Debt Collection: Improved Reporting Needed on Billions of Dollars in Delinquent Debt and Agency Collection Performance
DIANE Publishing, Jun 1, 1997 - 58 pages
Reviews collection issues for nontax debts. Discusses outstanding lending program debt directly managed by Fed. agencies and programs under which Fed. agencies disbursed the loans, as well as defaulted guaranteed loans for which agencies reimbursed private lenders, and are now attempting to collect. Focuses on reported data on credit receivables and delinquencies for federally managed loans, the efforts at four major credit agencies to resolve delinquencies, the results of various legislatively established collection tools, and ways reporting can be enhanced to evaluate progress in collecting debt. Charts and tables.
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Accounting Standards adjudication administrative offsets Appendix attempting to contact bankruptcy Chief Financial Officer collect delinquent debt Collection action terminated Collection Improvement Act Congress contact borrower costs credit agencies credit management Credit Reform Act debt collection activities debt collection efforts Debt Collection Improvement debt collection report debt management defaulted guaranteed loans efforts to collect Family Education Loan Farm Service Agency federal agencies federal credit programs Federal Credit Reform Federal Family Education Federal Housing Administration fha's Financial Management financial statements fiscal year 1995 five tools foreclosure governmentwide reporting gpra guaranteed loan programs Housing and Urban housing loans housing programs Improve Debt Collection involuntary collection tools legislative lenders litigation loan guarantee payments percent private collection firms pursued repayment status reported delinquencies resolve delinquent Rural Housing Service salary offsets September 30 single family student loans tax refund offset Treasury U.S. Postal Service VA loan Veterans Affairs wage garnishment
Page 6 - In accordance with the Chief Financial Officers (CFO) Act of 1990, as expanded by the Government Management Reform Act of 1994, this report presents the results of our audit of the financial statements of the Internal Revenue Service (IRS) for fiscal year 2000.
Page 6 - Office began a special effort to review and report on the federal program areas its work identified as high risk because of vulnerabilities to waste, fraud, abuse, and mismanagement. This effort, which...
Page 42 - The Joint Financial Management Improvement Program (JFMIP) is a joint and cooperative undertaking of the Office of Management and Budget, the General Accounting Office, the Department of the Treasury, and the Office of Personnel Management, working in cooperation with each other and with operating agencies to improve financial management practices.
Page 12 - However, USDA is still in the process of implementing the mandated reforms, and their impact on the loan portfolio's financial condition will not be known for some time.
Page 35 - Defense and frequently the Department of the Treasury, the Office of Management and Budget, and the Arms Control and Disarmament Agency.
Page 50 - ... the design of results-oriented reports on the government's financial condition and operating performance by integrating budget, accounting, and program information.
Page 51 - ... recommendations by the Federal Accounting Standards Advisory Board (FASAB). The revised standards are consistent with provisions of the Federal Credit Reform Act, and require that direct and guaranteed loans be accounted for on a present value basis, fully recognizing actual and expected credit program costs. Statement of Federal Financial Accounting Standards Number 2, Accounting for Direct Loans and Loan Guarantees, states that because credit programs provide interest subsidies and sustain...
Page 50 - DOE's financial statements have been prepared to report the financial position and results of operations of the Department of Energy, pursuant to the requirements of the Chief Financial Officers Act of 1990 and the Government Management Reform Act of 1994.