Capital Transfer Presented by Christine Chang USSGL Board Meeting May 20, 2010.

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Presentation transcript:

Capital Transfer Presented by Christine Chang USSGL Board Meeting May 20, 2010

What is Capital Transfer Generally capital transfer is a revolving fund transaction. It is a repayment of capital investment back to designated miscellaneous receipt accounts: Earnings of Government-Owned Enterprise  1613 Dividends on Capital Stock  1614 Other Earnings from Business Operations and Intragovernmental Revolving Funds Repayment of Capital Investment Government-Owned Enterprise  2813 Repayment of Capital Stock  2814 Other Repayments of Investments and Recoveries

Why do you record contingent liability for capital transfer? If a fund manager determines that at some point in the future it is probable that the fund will repay the appropriation and the 3 conditions for contingent liability are met: Then contingent liability associated with the capital transfer should be recognized. Past Event has Occurred (Received app) Future outflow of Resource is probable (Repayment of app) Amount is known

New accounts for fiscal 2011  1923 – Contingent Receivable for Capital Transfers  1925 – Capital Transfers Receivable  2923 – Contingent Liability for Capital Transfers

Why are we creating new accounts for 2011? Capital transfer is a unique intra-agency activity and therefore separate accounts were needed to capture this activity. To support intra-agency elimination between the program account and its General Fund receipt Account, Contingent Receivable(1923) was created. A separate account for Capital Transfers Receivable (1925)was created. A separate account Contingent Liability for Capital Transfers (2923)was created

The new accounts will support the intra-agency eliminations. Revolving Fund 5792(FXX) Financing Sources To be Transferred Out – Cont Liability 2923 (FXX) Contingent Liabilities for Capital Transfers General Fund Receipt Account 1923 (FXX) Contingent Receivable for Capital Transfers 5765(FXX) – Nonexpenditure Financing Sources – Transfer Out 5994(F99) Offset to Nonentity Accrued Collections – SCNP 2985(F99) Liability for Nonentity Assets Not reported on the SCA Revolving Fund 5766FXX Nonexpenditure Financing Sources T/O Cap Transfers 5792FX Financing Sources to be T/O Contingent Liab 2923FXX Contingent Liab for Cap 2970FXX Liab for Cap Trans to the General Fund of the Treasury General Fund Receipt Account 1925Fxx Capital Transfers Receivable 1923FXX Contingent Receivable for Capital Transfer

New Accounts and Their Impact to the 2011 Financial Statements Acct #Account NameB/SSNCSCNPSCASBRRBSRNCRCNP 1923Contingent Receivable for Capital transfers 3N/A 3.9N/A 1925Capital transfers Receivable3N/A 3.9N/A 2923Contingent Liability for Capital Transfers 19N/A 7.9N/A Note: line numbers listed under Reclassified statements use 2010 Crosswalk. In 2011, the line number on the Reclassified statements may be different.