OFFICE OF FINANCIAL MANAGEMENT
PROCEDURES FOR DEPOSITING COLLECTIONS
RECEIVED IN THE U.S.
OFFICE OF FINANCIAL MANAGEMENT
ITA program offices may receive collections (or funds) in the form of
U.S. and foreign checks,
money orders and cash. ITA program offices may receive collections
from a FOIA request, user fees for commercial information products and
business facilitation services, and participation fees collected for overseas
trade promotion events. Visa and MasterCard credit cards are also accepted
in some instances.
Receiving Funds Processes and Responsibilities:
Checks or money orders must be made payable to one of the five following
payees. Otherwise
they will be returned to the transmitting office.
International Trade Administration
ITA
Department of Commerce
United States and Foreign Commercial Service
US&FCS
Record the specified appropriation code (J/XXX), project code/performance measure (XXXXXX) and organization code (XX-XX) on each check and money order received. Appropriate accounting codes for the various collection types are described in the current fiscal year ITA "Financial Coding Pattern" booklet.
Each office must ensure the following endorsement language appears on
the reverse side of all
checks and money orders prior to forwarding them to the Lockbox or
the Department of the
Interior, National Business Center (DOI, NBC):
" Pay to the Order of any Federal Reserve Bank or Branch or General
Depository for credit to
the Treasurer of the United States. This check is a payment of an obligation
to the United States
and must be paid at par. N.P. Do not wire nonpayment. International
Trade Administration
Department of Commerce, Washington, D.C. 20230 13-12-0001".
Each office making collections must obtain a stamp that includes the above endorsement language for this purpose.
Cash collected at a domestic ITA office must be converted to a money
order or check in the
same currency unit as the cash received. The money order or check must
be made payable to the "International Trade Administration" and transmitted
to the appropriate Place of Deposit listed below. Costs associated with
converting the cash into a money order may be paid from the amount being
converted, and must be noted on the Collection Transactions Record (CTR).
Procedures and Responsibilities to Transmit and Reconcile Deposits:
Offices located within the U.S. will use the Collection Transaction
Record (CTR) to list and
document collections being sent for deposit. (All offices must use
the new CTR and
instructions that are available from the on line version of Through
the Maze) Those offices
without access to the Internet should contact the persons listed at
the end of these instructions.
The original copy of the CTR will accompany the checks to the Lockbox or DOI NBC. Offices will retain a copy of the CTR in their records until they receive a processed copy from the National Business Center confirming that the deposit and related accounting entries have been made.
If the collection is for a Trade Event or Mission, a copy of the Participation Agreement (PA) must accompany each check to the Lockbox or NBC. Also, the original copy of the PA and a copy of the check must be sent to the Office of Trade Event Management.
Deposits are routed based on the type of check and the type of currency
represented. ITA
program offices that receive checks and money orders in the following
form must make their
deposits based on the type of check and the type of currency listed
below:
| Type of Check or Money Order | Type of Currency | Place of Deposit: |
| Check/Money Order drawn on U.S. Banks | U.S. Dollars | Send to Lockbox |
| Check/Money Order drawn on U.S. Banks | Foreign currency | Send to DOI NBC |
| Checks drawn on Foreign Banks | Foreign or USD | Send to DOI NBC |
| Treasury Checks $5,000 or more | U.S. Dollars | Send to DOI NBC |
ITA program offices that deposit checks and money orders in the following
form must complete
separate Collection Transaction Records based on the type of check
and the type of currency
listed below. Multiple Collection Transaction Records may be required
when making a deposit.
| Types of Check or Money Order | Type of Currency | Collection Transaction Records (CTR) |
| Check/Money Order drawn on U.S. Banks | U.S. Dollars | Record on separate CTR |
| Check/Money Order drawn on U.S. Banks | Foreign currency | Record on separate CTR |
| Checks drawn on Foreign Banks | Foreign currency | Record on separate CTR |
| Checks drawn on Foreign Banks | U.S. Dollars | Record on separate CTR |
| Treasury Checks $5,000 or more | U.S. Dollars | Record on separate CTR |
An adding machine tape detailing the amount of each individual collection listed must accompany the Collection Transaction Record to demonstrate reconciliation.
Upon receipt of the processed Collections Transaction Record from NBC, the transmitting office is expected to reconcile those records of deposit with their transmittal records. Any differences that cannot be reconciled must be brought to the attention of NBC.
ITA transmitting offices must retain collection records for a period of 36 months.
Trade Event and Trade Mission collections must be entered into the Trade
Event Management
System (TEMS) Collection Database.
Collection and Deposit Requirements of the U.S. Treasury:
The deposit of all funds received for credit to the account of the U.S.
Treasury should be made
without delay. Depositors should limit their transmittal of deposits
to one per day. Depositors may need to set internal "cuff-off" time when
preparing deposits, and deposit on the following day all receipts processed
after that time. To ensure that the maximum amount of funds are deposited
each day, the depositor will establish a processing schedule to allow the
deposits to reach the depositary before the depositary's daily "cut-off"
time.
1. Receipts $5,000 or More
Receipts of $5,000 or more will be deposited daily before the depositary
"cut-off" time. Funds
received too late to meet the depositary's "cut-off" time must be deposited
the next business day.
2 .Receipts Less than $5,000
Receipts of less than $5,000 may be accumulated and deposited when the total reaches $5,000. However, deposits will be made by Thursday of each week regardless of the amount. In addition, collections shall be deposited according to Treasury procedures. Collections, which cannot be identified for credit to the proper account upon receipt, shall be deposited to the Department's deposit fund suspense account until identification is made.
3. Discretion over Deposits
Receipts of less than $5,000 may be deposited if:
a.Facilities lack adequate safeguards against loss or theft;
and
b.Daily deposits are cos beneficial.
4. Basic Controls
Segregation of duties prevents the misuse of cash receipts and concealment
of fraud in the
accounting records. Special accounting controls are essential when
sales or operating persons
handle cash receipts. Persons responsible for handling cash receipts
should not participate in the accounting or operating functions relating
to:
a.Shipping goods and billing for goods and services;
b.Controlling accounts receivable subsidiary ledgers;
c.Preparing and mailing statements of balances due;
d.Authorizing and providing credits for returns, and allowances
or adjustments of amounts
due; or
e.Reconciling bank or Treasury reports with accounting
records.
Official collections shall not be commingled with personal funds or
used for cashing checks or
money orders.
Finally, no single individual may control a collection transaction. Offices must ensure that collection duties are separated and performed by different individuals.
National Business Center (NBC) role:
NBC will forward checks and money orders payable in foreign currency, drawn on foreign banks, and US Treasury checks to the appropriate depository upon receipt from the domestic ITA office.
NBC will receive a record, both electronically and hard copy of each
deposit sent to the
Lockbox. The hard copy records will include all supporting information
transmitted by the ITA
office, as well as a photocopy of both sides of the check or money
order. NBC will reconcile
Lockbox electronic and hard copy records.
After reviewing and reconciling the package received from the Lockbox (and other depositories for foreign funds and banks), a copy of the Collections Transaction Record clearly noting any changes or corrections along with an explanation of them, will be returned to the post.
Credit Card Information Processing:
Forward the original ITA "Credit Card Processing" sheets to DOI-NBC-Denver
at the address
shown below. For internal control reasons, only the original copy of
the processing sheet will be
accepted.
Mailing Addresses and Contacts:
| Regular Mail | Express or Overnight Mail |
| Lockbox Address | National Business Center |
| International Trade Administration | Products and Services |
| P.O. Box 73164 | Mail Stop D-2761, ITA |
| Chicago, IL 60673-7164 | 7301 W. Mansfield Avenue |
| Lakewood, CO 80235-2230 |
For additional information contact: Karen Hall at (303) 969-7780 (ext. 2515).
