity Date
Sub-Cohort
References Federal Credit Reform Act
http://www.fms.treas.gov/ussgl/creditreform/fcra.html
TFM Vol. 1 Part 2 Ch. 4600http://www.fms.treas.gov/tfm/vol1/index.html#Part%202
SFFAS No. 2 Accounting for Direct Loans and Loan Guaranteeshttp://www.fasab.gov/standards.html
GWA User Manualhttp://fms.treas.gov/gwa/user_documentation.html
IPAC User Manualhttp://fms.treas.gov/goals/ipac/ipacmanual/index.htmlIPAC User Manual
Monthly Treasury Statement, Table 6 Schedule Chttp://fms.treas.gov/mts/index.html
Intragovernmental Transaction Informationhttp://fms.treas.gov/factsi/index.html
OMB Circular A-11http://whitehouse.gov/omb/circulars/a11/current_year/s185.pdf
FMS Updates
Be sure to sign-up for e-mail notifications on FMS’ website Be notified of
important events and upcoming changes
http://fms.treas.gov/scripts/subscription/
Borrowings Contacts Address
Department of the TreasuryBureau of the Public DebtFederal Borrowings Branch, Room H113P.O. Box 396Parkersburg, WV 26106-0396
Phone304-480-7488
Fax304-480-5176
Agency Visits
We would like to invite you and other members of your agency to visit the
Federal Borrowings Branch at the Bureau of the Public Debt in
Parkersburg, WV
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