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Treasury Current Value of Funds Rate

The Secretary of the Treasury is responsible for computing and publishing the percentage rate that is used for Federal debt collection, cash discounts, and rebate evaluation.

The Current Value of Funds Rate (CVFR) is a percentage based on the current value of funds to the Department of the Treasury (Treasury).

The CVFR percentage is based on the investment rates for the Treasury Tax and Loan (TT&L) accounts set for purposes of Public Law 95-147, 91 Stat. 1227 (October 28, 1977).

Treasury annually computes the CVFR percentage by averaging investment rates for the 12-month period ending on September 30 and rounding it to the nearest whole percentage.

If the annual average (on a 12-month moving average basis) changes by 2 percent per quarter, Treasury revises the rate.

Treasury's Bureau of the Fiscal Service publishes the presiding rate in the Federal Register and in a Treasury Financial Manual (TFM) bulletin.