FACTS I

Common Questions

Frequently-Asked Closing Package and Governmentwide Financial Report System (GFRS) Questions and Answers

• General Questions
  
• Preparation
  
• Timing
  
• Technical Requirements
  
• Additional Information
  
• Agencies Required To Verify
  

General Questions

1. What is the Closing Package?

The Closing Package methodology is designed to link agencies' comparative, audited consolidated, department level financial statements to the Financial Report of the United States Government (FR) starting fiscal year 2004. The Closing Package is the data submitted by each agency for inclusion in the FR.

2. Why did FMS/Treasury change the FR process?

The process of producing the FR was changed to address audit concerns. The process is intended to resolve some of the material deficiencies identified by the General Accounting Office (GAO).

3. What is the GFRS?

The GFRS is the system being developed by FMS to capture each agency's Closing Package information.

4. Do I still need to submit the Master Appropriation File (MAF) and Adjusted Trial Balance (ATB) data?

The MAF and ATB submission processes will still be required. Program agencies may view ATB data in the GFRS. ATB data is a tool to facilitate the Closing Package and is not covered in the audit requirements of the Closing Package.

5. Do I need to submit Notes?

Yes, agencies are required to submit Notes at the departmentwide entity level using GFRS. The Notes will be submitted through two different modules in the Closing Package. One is titled FR Notes and the second is titled Other FR Data. NOTES will no longer be submitted through the FACTS I application. The "business line" entity concept previously used in FACTS I is no longer applicable in either system.

6. Do I still have to do an Accounts Grouping Worksheet (AGW)?

Starting fiscal year 2004, agencies no longer need to submit AGWs

7. Would we have to do an AGW if the Closing Package time line was not met? If so, what would the proposed deadline be?

AGWs will not be an option in FY2004. Each agency is expected to meet the Closing Package time line.

Preparation

1. Who is required to prepare the Closing Package?

The Chief Financial Officers (CFOs) of verifying entities must prepare the Closing Package at the department level and must certify its accuracy with the agency comparative, audited, consolidated department level financial statements. The Closing Package contains comparative data, and CFOs must submit comparative data via the GFRS.

2. Are non-verifying entities responsible for ATBs?

Yes, non-verifying entities will submit their ATB data through the FACTS I application and will complete the FR Notes and Other FR Data modules in GFRS. GFRS will use their ATB data in the compilation of the FR.

3. Do verifying entities have to do ATBs and Notes in the Closing Package?

Verifying entities are required to submit ATB data through FACTS I. The verifying entities will be able to view that data in FACTS I and in GFRS.

4. Who is required to audit the Closing Package data?

The Inspectors General (IG) of verifying entities must provide assurance as to the consistency of the Closing Package information with the agencies' comparative, audited, consolidated department-level financial statements.

5. If my agency has to enter FY 2003 financial statement data, does it have to be reclassified to the standard format of the Closing Package? Or will that be done automatically?

If your agency is required to enter FY 2003 financial statement data, it is also required to reclassify that data to the standard format of the Closing Package. Access to enter and reclassify data will be given once your agency has completed GFRS training, scheduled to begin in June 2004.

Timing

1. When do I have to submit the Closing Package for the fiscal year 04 process?

Agencies must adhere to the following Closing Package key dates:

09/07/2004	Window opens for the agency financial statement template submission.
10/01/2004*	Verifying entity financial statement templates are due.
10/01/2004	Window opens for Closing Package submission.
11/18/2004*	All entity Closing Package submissions are due.

* Represents the "no-later-than-date." Agencies should submit data as early as possible.

2. When does the Office of the Inspector General (OIG) have to issue its opinion on the closing package data submitted by agencies?

The OIG opinion on the closing package data for FY 2004 is due on November 18, 2004.

Training

1. How can I receive training on GFRS and the Closing Package process?

Training will be available for agency representatives beginning in June of 2004. FMS will notify agencies of up-coming training sessions as soon as specific dates are available. Continue to check the FMS Web site.

2. Who needs to attend training?

Department personnel for all entities that currently submit a MAF, ATBs, and FACTS I NOTES will need to obtain training to familiarize themselves with the GFRS and the Closing Package process.

3. Is there going to be a User Guide for the Closing Package?

User Guides will be available in June of 2004 and distributed during GFRS/Closing Package training sessions.

Technical Requirements

1. What kind of software do I need?

GFRS is an Internet application, operated by the Bureau of Public Debt (BPD), similar to other GOALS II IAS applications. Access to the Internet and Adobe Acrobat Reader are required.

2. What kind of browser do I need?

GFRS requires Internet Explorer 5.0 or higher or Netscape 4.75 or higher. Internet Explorer is preferred.

3. How do I access the system?

To access GFRS you will need to log in through the GOALS II/IAS log in screen. Therefore, if you have an existing user ID and password for the GOALS II/IAS screen, then you will not need another one. However, you need to submit an Enterprise System Access Request (ESAAS) form requesting access to the GFRS application. Once this request is granted, as with other applications, you will simply click on the GFRS link to begin using the application. If you do not already have a GOALS II/IAS user ID and password, you will need to submit an ESAAS form requesting a user ID, password, and access to the GFRS application. An initial password will be assigned to your new account. Further information will be provided on the completion and submission of an ESAAS form in order to access GFRS.

4. Do I need a security ID card?

No, a secure ID card is not needed to access GFRS. Internet access and a valid user ID & password will allow you to enter GFRS.

Additional Information

1. Where do I get more information?

For further information concerning the Closing Package, please visit fms.treas.gov/factsi/

2. What is your e-mail address?

Our e-mail address is financial.reports@fms.treas.gov.

Agencies Required To Verify the Closing Package Process

• Department of Agriculture
• Department of Commerce
• Department of Defense
• Department of Education
• Department of Energy
• Department of Health and Human Services
• Department of Homeland Security
• Department of Housing and Urban Development
• Department of the Interior
• Department of Justice
• Department of Labor
• Department of State
• Department of Transportation
• Department of the Treasury
• Department of Veterans Affairs
• Agency for International Development
• Environmental Protection Agency
• Export-Import Bank of the United States
• Farm Credit System Insurance Corporation
• Federal Communications Commission
• Federal Deposit Insurance Corporation
• General Services Administration
• National Aeronautics and Space Administration
• National Credit Union Administration
• National Science Foundation
• U.S. Postal Service
• Office of Personnel Management
• Pension Benefit Guaranty Corporation
• Railroad Retirement Board
• Securities and Exchange Commission
• Small Business Administration
• Smithsonian Institution
• Social Security Administration
• Tennessee Valley Authority
• U.S. Nuclear Regulatory Commission