Regulations and Related Reporting and Recording Requirements - Packers and Stockyards Programs-Business

Instructions to Complete

Status of Custodial Bank Account for

Shipper’s Proceeds Special Report

Form P&SP-7001

As an individual, partnership, corporation, or association engaged in business as a market agency selling livestock on a commission basis, you are required to file a special report on P&SP Form 7001 as requested with the Packers and Stockyards Program.

You must file the form by the date shown in the letter notifying you to file the special report. You may be fined $110 for each day the report remains delinquent. Mail the completed form to the appropriate regional office of the Packers and Stockyards Program (Table 1). The states covered by each regional office are listed below its address.

Additional copies of the report may be obtained from the regional office covering your state (or from GIPSA’s website at www.usda.gipsa.gov). Assistance completing the form or questions about the form can also be addressed to that regional office.

Provide information for each line on the form that was current at the date of analysis used to complete the form. If space provided for any item is not sufficient, attach additional pages containing the information and make reference to the line number on the form.

Table 1. Packers and Stockyards Regional Offices, Contact Information, and States in Office

Eastern Regional Office	Midwestern Regional Office	Western Regional Office
75 Spring St., Suite 230 Atlanta, GA 30303-3308 Phone: 404-562-5840 Fax: 404-562-5848 [email protected] AL, AR, CT, DC, DE, FL, GA, LA, MA, MD, ME, MS, NC, NH, NJ, NY, PA, PR, RI, SC, TN, VA, VT, WV	210 Walnut St., Room 317 Des Moines, IA 50309-2110 Phone: 515-323-2579 Fax: 515-323-2590 [email protected] IA, IL, IN, KY, OH, MI, MO, MN, ND, NE, SD, WI	3950 Lewiston St., Suite 200 Aurora, CO 80011-1556 Phone: 303-375-4240 Fax: 303-371-4609 [email protected] AK, AZ, CA, CO, HI, ID, KS, MT, NM, NV, OK, OR, TX, UT, WA, WY

Section-by-Section Instructions

General Information - Section 1

Enter information identifying the firm and contact information for the firm in the spaces provided.

Custodial Account Information – Section 2

Line 201-205: Enter name of bank where custodial bank account is maintained, address and contact information.

Custodial Account Designation – Section 3

Line 301: Enter the name and account designation of the account as shown on the bank statement.

Line 302: Enter the name and account designation of the account as shown on the custodial account checks. A copy of a voided custodial account check may be submitted.

Analysis of Custodial Bank Account for Shippers’ Proceeds – Section 4

Line 401: Enter the balance on the analysis date as shown on the bank statement.

Line 402: Enter the total dollar amount of any deposits sent to the bank by the statement date, but not yet posted to the account.

Line 403: Enter the balance as of the analysis date of certificates of deposits or saving accounts that are designated as custodial account. These accounts and certificates of deposit must be at the same bank that holds the custodial checking account.

Line 404: Enter the total dollar amount of cash and checks received from the sale of livestock that have not been deposited to the account as of the analysis date.

Line 405: Use the details sheet (section 5, page 2 of the form) to enter all proceeds receivable. Enter the total from line 534 on line 405.

Line 406: Enter the sum of lines 402 through 405.

Line 407: Enter the total dollar amount of checks issued from the custodial account that have not cleared as of the analysis date.

Line 408: Enter the total dollar amount of any livestock sales by the market agency which have not yet been paid.

Line 409: Enter the total dollar amount of unpaid expense items. Unpaid expense items are valid sale expenses deducted from the consignors’ sales proceeds (for example, checkoff fees, health inspections, etc.). Exclude amounts due to the market for services such as commissions or yardage.

Line 410: Enter the sum of lines 407 through 409.

Line 411: Subtract the total credits from the total debits to calculate the custodial account total. If the amount is positive (zero or above), the account is in balance or has an overage.

Line 412: If the amount is negative (less than zero), there is a shortage in the accounts and the market must deposit funds into the account to bring it into balance.

Proceeds Receivable – Section 5

Line 501-533: All receivables from the sale of consigned livestock are classified as proceeds receivable on the day of sale and until the close of the 7th seventh day following the sale, except that after the close of the next business day after the sale, the following are no longer proceeds receivable: 1) Receivable due from buyers who were extended credit. 2) Receivables due from the market agency, its owners, officers, or employees.

Line 534: Enter the sum of lines 501-533.

Certification - Section 6

An owner, partner, officer of a corporation or a managing member in control of the entity must sign the report.

Line 601-605: Enter the date the report was signed, the title or authority of the person signing the report, phone number and signature as explained above.

P&SP Form 7001-i May 2008 Page 2 of 2