P&SP 7001 Status of Custodial Bank Account for Shippers' Proceeds

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 with the U.S.
Department of Agriculture’s Packers and Stockyards Program (P&SP) on Form P&SP-7001,
Status of Custodial Bank Account for Shipper’s Proceeds Special Report.
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. 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. All information must be completed on this form in its entirety.
Failure to do so will result in the form being returned incomplete.
For questions about Form P&SP-7001, or additional copies of the form, please contact the PSP
Central Reporting Unit at 303-375-4264 or [email protected]. Forms and instructions
are also on GIPSA’s website at www.gipsa.usda.gov. Please fax the completed form to the
Central Reporting Unit at 314-457-4421, email to [email protected] mail to:

USDA PSP
P.O. Box 110639
Aurora, CO 80042

SECTION-BY-SECTION INSTRUCTIONS
GENERAL INFORMATION - SECTION 1
Enter information identifying the firm and contact information for the firm in the spaces
provided.
Line 101 – Enter the custodial account reconciliation date. This is the reconciliation date
requested by P&SP in the accompanying notice.
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.

P&SP 7001-i

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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 401 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 has 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, check off 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.

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Business Entity ID Only

For P&SP Use Only

U.S. Department of Agriculture
Grain Inspection,
Packers and Stockyards

STATUS OF CUSTODIAL BANK ACCOUNT FOR
SHIPPERS' PROCEEDS SPECIAL REPORT

Administration

Packers and
Stockyards
Program

P&SP Bar Code Only

Instructions: If an item's value is zero, enter "0". If an item does not apply, enter "NA". Upon completion please verify that all items have been
answered. Return completed form to the appropriate P&SP regional office. See separate instructions for complete information about this report.

GENERAL INFORMATION - SECTION 1

101 Date of Report (mm/dd/yy)
102 Legal Business Name
103 Business Name (dba)
104 Mailing Address
105 City, State, Zip
106 Physical Address
107 City, State, Zip
108 Contact Name
109 Telephone Number
110 Fax Number
CUSTODIAL ACCOUNT INFORMATION - SECTION 2
201 Name of Bank
202 Mailing Address
203 City, State, Zip
204 Telephone Number
205 Bank Contact Name
CUSTODIAL ACCOUNT DESIGNATION - SECTION 3
Designation or Title of Custodial
Account on Bank Statement
Designation or Title of Custodial
302
Account on Checks Issued
301

ANALYSIS OF CUSTODIAL BANK ACCOUNT FOR SHIPPERS' PROCEEDS - SECTION 4

Bank statement balance:

401

$

Deposits in transit (in mail or bank, but not on statement)

402

$

CD's and savings accounts designated as custodial funds

403

$

Proceeds on hand

404

$

Proceeds receivables (show details in Section 5 of this report)

405

$

Outstanding checks and drafts that have not cleared bank

407

$

Proceeds due consignors of livestock for which no checks were issued

408

$

Expense items related to sales remaining in account

409

$

Total debits

406

$

Total credits

410

$

Overage in account (debits exceed credits)

411

$

Shortage in account (credits exceed debits)

412

$

OMB No. 0580-0015
Expires: xx/xx/20xx
Form 7001

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PROCEEDS RECEIVABLE - SECTION 5

“Proceeds Receivables” vary based on the livestock buyer. For most buyers when conducting the custodial analysis any uncollected funds during the time period
including the analysis date and the 6 days before the analysis are proceeds receivables. For livestock purchases made by the market, its owner, officers, employers,
and credit buyers the time period is limited to include only the analysis date and the previous business day.
Date of Sale

Name of Buyer

Amount of Proceeds Receivable

501

$

502

$

503

$

504

$

505

$

506

$

507

$

508

$

509

$

510

$

511

$

512

$

513

$

514

$

515

$

516

$

517

$

518

$

519

$

520

$

521

$

522

$

523

$

524

$

525

$

526

$

527

$

528

$

529

$

530

$

531

$

532

$

533

Total from Additional Pages (enter 0 if no other pages used) $

534

Total Proceeds Receivable (enter on line 405) $
CERTIFICATION - SECTION 6

Under the Packers and Stockyards Act any person who willfully makes, or causes any false entry or statement of fact in this report shall be deemed guilty of offense against
the United States, and be subject to a fine of $1,000 to $5,000, or to imprisonment for a term of not more than 3 years, or to both fine and imprisonment.
I certify that this report has been prepared by me or under my direction, and to the best of my knowledge and belief correctly reflects reporting entity operations.
701 Print Name

703 Phone Number

702 Signature (Must be signed by a person listed on 201-205)

704 Date

705 Title

Submitted information is confidential (9 CFR 201.96). Failure to report will result in forfeiture to the United States $110 per day until report receipt 7 (U.S.C. 222). Response is
required in order to determine establishment, maintenance and status of custodial account (9 CFR 201.97). According to the Paperwork Reduction Act of 1995, an agency may
not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a valid OMB control number. The valid OMB control number for
this information is 0580-0015. The time required to complete this information collection is estimated to average 3 hour per response, including the time for reviewing instructions,
searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information.
The U.S. Department of Agriculture (USDA) prohibits discrimination in all its programs and activities on the basis of race, color, national origin, age, disability, and where applicable, sex, marital status, familial status, parental
status, religion, sexual orientation, genetic information, political beliefs, reprisal, or because all or part of an individual’s income is derived from any public assistance program. (Not all prohibited bases apply to all programs.)
Persons with disabilities who require alternative means for communication of program information (Braille, large print, audiotape, etc.) should contact USDA’s TARGET Center at (202) 720-2600 (voice and TDD). To file a
complaint of discrimination, write to USDA, Director, Office of Civil Rights, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410, or call (800) 795-3272 (voice) or (202) 720-6382 (TDD). USDA is an equal
opportunity provider and employer.

Form 7001

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