TFM Bulletin Page

Bulletin No. 2007-03
Volume I

PDF File

Retention: October 31, 2007

To: Heads of Government Departments, Agencies, and Others Concerned

Subject: Intragovernmental Business Rules

1. Purpose

This bulletin, which includes Attachments 1 and 2, revises requirements for the Intragovernmental Business Rules (Rules). As indicated in the Office of Management and Budget (OMB) Memorandum M-07-03, Business Rules for Intragovernmental Transactions, dated November 13, 2006, the requirements of this bulletin supersede OMB Memoranda M-03-01 and M-06-09, dated October 4, 2002, and March 29, 2006, respectively.

2. Applicability

The provisions of this bulletin apply to all intragovernmental business. Accordingly, these Rules provide Federal entities with guidance for recording and reconciling intragovernmental exchange transactions, fiduciary transactions [Bureau of the Public Debt (BPD) investments and borrowings; Federal Financing Bank (FFB) borrowings; Department of Labor (DOL) Federal Employee Compensation Act (FECA) transactions; and Office of Personnel Management (OPM) employee benefit transactions], and transfers between Federal entities. Since these Rules delineate business practices, they are applicable to all accounting systems. For purposes of these Rules, the requesting agency is a "Buyer," the providing agency is a "Seller," and, collectively, they are "Trading Partners."

3. Dispute Resolution

Intragovernmental disputes and major differences shall be resolved as delineated in Section VII of Attachment 1, through a Chief Financial Officers Council's Intragovernmental Dispute Resolution Committee.

4. Effective Date

This bulletin is effective October 1, 2006.

5. Inquiries and Assistance

Direct general inquiries relating to this bulletin to:

Direct inquiries relating to the Intra-governmental Payment and Collection (IPAC) System to:

Financial Management Service
Department of the Treasury
Telephone: 202-874-5980
E-mail: holden.hogue@fms.treas.gov

Kenneth R. Papaj
Commissioner
Date: November 15, 2006

Attachments are available in the PDF version only.