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APPLICATIONS & PROGRAMS

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Non-Credit Reform Accounts

New Accounts: Preparing to Borrow

Establish Treasury Account Symbols - Agencies with new borrowing authority should contact their Office of Management and Budget (OMB) budget representative and the Budget Reports Division (202-874-9880) within the Department of the Treasury’s Bureau of the Fiscal Service (Fiscal Service) to establish the necessary expenditure and receipt Treasury Account Symbols. More information related to the establishment of accounts can be found in Section 79.4 of OMB Circular A-11 and Chapter 1500 of the Treasury Financial Manual (TFM).

Establish a New Non-Credit Reform Borrowing Agreement - Prior to borrowing activity, agencies must contact Fiscal Service’s Federal Investments and Borrowings Branch (FIBB) at Borrowings@fiscal.treasury.gov to establish a borrowing agreement. Fiscal Service’s Office of Chief Counsel will conduct a review of the applicable legislative borrowing authority to establish that the legislation is current, whether or not the agreement is subject to the Federal Credit Reform Act of 1990, as amended (FCRA), and if any exceptions or conditions exist in the legislation that require special attention.

If it's determined that the applicable borrowing authority is not subject to FCRA, the borrowing agency for the Non-Credit Reform account must work with Fiscal Service, Treasury’s Office of Federal Program Finance, and Treasury’s Office of the Fiscal Assistant Secretary to draft a new, nonstandard borrowing agreement.

Obtain System Accesses - The Central Accounting Reporting System (CARS) is a web-based front-end interface to Fiscal Service’s central accounting and financial reporting system. View information about obtaining access to CARS. Agencies needing to borrow should enroll in the BPD Module of CARS. Agencies can also call the Treasury Support Center (877-440-9476) for additional assistance.

The Intragovernmental Payment and Collection (IPAC) System is a web-based Fiscal Service application that provides a standardized interagency fund transfer mechanism and facilitates the intragovernmental transfer of funds with descriptive data from one agency to another. View information about obtaining access to the IPAC System. Agencies can also call the Treasury Support Center (877-440-9476) for additional assistance.

Borrowing and Repayment Transactions

No overarching legislation, similar to FCRA, exists that governs Non-Credit Reform Accounts. Treasury established the Non-Credit Reform Operating Circular to communicate standard policies and maintain consistency with those policies to the extent possible when it comes to the Non-Credit Reform borrowing agreements. However, anywhere the applicable statute or borrowing agreement directly conflict with the Circular, the statute or borrowing agreement will prevail.

For Non-Credit Reform Accounts, borrowing agencies should refer to the current borrowing agreement for account-specific principal borrowing and repayment information. Chapters 3000 and 4000 of the Non-Credit Reform Operating Circular can be referenced for Treasury’s standard policies related to principal borrowings and repayments. Below are some policies related to principal borrowing and repayment transactions that generally apply to all Non-Credit Reform Accounts:

  • All borrowing and repayment transactions must be submitted by borrowing agencies through the Agency Transaction Module of CARS.
  • Borrowing and repayment transactions must be submitted by 3:00 pm ET to ensure same day processing.
  • For Non-Credit Reform borrowing and repayment transactions, the CARS Effective Date must not be a date that is earlier than the applicable transaction is submitted through CARS.

Interest Costs - Accruals and Payments to Treasury

For Non-Credit Reform Accounts, borrowing agencies should refer to the current borrowing agreement for account-specific interest accrual and payment information. Chapter 4000 of the Non-Credit Reform Operating Circular can be referenced for Treasury’s standard policies related to interest accruals and payments. Below are some policies related to interest payments that generally apply to all Non-Credit Reform Accounts:

  • All interest payments must be submitted by borrowing agencies through the IPAC System.
  • Interest payments must be submitted by 3:00 pm ET to ensure same day processing.
  • Non-Credit Reform principal repayments with corresponding interest payments due on the same date will not be approved in CARS until the interest payment is received.

Reports

Each month, FIBB posts reports containing Treasury’s Loans Receivable, Capitalized Interest Receivable, Interest Receivable, Interest Revenue, Gain, and Loss balances associated with agency borrowings from Treasury for each borrowing account on the Federal Borrowings Program Reports page. A Report Instructions page is available if further assistance with reports is needed.

Guidance