Definitions from Department of Treasury Operating Circular (2014)

Section 1010 Purpose

The purpose of this Operating Circular is to communicate the responsibilities, policies, and procedures that the Department of the Treasury (Treasury) has established for those federal agencies which have been granted authority by law to borrow funds from Treasury, other than federal agencies that borrow from Treasury under the Federal Credit Reform Act of 1990, as amended. The accounts of these federal agencies are referred to in this Operating Circular as “Non-Credit Reform Accounts.” This Operating Circular generally describes the responsibilities, policies, and procedures that Treasury and the federal agencies that have programmatic responsibility for the use of these borrowed funds have relating to these Non- Credit Reform Accounts. The federal agencies that have programmatic responsibility for the Non-Credit Reform Accounts are referred to in this Operating Circular as “Program Agencies.” This Operating Circular generally does not relate to repayable appropriations made to Program Agencies for their Non-Credit Reform Accounts.

Section 1025 Definitions

In this Operating Circular, unless the context indicates otherwise:

Advance means a borrowing of funds by the Program Agency from Treasury.

Agency Location Code (ALC) means the four-, or eight-digit symbol assigned by Treasury that uniquely identifies each agency that reports receipts and disbursements to Treasury. It is similar to a bank account number, and is used by Treasury to ensure correct financial reporting. One ALC may be used to report information for multiple government accounts.

Business Day means any day on which both Treasury and the Federal Reserve Bank (FRB) of New York are open for business.

Business Event Type Code (BETC) means a code that indicates the type of activity being reported (collection, disbursement, etc.). BETCs are used in combination with the Treasury Account Symbol to determine the transaction’s effect on the Program Agency’s fund balance with Treasury.

Central Accounting Reporting System (CARS) means the web-based front-end interface to Fiscal Service’s central accounting and financial reporting system. Program Agencies will need to enroll in the BPD Module of CARS. Advance and repayment transactions will be submitted by Program Agencies through the Agency Transaction Module of CARS.

Expenditure Transfer means a movement of funds that involves an outlay of budgetary resources from one government account and a receipt or collection to another government account.

Fiscal Service means the United States Department of the Treasury’s Bureau of the Fiscal Service.

Federal Borrowings Branch (FBB) means the branch within Fiscal Service that administers the Federal Borrowings Program on behalf of Treasury.

Federal Borrowings Program means Treasury’s activities, policies, and procedures of loaning funds to Program Agencies that have legislative authority to borrow from Treasury for specific purposes.

General Fund Receipt Account means an account credited with all receipts not earmarked by law for a specific purpose. Interest is among the items credited to a General Fund Receipt Account.

Interest Payment Date means each of the particular dates on which the payment of interest is due.

Interest Rate means the annual percentage rate used to accrue interest on the Principal amount of Advances.

Intragovernmental Payment and Collections (IPAC) System means the web-based Fiscal Service application in which Program Agencies submit interest payments. The primary purpose of the IPAC System is to provide a standardized interagency fund transfer mechanism for federal agencies. The IPAC System facilitates the intragovernmental transfer of funds, with descriptive data from one federal agency to another.

Late Charge means interest on any Overdue Amount, computed as set forth in Section 4040 of this Operating Circular.

Late Charge Rate means a rate which is equal to one and one-half times the rate to be determined by Treasury taking into consideration the prevailing market yield on the remaining maturity of the most recently auctioned 13-week United States Treasury bills.

Local Conditions means unforeseeable conditions beyond the control and without the fault of Treasury or the Program Agency, being: act of God, fire, flood, severe weather, epidemic, quarantine restriction, explosion, sabotage, act of war, act of terrorism, riot, civil commotion, lapse of the statutory authority of Treasury to raise cash through the issuance of Treasury debt instruments, disruption or failure of the Treasury electronic communication systems, closure of the federal government or any unforeseen or unscheduled closure or evacuation of the offices of Fiscal Service or the Program Agency.

Maturity Date means the date on which an Advance from Treasury becomes due and payable.

Memorandum of Understanding (MOU) means the borrowing agreement established between Treasury and the Program Agency that sets forth the terms and conditions of the Program Agency’s Advances from Treasury.

Non-Credit Reform Account means an account for the Program Agency that does not fall under the Federal Credit Reform Act of 1990, as amended, which has been granted authority by law to borrow from Treasury.

Non-Expenditure Transfer means a movement of funds transacted through CARS that does not involve an outlay, but serves only to adjust amounts available in government accounts.

Non-Expenditure Transfers do not appear in Treasury’s reports or in the budget documents as receipts or expenditures.

OMB means the Office of Management and Budget in the Executive Office of the President.

Operating Circular means this Operating Circular dated as of July 1, 2014.

Overdue Amount means any payment of any amount owing to Treasury that is not made when and as due.

Principal means the nominal amount of an Advance and any capitalized interest.

Program Agency means, for a Non-Credit Reform Account, the federal agency that has programmatic responsibility for the funds borrowed from Treasury.

Sub-Cohort means a breakdown of the account by project, program, or risk category.

Treasury Financial Manual (TFM) means the Department of the Treasury’s official publication of policies, procedures, and instructions concerning financial management in the federal government.

Treasury means the United States Department of the Treasury, as well as the Secretary of the Treasury and/or the General Fund of the Treasury insofar as they relate to the Federal Borrowings Program.

Treasury Account Symbol (TAS) means the receipt, expenditure, appropriation, and other fund account symbols and titles as assigned by Treasury.

Department of the Treasury Operating Circular (May 31, 2016)