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

June 5, 2008

GENERAL ITEMS:

This meeting was held at the U.S. Department of Transportation, 1200 New Jersey Avenue, SE., Conference Room No. 5, Washington, DC.

Karen Metler (FMS) opened the meeting and went over the agenda. She stated that the IRC would be discussing draft 2008 reclassified financial statements, footnotes for the SF 133, and revolving fund tie-points.

HANDOUTS:

  • Proposed SF 133: Report on Budget Execution and Budgetary Resources and Statement of Budgetary Resources Footnotes and Additional Information, dated June 5, 2008

  • Draft USSGL Crosswalk - Reclassified Balance Sheet for the Closing Package for Fiscal 2008 Reporting, dated June 5, 2008

  • Draft USSGL Crosswalk - Reclassified Statement of Changes in Net Position for the Closing Package for Fiscal 2008 Reporting, dated June 5, 2008

  • Draft USSGL Crosswalk - Reclassified Statement of Net Cost for the Closing Package for Fiscal 2008 Reporting, dated June 5, 2008

  • U.S. Government Standard General Ledger Summary of Changes for Reclassified Crosswalks, dated June 5, 2008

  • Draft USSGL by Fund Type, dated June 5, 2008

  • Draft IRC Working Document - Revolving Fund Expenditure Trial Balance Tie-Points

AGENDA ITEMS:

Gwen Marshman (FMS) reviewed the changes to the draft Reclassified Balance Sheet for the Closing Package for Fiscal 2008 Reporting. The group had no questions or comments.

Keith Mertz (FMS) reviewed the changes to the draft Reclassified Statement of Net Cost for Fiscal Year 2008 Reporting. The group had no questions or comments.

Michele Crisman (FMS) reviewed the changes to the draft Reclassified Statement of Changes in Net Position for Fiscal Year 2008 Reporting. The group had no questions or comments.

Kathy Winchester (FMS) reviewed a handout on the footnotes and additional information for the SF 133. She noted that the prior-year adjustment attribute was added to the SF 133 for fiscal 2008.

David Surti (DHS) suggested that, to be in accordance with generally accepted accounting principles, line 1B, Adjustments to Unobligated Balances Brought Forward, should be added to the Statement of Budgetary Resources (SBR). Kathy stated that this is a known disconnect and that agencies need to determine how their adjustments will affect their SBRs. The agencies should make their problems known to the Office of Management and Budget.

Michele reviewed the draft IRC Working Document for Revolving Fund Expenditure Trial Balance Tie-Points. During the discussion of tie-point number one, Assets = Liabilities, Net Position, Revenue, Expenses, and Gains/Losses (Preclosing), the group had comments on several USSGL accounts (see below).

Eileen Parlow (FASAB) recommended that USSGL account 1399, "Allowance for Subsidy," be removed from the table. Michele agreed and said that it would be deleted.

Marilyn Evans (DHS-FEMA) inquired as to whether the following USSGL accounts should be included:

  • 2510, "Principal Payable to the Bureau of the Public Debt";

  • 2520, "Principal Payable to the Federal Financing Bank";

  • 6310, "Interest Expenses on Borrowing From the Bureau of the Public Debt and/or the Federal Financing Bank";

  • 7112, "Gains on Disposition of Borrowings";

    AND

  • 7212, "Losses on Disposition of Borrowings."

The group decided that these accounts should be included to the extent that activity in these accounts is not credit reform activity. The USSGL staff will make separate tie-point workbooks for credit reform.

Karen pointed out that USSGL account 5312, "Interest Revenue - Loans Receivable/Uninvested Funds," should be included in the table. Michele agreed and said that it will be added.

CLOSING REMARKS:

Karen asked agency representatives if they had any issues and closed the meeting.

ATTENDEES:

Judy Yuran, FMS
Michele Crisman, FMS
Kathy Winchester, FMS
Karen Metler, FMS
Keith Mertz, FMS
Christine Chang, FMS
Gwen Marshman, FMS
Marilyn Evans, DHS-FEMA
Webster Coleman, DOL
David Surti, DHS
Tai Westermann, DHS
Dan Smith, PTO
Ayana Bess, DOC
Sam Idahosa, Treasury
Teresa Lampkin, DOT
Drena McDaniel, DOT
Yen Le, State
Lise Trumbull, GSA
Michael Ward, GSA
Janet Winchester, VA
Michele Murphy, VA
Cindy Scharf, Library of Congress
Diane Washington, DOI
Gregory Parker, HUD
Kevin Dugas, DOT
Alice Rice, DOD
Janice Alexander, NSF
Al Buck, USAID
Eileen Parlow, FASAB


   Last Updated:  March 14, 2014