Financial Management Service in the United States

The Financial Management Service (FMS) provides central payment
services to Federal program agencies, operates the Federal Government’s
collections and deposit systems, provides Governmentwide accounting
and reporting services, and manages the collection of delinquent debt owed
to the Federal Government. FMS has four regional financial centers located
in Austin, TX; Kansas City, MO; Philadelphia, PA; and San Francisco,
CA; and one debt collection center in Alabama.

Accounting

FMS gathers and publishes Governmentwide financial information that is used by the public and private sectors to monitor the Government’s
financial status and establish ?scal and monetary policies. These publications
include the Daily Treasury Statement, the Monthly Treasury Statement, the Treasury
Bulletin, the U.S. Government Annual Report, and the Financial Report of the
U.S. Government.

Collections

FMS administers the world’s largest collection system, gathering nearly $2.86 trillion annually through a network of more than 9,000 financial
institutions. It also manages the collection of Federal revenues such as individual
and corporate income tax deposits, customs duties, loan repayments, ?nes,
and proceeds from leases.

FMS and IRS manage the Electronic Federal Tax Payment System (www.
eftps.gov), which allows individuals and businesses to pay Federal taxes through
the Internet. EFTPS–OnLine also provides such features as an instant, printable
acknowledgment for documenting each transaction, the ability to schedule
advance payments, and access to payment history.

The Treasury Offset Program is one of the methods used to collect delinquent
debt. FMS uses the program to withhold Federal payments, such as Federal income
tax refunds, Federal salary payments, and Social Security bene?ts, to recipients with
delinquent debts, including past-due child support obligations and State and Federa
income tax debt.

Electronic Commerce

Through its electronic money programs, FMS offers cash management activities. Examples include stored-value cards used on military bases, point-of-sale check
conversion, and Internet credit card collection programs.

Payments

Each year, FMS disburses more than 1 billion non-Defense payments,
totaling nearly $2.3 trillion, to a wide variety of recipients, such as those
individuals who receive Social Security, IRS tax refunds, and veterans’ bene?ts. For
?scal year 2009, nearly 81 percent of these payments were issued electronically. FMS
issues the remainder of its payments, nearly 197 million annually, by check.

For further information, contact the Office of Legislative and Public Affairs, Financial Management Service, Department of the Treasury, Room 555, 401 Fourteenth Street SW., Washington, DC 20227. Phone, 202–874–6750. Internet, http://www.fms.treas.gov.