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Electronic Submission of Banking Information

CFC Memorandum 2003-11

November 3, 2003

SUBJECT: 1. Electronic Submission of Banking Information 2. CFC Bank Accounts 2. Procedures for Handling Overlapping Disbursements
  1. Electronic Submission of PCFO Banking Information

    The Office of CFC Operations (OCFCO) annually submits contact/account information to Federal Payroll Offices that enables the transmission of payroll deduction contributions to Principal Combined Fund Organizations (PCFOs). In the past, OCFCO has submitted this information to the payroll offices in hard copy format. Beginning this year, the CFC Office will begin submitting PCFO electronic fund transfer (EFT) account information to all payroll centers through the Department of Treasury Financial Management Services Center.

    This change, to be implemented immediately, was recommended by a task force of PCFOs, Federal Payroll Office representatives, and Financial Management Services (FMS) representatives to improve the efficiency of this process and prepare for the system-wide implementation of electronic fund transfers.

    To help us verify the accuracy and completeness of this information, please complete the attached form and return it to us via email by November 7, 2003.

  2. CFC Bank Accounts

    A number of campaigns open new bank accounts each year to ensure that all CFC funds are disbursed and to help separately account for the funds. However, the annual close-out of CFC accounts can cause problems because payroll offices do not always make the change in bank account and electronic routing numbers in a timely manner. Funds from different campaign years may get commingled and the PCFO may not discover that funds are not going to the correct account right away.

    To reduce the number of changes that must be transmitted to and made by payroll offices and alleviate the burden of reconciliation of bank accounts by the PCFO, we strongly recommend that the PCFO maintain the same bank account and electronic routing number, unless other circumstances warrant a change. Before a campaign changes its bank or account, it should plan accordingly.

    For suggested procedures on tracking receipts from payroll offices and proper accounting for CFC funds please refer to CFC Memorandum 2003-4.

  3. Suggested Procedures for Handling Overlapping Disbursements

    PCFOs should develop procedures to properly account for the CFC funds by campaign during periods where there are concurrent campaign receipts being received.

    5 CFR 950.901(f)(1) requires that all checks and electronic fund transfers (EFT) from payroll offices be accompanied by a statement identifying the agency, the dates of the pay period, and the total number of employee deductions. We understand that not all payroll offices are providing this required supporting documentation. We recommend that PCFO adopt the following campaign "cutoff" procedures for funds received without supporting documentation during the overlapping campaign period:

    The payroll deduction year begins with the first full pay period in January following the campaign solicitation period and ends with the last pay period that began in December of that same year. Please note that the last pay period of the year may not conclude until the second week of January. Any checks received on or before January 31 without supporting documentation should be applied to the prior campaign. Checks received after January 31 should be applied to the current campaign.

    With the assistance of a working group of twelve PCFOs a standard reporting format for use by all payroll centers is being developed. The new format will also include a pay period number that will allow the PCFO to determine when disbursements from one campaign year end and a new cycle begins. Details on these reports will be provided to all campaigns as soon as they are finalized.

We greatly appreciate your cooperation and prompt reply to this request. Please contact us if you have further questions. Address questions or comments to Thank you.

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