Working Capital Fund Investment Deadlines for FY 1997 To: "DC - All District Chiefs", "B - Branch Chiefs and Offices", "AO - All Administrative Officers" cc: "A - Division Chief and Staff" Subject: Working Capital Fund Investment Deadlines for FY 1997 Date: Fri, 25 Oct 1996 11:34:02 -0400 From: "Alice A Sabatini, Administrative Officer, Reston, VA" REPLY REQUESTED BY APRIL 30, 1997 The USGS implementation of the working capital fund (WCF) is undergoing scrutiny by both the Office of the Inspector General auditors and the Associate Director for Operations. Of specific concern are the large number of contributions made to the fund in the fourth quarter of the fiscal year. To evaluate our implementation and to mitigate potential audit findings, the Associate Director has placed new requirements on the use of the WCF. Each investment plan that supported fiscal year (FY) 1996 expenditures or contributions must be provided to the Associate Director for review. Any fourth quarter changes must be explained by narrative. We believe that we have adequate documentation in Headquarters to meet these requests, but may need to contact offices for additional information. If necessary, this contact will be made by November 30. In addition, each division must submit a summary plan to the Associate Director for FY 1997 contributions and expenditures by quarter. The first summary plan is due by November 30 and must be signed by the Division Chief. Updates to this plan must be done each quarter thereafter (January, April, and June). Our estimates are made based on your plans. If you are considering using the working capital fund in FY 1997, please submit your investment plan as soon as possible but no later than April 30, 1997. Investment plans should be submitted to the Regional Hydrologist for approval. The Region will forward the plans to Headquarters for processing. Fourth quarter contributions are limited to 25 percent of the year's total deposits unless otherwise approved by the Division Chief and the Associate Director. We ask that you consider making scheduled contributions prior to June 30. If a fourth quarter contribution is necessary, please attach a narrative justification to your investment plan to explain why. Changes to the investment plans to change contributions and/or expenditures made after July 15 must be approved by the Associate Director. Despite these changes, the WCF is a very useful tool to help cost centers manage large capital investments and facility improvements. Please contact Kelly Bradley or your Regional Administrative Officer if you have questions with any of these requirements or need assistance in completing your investment plans.