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SF224 Centralization Project Speaker – Mike Goodwin 304-480-5311 PowerPoint Presentation
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SF224 Centralization Project Speaker – Mike Goodwin 304-480-5311. SF224 Centralization Project. GOAL Report Federal Investment Activity Processed by Public Debt on a Single SF224 WHY Improve the Overall Quality of Receipt and Disbursement Classifications Potential Savings for Agencies

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SF224 Centralization Project

Speaker – Mike Goodwin

304-480-5311

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SF224 Centralization Project

GOAL

  • Report Federal Investment Activity Processed by Public Debt on a Single SF224

WHY

  • Improve the Overall Quality of Receipt and Disbursement Classifications
  • Potential Savings for Agencies
  • Standard Reporting Rules for Most Investment Funds
  • Facilitates Move to Governmentwide Accounting and Reporting (GWA)
  • Provide Better Government Wide Contingency
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SF224 Centralization Project

BACKGROUND BY THE #’s

  • 78% of Agencies Surveyed Say their SF224 Reporting is Done Manually 
  • 22% are Automatically Generated from Internal Systems 
  • McKinsey & Co. – Federal Government Could Save $ by Centralizing Reporting 
  • 90% of Agencies Surveyed Either Support Centralization or are Open to the Idea

EXPERIENCE SO FAR

  • Public Debt Handles SF224 Reporting for 7 Investment Funds Today 
  • Improved Reporting
  • Foundation has been Built (i.e. FedInvest and InvestOne)
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SF224 Centralization Project

AUTHORITY

  • Mandate from Treasury
  • Work with Financial Management Service to Update Treasury Financial Manual (TFM)

SHORT TERM PLAN

  • Convert Customers Interested Now
  • Convert Most Customers by October 2005 Reporting Cycle
  • Delay Implementation for Customers with System Issues
  • Report for all Customers by January 2006
  • Pilot with FMS using GWA
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SF224 Centralization Project

LONG TERM PLAN

  • Discontinue Reporting SF224 to FMS Sometime in 2006
  • Begin Reporting Daily Transactions to GWA

CONSIDERATIONS

  • System Changes - Customer
  • Oddball Transactions (Zero’s and TIPS) - Public Debt and Customer
  • Receipt and Disbursement Transactions not Handled by Public Debt - Customer
  • Financial Reporting and SGL 1010 (Cash) - Customer