Guaranty Agency Financial Report

Forms and Documents

Document Name	Status
Guaranty Agency Financial Report Form and Instruction	Modified
Att_Law_34CFR682.401.doc Supplementary Document	2009-05-07
Att_1845-0026 v10 4771 Supporting Statement A.doc Supporting Statement A	2012-03-27

IC Document Collections

IC ID	Document Title	Status
22225	Guaranty Agency Financial Report Form and Instruction	Modified

ICR Details

OMB Control No: 1845-0026	ICR Reference No: 201201-1845-001
Status: Historical Active	Previous ICR Reference No: 200911-1845-005
Agency/Subagency: ED/FSA	Agency Tracking No: 4771
Title: Guaranty Agency Financial Report
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/21/2012
	Date Received in OIRA: 04/02/2012
Terms of Clearance: Clearance provided for one year on the condition that the Department review guaranty agency reporting of “Other Expenses” and “Other Revenues” to confirm amounts are reported in uniform categories now required for monthly GA reporting. If amounts are not reported in uniform categories, Education should review reporting requirements for the next version of this form.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2013	36 Months From Approved	09/30/2012
Responses	792	0	875
Time Burden (Hours)	43,560	0	42,960
Cost Burden (Dollars)	0	0	0

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Abstract: The Guaranty Agency Financial Report (GAFR), ED Form 2000, is used by the thirty-three (33) guaranty agencies under the FFEL program, authorized by Title IV, Part B of the HEA of 1965, as amended. Guaranty agencies use the GAFR to: (1) request reinsurance from ED; (2) request payment on death, disability, closed school, and false certification claim payments to lenders; (3) remit to ED refunds on rehabilitated loans and consolidation loans; (4) remit to ED default and wage garnishment collections. ED also uses report data to monitor the guaranty agency's financial activities (agency federal fund and agency operating fund) and each agency's federal receivable balance.

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Authorizing Statute(s): US Code: 20 USC 1071, Section 428 Name of Law: The Higher Education Act of 1965
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 79665	12/22/2011
30-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 19649	04/02/2012
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Guaranty Agency Financial Report	N/A	Guarantee Agency Financial Report

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	792	875	0	0	-83	0
Annual Time Burden (Hours)	43,560	42,960	0	0	600	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: There is a small overall increase in burden. This increase is being considered an overall adjustment because although there is a slight reduction of 2 respondents, there is a reduction in responses because the annual report is being eliminated now - when elimination of the annual report should have been included in the calculations of the change sheet from the previous collection. Additionally, the number of hours to complete the reports was incorrectly stated at 50 hours in the change sheet from the last submission. The hours to complete the reports is being corrected back to the 55 burden hour figure as it was in the last (2009) submission.

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Annual Cost to Federal Government: $884,152

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 04/02/2012

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