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Cash Management Made Easy
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The U.S. Treasury provides a consolidated funds pool, a single account, for all funds of the Federal Government. That is, Treasury holds all funds, with very few exceptions, under the management of its fiscal agent, the Federal Reserve Bank of New York (FRBNY). Under the single account system, each agency and bureau is given accounting control and responsibility for the timing and use of its funds. However, the agency/bureau does not actually hold those funds outside the Treasury. Although there are exceptions to this rule, they are severely limited in application. As a corollary to this policy, the Financial Management Service (FMS) manages the services through which all collected funds are received by the Treasury. This increases overall efficiency by eliminating delays in the collection of funds. FMS designates financial agents to provide for funds transfer and deposit reporting services from the FRB as well as private financial institutions and offers other Federal agencies the use of the services. The arrangement encourages agencies to use the best available services and gives the Treasury accurate and timely information of funds availability
Saylor - Personal Name
1st Edition
NONE
Cash Management Made Easy
Management
English
2000
1-136
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