U.S Debit Card Program USSGL Board Presentation May 20, 2010.

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Presentation transcript:

U.S Debit Card Program USSGL Board Presentation May 20, 2010

Background  The U.S. Debit Card is a bankcard (JP Morgan Chase – JPMC) that Federal Program Agencies (FPAs) use for Federal payments to individuals. FPAs load the debit card with an amount, which is accounted for in a host system with a database of card serial numbers and associated balances, and then issue the card to a Federal payee. The payee may use the card at automated teller machines to make cash withdrawals or at point-of-sale terminals to make retail purchases.  FPAs have the option of issuing the card as: A.) A disposable payment mechanism, whereby a fixed amount of value is loaded onto the card, and once the value is spent, the debit card is discarded. -OR- B.) A reloadable payment mechanism, whereby the FPA can make multiple payments to a payee.

Background continued…  FMS’s Office of Chief Counsel has determined that all U.S. Debit Card Program activity should be reported as Cash and Investments Held Outside of the Treasury (CIHO).  Since there are various ways that agencies may issue the cards, FMS’s USSGL Division, along with the Cash Accounting Division, and Federal Finance, have decided to allow flexibility in reporting Debit Card activity.  All debit card activity will be captured in proposed USSGL account However, agencies may report it in one of three ways: as an advance, as an expense, or as a reimbursement or entitlement.

1125 U.S. Debit Card Funds (Proposed USSGL Account)  The authorized amount of cash placed on U.S. Debit Cards by Federal Program Agencies (FPAs) and held by agency representatives at personal risk.  Justification: To capture the authorized amount of cash placed on U.S Debit Cards by FPAs and held by agency representatives at personal risk

Impact on Crosswalks USSGL Account Balance Sheet FMS 2108: Yearend Closing Statement Reclass Balance Sheet 1125: U.S Debit Card Funds Line 7: Cash and Other Monetary Assets Column 6: Other Authorizations Line 2.1 Cash and Other Monetary Assets

QUESTIONS?