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The General Fund of the US Government


America’s Checkbook

The General Fund consists of assets and liabilities used to finance the daily and long-term operations of the U.S. Government as a whole. It also includes accounts used in management of the budget of the U.S. Government.

The General Fund is further broken down into the following areas:

Authority

The General Fund records appropriation authority based on congressionally issued legislation which provides that authority to agencies.

Borrowings

The General Fund records loans receivable from the Department of Treasury for borrowings issued by the Federal Investments and Borrowings Branch (Bureau of the Fiscal Service) to federal agencies.

Cash

The US government collects cash from the public for various purposes. These collections vary by agency and are collected through a variety of channels.

The US government also disburses cash to the public for various purposes. The General Fund records a receivable “Due from Treasury” for cash collected and disbursed.

Debt

The General Fund records a liability “Due to Treasury” for debt issued to the public and federal agencies. Treasury securities issued and redeemed are accounted for and reflected in the balances of the General Fund.

The General Fund classifies all debt issued by Treasury as intra-governmental on the Schedule of the General Fund. Treasury has a “Due from the General Fund” receivable amount that offsets with the General Fund “Due to Treasury” liability.

Other Assets & Liabilities

The other assets and liabilities section includes transactions for: investments in Government-Sponsored Enterprises such as Fannie Mae, advancements to the Unemployment Trust Fund, Internal Revenue Service (IRS) taxes receivable and refunds payable and other miscellaneous assets and liabilities.

Trading Partner/General Fund Reporting

The General Fund receives a majority of its data through transactions performed within the Central Accounting Reporting System (CARS). To prevent intra-governmental differences with the General Fund, agencies must notify the General Fund of any applicable accrual data attributed to their agency by the 8th business day following the end of the quarter. 

This information must be sent via e-mail to GeneralFund@fiscal.treasury.gov using the General Fund Agency Submission Form. The information submitted on the form will include, but is not limited to, a general description of the type of transactional data being sent, the US Standard General Ledgers (USSGLs) involved and the applicable amounts by USSGL.



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