The Closing Package is a prescribed format of financial statements needed to prepare the Financial Report of the United States Government (FR). It links agencies' comparative, audited, consolidated, department level financial statements to the FR.
Why did FMS/Treasury change the FR process?
The process of producing the FR was changed to address audit concerns. The process is intended to resolve some of the material deficiencies identified by the Government Accountability Office (GAO).
What is the GFRS?
The GFRS is the system developed by FMS to capture agency's Closing Package information needed for the preparation of the FR.
Do I still need to submit the Master Appropriation File (MAF) and Adjusted Trial Balance (ATB) data?
Yes. The MAF and ATB submission processes is still required, via the FACTS I Application. Federal program agencies may view their ATB data in the GFRS. The ATB data is a tool to facilitate the Closing Package and is not covered in the audit requirements of the Closing Package.
Do I need to submit Notes?
Yes. Agencies are required to submit Notes in GFRS in the FR Notes and Other FR Data modules. NOTES will no longer be submitted through the FACTS I application. The "business line" entity concept previously used in FACTS I is no longer applicable in either system.
Preparation
Who is required to prepare the Closing Package?
The Chief Financial Officer (CFO) of each verifying entity must prepare and submit the Closing Package data at the department-level. CFOs must verify the consistency with their comparative, audited, consolidated, department level financial statements.
Are non-verifying entities responsible for ATBs?
Yes. Non-verifying entities must submit their ATB data through the FACTS I application and will complete the FR Notes and Other FR Data modules in GFRS. GFRS will use their ATB data in the compilation of the FR.
Do verifying entities have to do ATBs and Notes in the Closing Package?
Verifying entities are required to submit ATB data through the FACTS I application and Notes data in the GFRS FR Notes and Other FR Data modules. The verifying entities will be able to view their ATB data in both FACTS I and GFRS.
Who is required to audit the Closing Package data?
The Inspector General (IG) of each verifying entity, except those agencies with a yearend other than September 30, must opine on the consistency of the Closing Package information, entered by the CFO into GFRS, with the agencies' comparative, audited, consolidated department-level financial statements.
Do I have to re-enter my prior year data?
Prior period data will automatically roll into the appropriate column in modules GF002 - GF007 after the selection of the current year reporting method and decimal point placement. In GF006 and GF007 only notes that have the standard column setup: current period, prior period, previously reported, and line item changes will be populated. The data will be changeable by the user and all changes will override the original values.
For footnote reporting, is the entire agency note narrative required from an agency's Performance and Accountability Report (PAR)?
No. FMS only requires that an agency provide a reference where the narrative can be found in the agency PAR. This is needed for traceability. Only information required, as outlined in the TFM, should be submitted.
Why can't I see all of the notes in a list in GFRS?
An agency will only see those notes for which they are required to submit data. Some notes only apply to specific agencies. A complete listing of the notes can be found in the TFM.
Is there copy and paste capability from an MS Word document?
Yes, you can copy and paste text from an MS Word document to a valid text entry field in GFRS.
Why can't I use the down arrow to move to the next statement/footnote?
This is an Oracle System feature. The down arrow can only be used when you are in a fixed list (i.e., list of values). This helps keep hard coding in GFRS to a minimum.
How do I know what information to submit for certain notes?
Note instructions are included in the TFM - I TFM 2-4700: Agency Reporting Requirements for the Financial Report of the United States Government. The link to the Treasury Financial Manual is as follows: http://www.fms.treas.gov/factsi/vol1/TFM-2-4700.pdf
Why do the modules have to be completed sequentially?
This is necessary to maintain data and system integrity. You can go back into any module and make changes as long as you still have access. All modules that were marked final that are subsequent to the module you enter into will automatically be unmarked final. (E.g., if modules GF001, GF002, GF003, and GF004 were marked final for all statements, and you go back to module 1 for a specific statement, then modules GF002 and GF003 for that specific statement will automatically be unmarked final. However, GF004 will be unmarked final for all statements). Please note that module 7, Other Data, allows input of data without the completion of any other modules.
Timing
When do I have to submit the Closing Package, FACTS I, etc. for this fiscal year's process?
Closing Package and FR Processing key dates can be found in Figure 2 in TFM - I TFM 2-4700: Agency Reporting Requirements for the Financial Report of the United States Government. The link to the Treasury Financial Manual is as follows: http://www.fms.treas.gov/factsi/vol1/TFM-2-4700.pdf
Training
How can I receive training on GFRS and the Closing Package process?
A training schedule is sent out in June of each year informing agencies of the current year's training. Continue to check the FMS Web site.
Who needs to attend training?
New users of GFRS, particularly those who have the role of preparer, CFO, or IG, should attend the training.
Is there going to be a User Guide for the Closing Package?
GFRS is an Internet application, operated by the Bureau of Public Debt (BPD), similar to other GOALS II IAS applications. Access to the Internet and Adobe Acrobat Reader (Version 5 or higher) are required.
What kind of browser do I need?
GFRS requires Internet Explorer 5.0 or higher or Netscape 4.75 or higher. Internet Explorer is preferred.
How do I access the system?
To access GFRS you will need to log in through the GOALS II/IAS log in screen. The URL is as follows: http://fmsapps.treas.gov/ias. If you are an existing user of any application on the About IAS page, you must change your password the first time you log on and intend to go into GFRS Production or GFRS Beta. This is necessary to synchronize your password in Oracle with your BigAdmin Common Logon password. Make sure you click on the GFRS link in the same session that you changed your password in.
If you are not an existing user, you will need to complete an Enterprise System Access Request (ESAAS) form requesting access to the GFRS application. The form can be obtained at the following URL: http://fms.treas.gov/factsi/forms_esaas.doc. Once this request is granted, as with other applications, you will simply click on the GFRS link to begin using the application. If you do not already have a GOALS II/IAS user ID and password, you will need to submit an ESAAS form requesting a user ID, password, and access to the GFRS application. An initial password will be assigned to your new account. Further information will be provided on the completion and submission of an ESAAS form in order to access GFRS.
Do I need a security ID card?
No, a secure ID card is not needed to access GFRS. Internet access and a valid user ID & password will allow you to enter GFRS.
Agencies Required To Verify the Closing Package Process
Department of Agriculture
Department of Commerce
Department of Defense
Department of Education
Department of Energy
Department of Health and Human Services
Department of Homeland Security
Department of Housing and Urban Development
Department of the Interior
Department of Justice
Department of Labor
Department of State
Department of Transportation
Department of the Treasury
Department of Veterans Affairs
Agency for International Development
Environmental Protection Agency
Export-Import Bank of the United States
Farm Credit System Insurance Corporation
Federal Communications Commission
Federal Deposit Insurance Corporation
General Services Administration
National Aeronautics and Space Administration
National Credit Union Administration
National Science Foundation
U.S. Postal Service
Office of Personnel Management
Pension Benefit Guaranty Corporation
Railroad Retirement Board
Securities and Exchange Commission
Small Business Administration
Smithsonian Institution
Social Security Administration
Tennessee Valley Authority
U.S. Nuclear Regulatory Commission
Intragovernmental Fiduciary Confirmation Systems (IFCS)
What is IFCS?
IFCS is the official confirmation system for Federal departments and agencies that engage in fiduciary intragovernmental transactions. The Web site for confirming agency balances is http://fmsapps.treas.gov/ias.
What types of intragovernmental resources are available?
Links are provided for a series of regulations and information pertaining to intragovernmental transactions, i.e. Federal Intragovernmental Transactions Accounting Policy Guide; forms, i.e. IG Agreed Upon Procedures; statistics; calendar of events; correspondence, i.e. IGET meeting minutes; initiatives and contacts. See left side bar for links to these and other items.
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