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Page Title: Chapter 7 Financial Returns
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CHAPTER 7 FINANCIAL RETURNS Throughout the previous chapters, you learned that every  disbursing  officer  (DO)  is  required  to  submit financial returns. You also learned that a DO is required to include certain documents in these returns. These requirements exist because a DO’s financial returns and supporting documents make up the formal accounting to  the  United  States  for  all  public  funds  received  and spent by that DO. Financial returns are also the basis for the official audit and settlement of accounts by the General  Accounting  Office  (GAO).  Additionally, financial  returns  provide  the  data  from  which  the Department   of   Defense   (DOD)   maintains   its administrative accounting controls. In this chapter, you will read about some procedures and  documents  required  of  every  Navy  DO  to accomplish  the  submission  of  financial  returns.  After studying  the  information  in  this  chapter,  you  should  be able to identify and describe the proper procedures for assembling and submitting financial returns according to the requirements set forth in the  Department  of Defense    Financial    Management    Regulation (DODFMR),  Volume  5.  You  should  also  be  able  to describe the correct procedures according to the  official guidelines  in  the  DODFMR  for   maintaining   and disposing  of  the  retained  returns. REGIONAL  CENTRALIZATION  OF REPORTS  AND  RETURNS For Navy DOs, the submission of financial returns is  regionally  centralized.  The  purpose  of  regional centralization  is  to  consolidate  all  transactions  of individual  Navy  DOs  located  within  a  specific geographic  area  into  the  financial  accounts  of  the designated regional central disbursing officer (CDO) of the  financial  information  processing  center  (FIPC) serving that area. This procedure reduces the number of disbursing returns, permits the prompt reporting of financial transactions, and maximizes the use of the automated accounting machines available at the FIPCs. The  DOs  of  the  following  FIPCs  have  been designated as CDOs: Defense Accounting Office, Norfolk, VA Defense Accounting Office, San Diego, CA Defense  Accounting  Office,  Oakland,  CA Navy  Supply  Center,  Pearl  Harbor,  HI Defense  Accounting  Office,  Great  Lakes,  IL Defense   Accounting   Office,   Arlington,   VA Defense  Accounting  Office,  Port  Hueneme,  CA Defense  Accounting  Office,  Pensacola,  FL Defense  Accounting  Office,  New  Orleans,  LA Non-tactical  disbursing  offices  in  the  continental United States and in Hawaii are required to submit financial reports daily to the designated CDO of the FIPC serving the area in which the disbursing office is located. A non-tactical disbursing office is defined as a disbursing office permanently assigned to a location and  not  subject  to  mobilization  or  deployment.  To spread the monthly workload of the FIPCs over the entire month and to expedite final reporting of financial transactions,  certain  overseas  non-tactical  disbursing offices  are  also  required  to  submit  daily  returns; however, these offices will submit their returns to either DAO, Norfolk, or DAO, San Diego. RECIPROCAL  RESPONSIBILITIES  AND REQUIREMENTS All Navy DOs are required to submit their financial reports  to  the  Defense  Finance  and  Accounting  Service -  Cleveland  Center  (DFAS-CL)  through  their designated  CDOs  at  the  regional  FIPCs.  As  stated previously,  each  FIPC  has  a  designated  CDO.  The financial  accounts  of  all  reporting  DOs  in  that  region are  consolidated  into  the  accounts  of  the  designated  CDO. Each   designated   CDO   is   responsible   for transmitting the monthly Statement of Accountability. This, however, does not remove personal and pecuniary responsibility from the individual DOs reporting to that CDO. Whenever a DO makes payments by cash or check, he or she remains personally responsible for any associated improper payment or loss of funds. This responsibility   continues   even   after   the   DO   has submitted the financial records to his or her designated CDO.  Although  each  DO  is  authorized  to  disburse funds in his or her own name under one or more symbol numbers,  the  accounts  of  all  DOs  are  ultimately 7-1

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