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:
Financial Management Service Department of the Treasury Telephone: 202-874-9910 E-mail: financial.reports@fms.treas.gov |
Office of Federal Financial Management Office of Management and Budget Telephone: 202-395-3993 E-mail: statements@omb.eop.gov |
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.